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Goolsbee: 'We're heading the right way'

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    Former White House economic adviser on jobs market

  • Duration 6:32
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I want -- back -- you know I wanna put this country situation in context for all of you anti American rage is spreading like a virus despite the olive tree in the olive branch the president.

Held out to the very people that are now burning our flag and chanting death to America.

The job market continues to bottom out our commander in chief what is he doing.

The following hanging out with WNBA champions of the White House he's chatting where's the late night television host David Letterman.

He is attending 2 evening fund -- the first that the beautiful walled off -- story here in New York City.

And right about now he just got done rubbing elbows with Jay-Z and his wife beyoncé.

At a posh club in New York City it was reaction former Obama economic advisor Austan Goolsbee Austan welcome back sir.

Isn't it nice -- good decision isn't it nice let's see the -- -- the story -- Martha's -- Hundred rounds of golf plenty of basketball.

Elaborate make what you gotta get the W I mean yeah about -- -- I haven't played -- -- I don't think my whole life.

It's very nice -- -- practice.

Presidents bring in the world champions from all the warlords they may with a -- every president I don't know how well what Larry -- -- Bibi Netanyahu in in this mix here you know that we got the Middle East on fire we got people burden our flags rating our embassies.

You might want to talk to our closest ally just a thought maybe a good idea what do you think.

Look I'm not a foreign policy geopolitical.

Expert but my understanding is that they haven't made a request for him to let me sit by -- I don't I'm I'm just -- humble talk show host.

I got let's -- Beyoncé.

Jay-Z Letterman the WNBA.

Understanding I'd be beyond that -- let me think the war the world is burning.

I think I -- -- look.

As you know.

If Mitt Romney.

Woods pledge to stop taken twenty million dollar checks.

From the super pac donors -- it would make the presidential campaign a lot less if you're raising and ultimately the very partisan -- I think Obama -- -- like I was in 2000 -- many urinate on it didn't it.

He did -- right -- right about that Supreme Court changed the law all the snow in the Supreme Court James and I had.

Had to be somebody else's fault -- you I'm sure like -- and nobody's fault the reason why we anybody's fault John we have no jobs in America you wanna -- -- We have fewer -- I'll tell you why jobs in the last three years listen gimme all your copy outs.

Our private sector of this month but not let -- -- years we had fewer Americans working since he became president fact.

Yes that's true that's true thank you object doesn't -- admitted -- terrible recession.

In the last nine years we -- -- -- four million jobs and and so did George Bush he cut the that he said he cut the deficit in half.

That he do it.

The deficit is not cut in half.

-- we've got six trillion again you know what any president ghetto wise as any president given a six trillion dollars in debt or any where near before Obama.

Has any president ever inherited a recession of this man and yes now yeah President Reagan know anyone and I have no an interest rate hello what I wanted to have a big hello -- Inflation when he -- and a half percent unemployment double digits inflation.

-- a control.

The job losses in the recession that Reagan inherited and I agree he did inherit a recession.

We're nowhere near -- job -- right so here's what we got we got six trillion in debt let me ask us.

Six trillion in debt fifteen more million Americans on food stamps we have one in six Americans living in poverty.

We have -- a three year period people lost 40% of the net wealth most people's biggest investment their houses.

The values gone down let me ask you are you are Americans better off economically than the -- for years ago.

The yes.

Yeah I wouldn't trade and nobody should be willing to trade the situation we're in now where we were four years ago that you could he set up a to cut up a moment that worth -- the losses.

Described.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Unpatriotic and irresponsible.

-- by his own definition as he unpatriotic and irresponsible I -- above I wouldn't say -- -- from Pedro is really about the most important part of the line John when he took credit cards as it heads to China and Kramer runs you don't run -- what credit card to the bank of China and your real gamble when you're supposed to be saving the money say in a legal case that an emergency credit card.

Said in case of an emergency all right so we have sixteen trillion dollars in debt he inherited ten trillion dollars in debt.

And and now the country you're saying is on a better fiscal path.

What what -- we expect in the next 4 way I am I was not -- we -- him and he said he would cut the deficit in half.

He said he would have shovel ready jobs fewer Americans working six trillion -- here's my question.

What can we expect in the next four years if he promised to do these things and the opposite -- she -- -- -- -- you know.

You know that the you know that you are -- -- And if you come to Chicago but take you to bears game I'm gonna fight back against that Packers propaganda that -- has been giving you know.

But on this one but but -- I think -- miss what is it you aren't a great radio show on he said he cut what -- that was -- adapt.

He didn't do it so why should we believe in this time.

Number one.

You know that in 2010.

As we have discussed.

The deficit was coming -- recovery -- the Republicans.

And the Democrats.

Agreed on a joint basis.

To extend all the bush tax cuts Obama -- perfectly well the deficit would remain high.

Because we felt that we needed to do that art I think the best excuse the president has when he blames ATM machines and kiosks and the tsunami and you know Fox News I think those are his best to two shots.

I don't know why I like it was the four million jobs we've had a four million jobs the last three years that's faster than George Bush was that it doesn't.

Fewer Americans working six trillion in debt -- More Americans in poverty sad but our guards and you think we're better off I disagree but -- -- and then we're headed in the right way and I know that 110 was recovery summer to we're heading in the right direction that.

I -- I didn't say that.

And coming up.

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