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Goolsbee, Hannity debate state of economy

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    Former White House economic adviser defends Obama's economy

  • Duration 5:24
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-- can't -- and warn you now it's just nine days into the present Obama as well reelection and the truth about the economy is now being told the number of Americans filing for unemployment benefits jumped.

-- 78000.

To 439000.

The highest level in a year and a half.

And while some -- -- -- sandy for the elevated numbers the sharpest increases actually came from two Obama's most crucial victory states Ohio Pennsylvania.

Coincidence.

And -- -- joining us now is Austan Goolsbee he helped put together this disastrous economic policy was you know you're actually a nice guy.

-- -- That's how many hours you've been in default -- on on the state dinner you owe me because the president was -- what -- its -- for eight hours what you used to -- the numbers because -- Obama deficit hits.

This unemployment.

Number.

When you say some people attributed to hurricane -- everyone -- third in Ohio.

And Pennsylvania.

What did you say the week before when the number came out and it was actually down quite significant was that I thought I thought.

Look here's the bottom and we knew if we -- the -- participation rate that we had when the president took office you know you're a Smart guy.

But the real unemployment numbers eleven point 7% at the high now maybe a little careful with that population has aged since then so you would expected to be down -- The labor force participation -- weakest part of the job market.

Well the strongest part is that in the last 22 and a half years we added more than five million jobs say that when all these people are still unemployed we have fewer Americans work and -- -- Obama was elected all I said is that's the strongest part we still we're still struggling but that and that that definitely making progress.

No net new jobs -- from the recession Iraq that we -- that's the worst recession in the 75 years excuse me not -- -- politely and -- president for the recession they give you look kind of started before it was even better -- write down a deep when you guys gonna stop blaming bush I mean I don't so I can you said bush I didn't think he went -- and I inherited it I basically anything about bush.

Greg I don't know why am -- right down did say is under right now right -- decade and be our dates the end of the recession.

That's something like that in mid summer are.

But what 1000 out of write it down right here you keep this a debate that I'm assign accredited -- I've got my signature on -- great now right now about the buy -- they get a good look at closet.

Arguing that good and I had a while ago white castle burger I -- good well I don't know also get any -- -- -- I want to that I lost -- are going to rub it in -- don't know you have to take me you're not sending me about.

Up upbeat about the -- through -- is.

Yeah there's about -- -- I here's the point.

-- we've now got record debt and deficit.

The president wants to raise taxes the economy is slower now than it was in 2010 when he extended the bush actually the unemployment rates two points lower -- it was quite evident.

Yeah but you don't count all these people that are no longer in fact that they run out of benefits now now -- on.

Not counting -- if you take that broader measure which I have said and I have written publicly we shouldn't just take the unemployment rate.

Because that doesn't reflect all the problems.

But if you take that broad measure which is still in the like 14%.

That thing was.

Almost 18%.

It was almost 15% when the president took office so.

You can't try to compare two different numbers that has improved quite a lot we don't -- -- and anything else we play with these numbers don't let -- we now have.

Fifty million Americans on food stamps.

Fifty just came and -- CBOs projecting that in 2013 unemployment numbers and what to nine point 3% if we get a grant park.

-- if we go off the fiscal cliff that made -- -- -- -- don't that's even higher.

I'm sorry it's not -- nine point 3% -- goes even higher if we don't do this deal.

And it is no look we should do would that you can't you can't have both ways I don't want -- that we were on tax rate if we want.

To address the deficit which we should I think we got to do that with cuts and new revenues.

This year of you only get it into practice revenue last year either broaden the base or raise the rates were last year -- up six point 4% and Obama still spend a trillion plus more than he took it.

Look we're coming out of the worst recession of our lifetime along -- recessions -- down one of the guys up here in this whining about this compiled by.

They're trying to I -- there and I don't get -- I think what I inherited when does he take -- -- -- -- blaming anything about what he inherited.

We've added more than five million jobs in the last -- -- have you lost that's better but it lost more.

No yeah -- get fewer Americans working don't look.

Yes you look at the first term of George Bush you brought up George Bush I'm not in my first one -- you're not -- those policies.

Generated fewer jobs than Barack Obama has generated I don't like putting -- -- -- Obama friends tell you when your -- for over the hated military and they don't like -- why -- spirit here.

I don't know if they ask you what does it he's the only guy a model -- that you might figure mock threat about we'll tell what could come on -- -- we do that.

-- oh OK I'll tell high -- -- next we'll see you tomorrow night.

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