Devastating job numbers for President Obama
Top Story 7/6
- Duration 8:12
- Date Jul 6, 2012
Top Story 7/6
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Everyone on Laura -- on and tonight for Bill O'Reilly thanks for watching us tonight -- talking points memo as we have to get right to the top story.
And I'm talking devastating jobs numbers for President Obama and for the country.
Unemployment rate remained at a whopping eight point 2% with -- only 80000 jobs added well under estimates from leading economists.
Mitt Romney pounced on the news.
We have seen the jobs report this morning and it is another kick in the -- to middle class families.
It's consistent with what I've heard is I've gone across the country and met with families in their homes and cafes and restaurants and a break rooms.
American families are struggling.
But somehow President Obama put a positive spent on it.
Remaining optimistic about the economy and by extension.
His chances to be -- -- and we learned this morning that our businesses created 84000.
New jobs last month.
And that overall means that businesses have created four point four million.
New jobs over the past 18 months including 500000.
New manufacturing jobs.
Joining us now from New York David Callahan he's a senior fellow at -- also just a progressive organization and -- -- The former labor secretary under president George.
W bush out OK David -- -- let you take wrestling at this right off the bat because.
When I saw these numbers came out come down I thought to myself.
Wait a second wasn't too long ago when I believe it was the senator a bomb -- Complaining that George W.
Bush thought 200 or 300000 jobs added.
Was a good number this is 80000 jobs this cannot be spun as good news for America.
It's not good news for America -- for comment that Obama made that complaint before we suffered the biggest financial crisis in American history -- after the the Wall Street crash of 1929.
We lost nine million jobs as a result of that crisis when Obama took office we were hemorrhaging 700000.
A month unemployment hit 10% so.
In many ways become a long way.
We haven't lost any jobs -- last two years for making progress clearly not enough progress in retrospect that stimulus.
Was not nearly big enough in 2009.
And that American but I Zach that and -- Obama tried to pass.
Last September should have been enacted by congress which did nothing so -- out.
David -- as far as I can toggle and you can get an honest about as far as I can never tell the president blame shifts a lot I -- I I really did not hear.
Any evidence that the president is taking any responsibility.
For this economy it's either Europe's fault.
The banking industry's fault Republicans are for a false or maybe fox news's fault it's on us and -- -- -- -- also.
Got -- -- -- and don't forget this and I'm into.
Yeah I thought our natural disaster -- wildfires are global I don't know why don't look like but look at the matter is people want a leader to take responsibility for the good.
And for the not so good and I think this is -- this act is beginning to Wear fan in my opinion -- I think a three and a half years into his administration and it is now his economy.
And yes he may have inherited a bad economy.
And even if he did I think the key word is he made it worse the unemployment rate is at eight point 2%.
The average unemployment rate from the years 2001 to 2008 was five point 2%.
The number of -- people participating working in our economy is at an all time low.
-- labor participation rate is about 63 point 8%.
Again if you look back at 2001 to 2008.
And average the labor participation rate with about 67%.
So what the workforce about a 155 million people.
Those four percentage points in terms of labor participation rate alone.
Means that there are many many Americans who I've just grown discouraged they've withdrawn from the workforce and they're not looking.
-- -- all of a -- seven million Americans or I were his numbers are and I dreadful I believe across the board and there's very little positive -- to -- pennies.
-- number of conservatives have come forward and are a bit concerned that in -- -- an enthusiasm.
We seem to be I missing something in the Romney campaign did you think.
That when he came forward today for a brief appearance.
That that was enough that that was sufficient to -- get peoples to stand with him for his positive solutions.
You know governor Romney has a history of creating jobs and I think people understand that.
And I think we've got to focus on him he's a job creator he has created jobs.
He has had companies that have created jobs.
And his record speaks for itself and I think that's the point that that's going to be very chilly -- all of us want the economy to improve.
-- little -- fellow Americans to be suffering but clearly something is not working this economy is stuck.
And -- just I don't know what.
This is -- and failed.
Right things but only LA you seem a little bit more and -- right now than governor Romney did today that's my point do you think it would you prefer to see him.
A little -- -- a little ticked off about these numbers this country going down -- or is it enough just to say.
Look I've I've heard from people in this confirms what I've heard you know is that it takes politics is not theatrics.
No we're talking about and are and it has Ronald Reagan thought it was -- console -- work -- President Reagan yeah I -- that mormons here and clearly this president has not performed.
And has come to come this November the American people what I think you're satisfied there's nothing that you -- critics critique about the Romney campaign so far Ronald -- That run they love and I think the government running the governor can -- -- has shown that he has lots of skills and you know sell whether he is.
You know whether he's gonna be an exceptionally emotional that's just I think the way he is and I think people can understand that what when -- theatrics -- -- -- I that's -- There's interesting response and that might be responsible like to hear from the Romney -- and it's not about theatrics this is my record this that I'm gonna do.
-- -- -- -- -- -- -- -- forcing Romney doesn't really have a plan for creating jobs or one that will create jobs quickly I mean what I -- his website and yet you know yes slowly I'm all right I realized I actually I read his jobs plan and not almost all the things that he proposes would not -- effect anytime soon what he wants to do is he wants to.
-- cut regulations US to restructure the corporate -- -- that he went exactly trade policy.
Without another -- none of that is gonna be a short -- solution the short term solution we need is more stimulus spending in particular stand to have to put those construction workers back and where I I read the jobs report today the highest rate of unemployment is among construction workers almost 13%.
That's why we need this investment -- infrastructure that is why President Obama still would disagree that I can -- -- -- -- stimulus just.
-- -- -- It was a wrong move and in effect of anything that has -- and they -- lack of of right policies and drive the economy is that what this economy needs is for the government to stay out.
As for the government to create the environments through which the private sector can create more jobs and has read and I don't understand right now David and and I just think there's much appetite for more spending given where we are in this country today and it.
Whitman's spending spending spending -- -- a 45 year spending done.
And America and we gradually and congressional much you're alert was -- my generation terrible -- -- a nightmare for people to know.
-- -- the Congressional Budget Office found that.
They Obama's stimulus created 3.3 million job any job without lost and that -- term care retirement well I'm and we also lost a lot of jobs but that -- annual return of -- -- that that have been affected them positive and look.
Look what China did China had a massive stimulus after the crash of 2009 came roaring out he did a lot better than -- did our stimulus was put into a lot of on -- -- I'm actually happy about it Europe had lost everything I want and I'm very poorly we have to do more stimulus that's the we'll continue to have the debate for sure.