What to expect after weak June jobs report
Debate over future of jobs growth
- Duration 5:59
- Date Jul 6, 2012
Debate over future of jobs growth
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-- new jobs numbers out today indicate another month of weak hiring 80000 jobs are created the unemployment -- -- An eight point 2% and with what with all of the economy's really facing here in absorbing from troubles in Europe.
The new regulation in the banking sector continue health care a lot to -- struggling housing market.
What's it mean realistically specs going -- when it comes to job growth the president says it can take years -- ten years in -- recover from sex as severe recession.
But -- today house speaker John Boehner says the president has had ample time to implement policies.
To create more jobs joining us now -- -- -- associate editor with Barron's Magazine Charles Payne CEO what -- thestreet.com and -- Fox Business contributor.
And Steve Moore back with a senior economics writer for the Wall Street Journal and expectations and everything -- -- a gentleman when we look at his -- reports -- wonder.
Did they meet expectations or did they not might the president -- throughout history and has typically taking countries at the ten year history cover.
From a financial crisis in this Magnus -- -- Mike is ten years realistic well.
I don't know if it's realistic I do think when you're talking about a -- kind of credit bubble credit crunch type scenario it does take a while.
What I think is getting lost though is that this is the -- unfortunately.
A mature advanced economy these days seems to recover.
The rate of annual job growth over the last twelve months is not really that much lower than it was in the mid two thousands and in the early ninety's coming out of those who says -- there was shallower recessions so -- do you think that this is kind of the unsatisfying reality which we have a relatively slow growth we don't have private businesses that they're really see the impetus to get aggressive on the -- front and I'm not really sure it's a matter of -- tweaks in policy that's gonna change that very soon see here Andrea -- Now I doubt -- the first of all you don't have to take my word for it it was the president himself remembered.
-- when he was running for president in 2000 they said give me four years and I'll fix this economy if I haven't.
You know you can fire me and and here we are almost four years later an economy that the problem.
Mike is I see it it's not just that the economy this is not is not performing is that it's slowing down we actually had a pretty nice recovery going.
Earlier this year and now we've had three lousy months of numbers.
And I do think it is policy your -- I think all of these attacks against business against profits against rich people against -- capital private equity.
Charles I just think these are the kinds of things that they kind of put a dark cloud over the economy they give -- resistance.
To employers to go out there and hire more workers.
Around here Abbas you have your own company sometimes that a company's not doing well you replace the boss in the hopes -- -- a new bots will make the company.
You know perform better but sometimes is not a new boss the company -- need structural changes it needs and massive.
Renovation if you well.
Is that what we need for our economy or is it to Steve's point about the -- I'm more inclined to agree with with Steve and -- say that you know what.
Whether -- mature economy -- -- I'm not buying that that particular argument now you know I look back at what Ronald Reagan did which I think by the way it was a worse more -- dire situation.
Right economically also -- people talk about this.
Did did spirit of this nation was a lot worse back then crime was through the roof we set records for murders and robberies.
America was free falling and yet Ronald Reagan's it created an aura of success.
An aura of -- we can do can do is in an aura of go out there and get it.
Right now it's the exact opposite.
I hear businessman who are being vilified every single day where the president is actually going out -- Ohio held this week as saying that if you are boss of you are successful businessman.
Perhaps you don't have the values of regular people or -- not -- principled person.
I mean any kind of rhetoric like that along with the -- the is that the regulations you're gonna pull back I mean this -- what we're seeing with the economy at the bottom -- is -- not living up to our potential.
Let me ask my dad this is -- -- point out a pattern we've seen economies in recoveries over the last couple decades can you say we're following something similar.
I'm gonna ask you basically an impossible question which is.
How much does psychology play in -- -- at this point in the economy seeing 80000 jobs created.
How is that a factor.
Look it's definitely a factor right to think it's impossible to quantify and it's also impossible really -- to get to the source of it you know.
You talk about the vilification of business I wouldn't deny that that there's been kind of an anti business tone of the rhetoric could probably peaked about three and a half years ago.
I really don't think it's gotten worse and I think you've had to stop and start recovery which is kind of what you have when you have this this impaired system you know we should -- had.
And probably two more recessions in the eighties and nineties and we did we were able to borrow our way through and keep the consumer going that hasn't happened this time around so I don't really think it's really easy to get to.
What's more vilified in the domestic oil and gas industry what's been one of the big growth sectors of the economy I really do feel like you're not really seeing the kind of know the kind of you know unfriendly words coming from the top.
Being a reason that mid continent oil and gas -- are.
No I don't know about let me get caught up with I -- -- -- wanna bring it back to realize is we're talking a lot about policy but I'm naturally just drove me she's sixteen years old she's on Twitter.
And instead I'm concerned about my future is there a -- about -- -- I -- only have thirty seconds from you when he yeah.
I there it felt like I think this guy we get -- policies right.
And maybe we get new leadership I actually think economies prop for a big expansion I really -- But you know when the president says what we have to do to get the economy going -- hire more teachers and firefighters.
I think he's living -- under under a delusion.
Guys are gonna had to come back to talk about the -- gas companies can they sound like to get everybody.
And we just weren't able to take a swing but you're going to be back with hype -- about that thank you gentlemen are right up -- You weren't trying to fire Charles in that segment net I I think surrounding the accident five diagnose that have been the blaze and they love and apparently they got a great you know got -- Good things in this example metaphor you hey it's two weeks into --