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Democrats make case for growing economy

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    Austan Goolsbee defends President Obama's record

  • Duration 4:51
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Since 1961.

For 52 years now the Republicans have held the White House 28 years.

The Democrats 44.

-- and those 52 years.

Our private economy has produced 66 million.

Private sector jobs.

So what's the jobs well.

Republicans.

24 million Democrats 42.

The -- President Clinton chock full of -- jeopardy -- for all of us last night he really -- -- crowded the Democratic National Convention and and obviously the very popular former president he made the case -- despite the tough times.

The economy is improving.

Austan -- is former chairman president Obama's council of economic advisors he's now professor of economics at the university at Chicago Austin nice that you at this again.

No it was a pleasure to see -- -- -- -- Austin since he is argument from President Clinton no one is fix this mess in four years.

But President Obama is like me like President Clinton in that.

There are good times ahead it would Austin why should the American people believed that were on the verge.

Of great economic times.

-- well.

Think that was one of the arguments that he did that he said I think -- -- the whole -- overall to -- was pretty comparative he said look.

These policies are exactly like the ones we pursued where it.

Where that there was a benefit and the policies that.

Critics of the president are proposing.

Seemed very similar to the ones that were tried that didn't work and -- so I think.

Just as a matter of logic you know let's go look at the historical record was the argument it was making and in other -- -- that.

So why -- believe that better times are had.

But because the -- many of those core strength of the US economy remain there.

Compared with other advanced countries of the world for sure the US's problems look like they are of a manageable size.

And all on the policy side because these policies have worked in the past.

So he really took apart is mentioned in and that comparison he took apart the GOP plan really bit by bit in a couple different ways but what's your understanding of the plan.

That the president has for the next four years when it comes temp job growth.

Well I think that you got two different parts of that question one is what's in the immediate and there are I think it's.

Continued.

It's struggle but with success of shifting the focus of the economy away from.

Bubble and bust type.

Housing construction and excessive consumer spending toward exports.

Investment manufacturing small business.

And knew that process has been going on and for a lot of policy's gonna focus on doing that.

And I think -- the lot of the jobs focuses.

From the president's plan.

How do you empower the middle class to -- drive in the growth.

On the longer run I think we've got to confront some of these grand bargain issues of fiscal consolidation I think that will be pretty important for.

-- overall confidence of the business sector in growth in the long run.

And there we'll have to see how plays out of me they almost had to deal last year as you know.

And I open -- thirteen to be able to make it DO across party lines but -- see how that plays out.

Because you work so closely with the president.

Do you see that as part of his plan over the next couple years because you worked with him for Arab majority this time during his first term here that he.

Has it.

-- ability the desire to move towards the center are very much like Bill Clinton did in his second term would -- think that something.

That the president has on the horizon -- it's a goal of hits.

It.

Probably you know depends how you define moving to the center but I I think you saw.

A year ago when we -- in that fight about the debt ceiling in the negotiations about the grand bargain.

The president very much willing to.

Do some balanced plan that involve majority.

Spending cuts coupled with some tax revenue.

It to try to address a physical problem that we've had for fifty years and nobody's done anything about which is aging of the population and that rising healthcare costs.

I see we'll watch for the president's conversation on the economy tonight you're seeing is get off Scot free no homework lawyer Ron -- at the convention Austin.

You have -- but they haven't started yet we're our borders and -- -- they got I had this experience a -- about our shots and nice to see as always thank you for the top registered.

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