Elaine Chao reacts to latest jobs numbers
Former labor secretary on 'Fox & Friends'
- Duration 5:15
- Date Jan 17, 2013
Former labor secretary on 'Fox & Friends'
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-- right now Labor Department is releasing brand new weekly jobless numbers check -- that number 335001.
Unemployment claims filed last week that's less than the week before.
And much less than was expected.
Looks like it is so according to the AP.
Unemployment applications fall to a five year low.
Because of seasonal volatility.
Let's bring in somebody knows -- numbers pretty well Elaine Chao former secretary to the Labor Department under George W.
Bush -- -- Mauritania and I think that's a good number.
It is a good number in this sense for this week.
This is -- average number that is released every Thursday at 830.
There's also the monthly unemployment numbers that come out the first Friday of every month so these weekly numbers are very volatile.
And what is more important is what the trend line fire and so far -- the trend lines have been up there have been down.
We hope that the trend line is down because we all want Americans back at work there.
And when they're less people filing for unemployment insurance.
That possibly could mean you know that -- better economic conditions are right now these numbers are still pretty volatile last week for example -- 370000.
If I was if I was to tell you in 2000 -- into destiny.
-- four years later we're really not going to be any closer to rent 8% unemployment 9% -- his -- 10% would you have told me.
I would have laughed interface.
I would have thought it was impossible.
Because from -- From the years 2001.
The average unemployment rate was five point 2%.
And at that time I thought that was -- I was very concerned that the labor secretary who would've thought that in 20092010.
-- unemployment rate would jump to over 10% in 2009.
And that it still seven point 8% right now so the we have over twelve million Americans who are out of work -- -- that chart right now.
Secretaries you can see where it's pretty much stayed the same it's been a little bit on the on the down swing -- people have argued.
That this is now the new norm you know we talk about the high gas prices where they sit 23 and a half to four dollars a gallon and and who would have ever funk if he will be OK with that.
Do you think that this is also sort of the same phenomenon where this is the new norm -- people feel okay with it.
Now it is absolutely not the new norm and it is unacceptable.
Had over 42.
That over 129 Americans.
Out of work and worse than back.
40% of them have been out of work for more than 27 weeks which traditionally.
Is the longest that these statistics measure.
And you know that is that horrible number.
What about the role of extending unemployment insurance long term long term and put -- it's just keeps going up people who -- the political courage to say we can't afford it what world is at play.
Unemployment insurance was originally implemented to make sure that people who are out of work.
Are able to maintain a certain minimum level of standard living and also to keep the economy going in and the local economy because -- people.
Are out of jobs -- I don't have income they're not trying to.
So that was the original intent.
But it's been -- for quite a long time -- and I think it's wonderful things have come up -- evaluation and we got regret and we want to help people who are unemployed at.
Absolutely the people who have you know -- fallen through the safety net we we do 42% that you were just talking about this and people have been out of work for 26 weeks or better.
I was talking to a friend mine runs -- -- store and he says there are a number of people who work for him were gaming the system.
They say you know what I can make just about as much.
On unemployment as working so I'm gonna run out my unemployment and then as soon as I do -- -- back.
And then I'll work so that I can get unemployment again.
Well a lot of -- game goes on and that's terrible you know there's something wrong we need to cut out the waste and abuse in the program.
And unemployment insurance program they're about seven.
Eight billion dollars a year waste and abuse but what's the most.
And didn't insidious in that happens some people stay too long out of the work.
You know after the work environments.
They lose relevant and if you are out of work for very long time number one it's -- feed him the job.
You lose relevance you lose the connection.
And you lose job skills and that is the worst thing or you just hope that a plan insurance will go on forever never never and in.
Next saps that you know that his -- that saps the -- people want to work and and down.
And when they are you know when they -- but for so long.
And now on their desk we'll have changed in six months time from our world is changing so rapidly the best way to get a job.
Is to have a job already number one that if you can stay current with your skills.
So that you can get back to the work -- when the opportunity -- which again goes to the basic point.
The problem with this economy is that we are not growing jobs and we're not creating jobs -- that's the biggest problem in this economy.
And that's what we have some good news yesterday where Wal-Mart has are gonna hire 100000.
-- -- which had a wonderful private industry helping us out -- Elaine -- always a pleasure thank -- -- -- -- this.
Thank you thank you very much back.