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Goolsbee: 'We're definitely better off'

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    Former White House economic adviser on jobs, new numbers

  • Duration 7:41
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All the bad -- just keep he keeps on coming for team Obama on the economic front as new numbers show the consumer confidence in the economy is dropping yet again according to Gallup weekly survey.

Consumer confidence which peaked in May at minus sixteen has plummeted down to minus 29 that's -- -- has been since January.

So headlines like that is difficult to argue that the president deserves another four years in office but here to attempt to do that as one of the architects of the Obama economy.

Former chairman of the council of economic advisors Austan Goolsbee sorry.

Welcome back.

John thanks for having me again I appreciate your good man you one of the few Obama people that have the guts to come on this program and -- -- -- -- usually do shows that suck up to the president I don't suck up.

Well look I know you know.

But what do these days your bosses are gonna come over and ask you why you keep to have me back on there yet no -- -- re fair and balanced Austin you're here -- Let me just start with a question that might seem a little off -- If somebody makes definitive.

Statements.

Running for office.

Running for the office of presidency.

Should it matter if they fulfill those promises.

Yes.

Okay let's take let's go back to -- quote water wolf the great the great sportscaster in New York.

Let's go to the videotape this is then candidate president -- now President Obama.

That's why today I'm pledging to cut the deficit we inherited by half.

By the end of my first term in office because of the massive deficit we inherited the cost of this financial crisis we are having to go through the books line by line.

Page by page that we can cut our deficit in half.

By the end of my first term and reduce it by two trillion dollars over the next decade all told by the end of my first term we -- cut the deficit in half.

When I took office.

I pledged to cut the deficit.

In half by the end of my first -- Our budget meets that porch and puts us on a path to pay for what we spent by the middle of the -- -- borrowing forty cents of every dollar he not only didn't cut the deficit in half.

But he's given us the largest deficits of any president in the history of this country over five trillion in new Obama debt.

Is he a failure.

No -- what you left out.

Is the primary reason that the deficit did not go down substantially in the last year.

Is that -- totally bipartisan.

Way.

Republicans and Democrats agreed in 2010.

To extend all the bush tax cuts and knowing perfectly well that in -- -- Residents Simon's going to -- a sign that bill.

Yes okay now here's the point.

Well you're forgetting is for the first two years and you're there.

Is that the president had Nancy Pelosi in the house and Harry Reid in the senate he got his budgets passed he got a stimulus passed he got its health care bill passed.

And we still a trillion dollar deficit and -- ahead.

He Fair -- and we have fewer Americans working today and five trillion in debt and you had to tell the American people that's.

Success -- try and -- switch it around let's go back to you got a legacy -- -- messages.

Your first charges.

That the president said he would cut the deficit in half and he did.

Now I remind you when he was broken promise he failed it was no it was off all of the one point three trillion dollar deficit.

That he was left with as -- Right nobody pledged to cut the deficit -- by the end of my first term our budget of meat -- and why did put some thought he can't -- to pay for what we spend by the middle of the decade.

Yes and that was that the look -- on his budget that he proposed wouldn't do that.

And the Republicans and Democrats agreed at the end of 2010.

That they were not going to try to cut the deficit.

Because the economy was still -- that's like Hollywood except trying to read my lips no new taxes read my lips and I'm gonna take of the opposite I'll just be honest I let us we won't have taxes go wild card but the bottom line isn't so all the like John you're expressing surprise that the deficit remain high.

When in a bipartisan way they both -- -- -- Knowing partially well July have a child.

1008 you -- president said that George Bush was unhappy -- unpatriotic.

And irresponsible.

And that we were taken a credit card to the bank of China and the name of our kids and grandkids.

And that's irresponsible.

That's unpatriotic.

He is accumulated.

Over a trillion.

More dollars in debt in three and a half years and George Bush didn't eight years.

Now he hasn't created a single -- and he went and we have almost a million fewer Americans working Austin.

And you're gonna tell the American people that that is success.

Yeah -- they have a national.

Things and we can talk about it will do a one at a time.

The point that he made -- George Bush and said what undermines the country is.

When you're in an economy that's doing well when he sets not a time to be running big deficits that was exactly that.

Not exactly he says that at that George Bush is taken a credit card and to the bank of China in the name of our kids -- -- kids.

And he's given us -- and I don't I don't deficit 109 trick now it's sixteen trillion dollars.

-- -- Both parties know perfectly well that we would continue to have large deficit he had -- years he got his plan an extended Italian parents all that I.

-- I -- not disputing that at the admit at the outset when he steps in in the middle over the deepest recession of our lifetimes.

That they engage in things that make the deficit bigger for a two year period piece that question is why did it not come down by the end of his first term.

And the answer as you know very well.

Is that they chose and -- bipartisan way to extend trillions of Arab bush tax.

But that's why you know you know I will say.

I respect the fact they come on the program I know you're good guy.

But that's like blaming that's like blaming ATM machine playing actual job since -- nominees and earthquakes in -- -- -- radio and shouting daddy not the mortgage dollars.

I'm just I say why it why do we not have fifty dollars be our last question are we better.

Illegal four years ago and five trillion dollars and -- ago we better off as a country five trillion in new debt Obama debt.

We are definitely better off now from the moment he took office it was like -- you know going up on the roof.

They -- let's go anywhere halfway falling before your pumpkin is gonna smash and he said it was the worst economy of this say hey the pumpkin look great when I last saw it because it was halfway to the ground when he stepped on.

But the fact -- I I realize that's a bit of a weird analogy but -- that's kind of where the point being.

But if you do in a bipartisan way.

A tax -- knowing perfectly well that that's gonna increase the deficit.

It or not I will argue this is not appropriate determine how to say how could the -- -- that.

If you we continued to spend -- -- and forty cents of every dollar I we will be Greece and Obama has spent.

More than any president in the history of this country -- matter of fact accumulated more debt one term than 41 presidents in my -- I've got to run a marathon.

But will invite you back I know you love coming.

Game any time all right Austan Goolsbee we do appreciate.

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