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OK stop right there because the weekend -- here yet and we're live in Washington of that -- on the record tonight first -- wrote.
The president kicked up -- White House to main street tour in Allentown Pennsylvania.
So -- they do.
-- rolled joins us.
-- how good -- and how did the president do on his road trip today.
You -- it was a nice PR event he stopped by.
Couple factories visitor with workers stopped by -- job senator.
A promise he was gonna jump start job creation with proposals next week.
That I was there were then leaked to the media that sound awfully small ball we're gonna are we gonna jump start the economy and put fifteen million people back to work fifteen point four million people are unemployed back to work by.
It whether -- station program.
But more money for infrastructure and buy a new job credit the last of which was -- which was proposed as part of the stimulus and even Democrats weren't gonna go for that puppy.
You know the president's and a hard place the economy is starting to show a little bit of signs of growth but jobs are gonna follow.
Very long behind that and he's been disconnected from the for the last eight or nine months poised and focused on other things and he's he -- in the polls -- as a result and now he's trying to catch up.
But I'm not -- it's gonna doing them much good.
Well if being called the stimulus bill in February it.
-- jobs bill that I guess that the PR aspect to his have been that he be out on jobs since the very beginning but he's now for the first time using the term -- jobs bill which is really sort of hide that we're we might get another stimulus to.
So he's -- -- caught between a rock and a hard place.
Well yeah and look he did trying to sell in February the stimulus as a job creator but it obviously has an effect remember they famously said if we did nothing.
That unemployment would go to 8% in unemployment today is 10% is 20% higher.
If you -- 25% higher than he said it would be if we did nothing.
I think people get daddy would they also get the fact that he promised that 90% of the jobs he would save or create.
Would be private sector jobs and even by the administration's own goofy math when they put out these numbers of between 600000 and a 1000005 jobs that they have supposedly saved the the most precise number they've given us about 60% of those.
Our government jobs most of them an education that they claimed to have quote saved even though no economist police -- you can accurately depict how many jobs your quotes today.
But if he did nothing any -- -- 8% damaged if I were his PR person are running -- political office I'd be terrified because the first thing you have American people they stop don't do another thing because everything every time something gets -- -- went up to ten point -- of course not slid down -- 10% but.
How we're better off.
If you didn't do anything under that very.
Who -- you know what's interesting is there's an Nina Easton who was earlier tonight on Hannity program has written a very interesting piece in time magazine.
-- which he touches on something I think is absolutely accurate and that is in this time of economic turmoil -- we are seeing is a significant growth in the opinion of people.
That the government is doing too much trying to do too much and is run -- up too big a deficit spending too much of our money and -- too much red ink.
And they fear those things as being greater threats to job creation.
-- they do the absence of some government program I think that's accurate I think part of -- thing we saw on the Tea Party movement this year.
With people's concern that the kind of things that we're doing.
Spending money running up deficits doing all the -- for the stimulus program.
This is not going to be creating jobs -- his can simply make the economic future of the country bad and I think there's a lot to do to to that.
Of the 787.
Billion dollars -- was -- -- part of the stimulus program.
Only 30% has been spent only -- 22% of the money was supposed to go for contracts for things like infrastructure has been spent only thirty.
2% of the money that was spent and that was gonna go to tax cuts has been spent only.
Of the entitlement money has been spent so we've got this big obligation on the -- 787 billion dollars.
But it was not meant to move out very quickly in -- more money will be spent as part of the stimulus bill between 2011.
There will be spent this year.
I in terms so the economy at magnets so -- said democratic colleagues and capital and elbows are up for election.
My dad below -- shaken and it puts a little bit unless things improve unless -- can somehow.
Say that -- convinced the voters that they that this is really -- George W.
Bush problem and that we're still trying to come up come out of it or -- things dramatically improved by the mid term election.
Or at the voters -- going to says that enough time to improve things because it's a lagging indicator of the jobs.
Is that the sum total of his options going into the Nextel election round.
Well he gets -- window though that he could have a real option to job to create jobs now would be take tough actions that would actually stimulate small businesses and bigger enterprises.
To actually go out and create jobs and but to do that -- have to do things like either cut the corporate tax rates of the medium and large companies.
Could be able to quickly look and they can understand how that affects their bottom line and adding that it will encourage them to invest in plants and equipment.
Or for smaller businesses he could allow them to accelerate their depreciation.
They're writing off of of investments in plant or equipment.
But the idea that we're gonna somehow get jobs by giving a company a tax credit of say 5000 dollars -- 3000 dollars for creating a new job.
Just doesn't cut it it's not enough is in its its its.
It's -- it's little it's itchy bitchy little -- steps on the edges of of a big problem in the big problem is people are worried in the business world.
About the taxes the spending the deficits the regulation.
The cap and trade bill -- environmental flows stuff all -- -- their Health Care Reform bill all what's the administration's talking about it which seems to them to pretend.
For a bad scene for their companies and their businesses and their chances to make a profit.
Here's the problem live with what you suggest me and that may be the -- economy and -- -- and I don't mean to suggest that decisions are made on politics but to be -- practical realistic the fact that there.
There will be election next November.
If they cut the corporate tax as you say.
For big corporations accelerate depreciation for small businesses the first thing I would do is an opponents say.
Well I finally came around the Republican thinking and it took him a -- -- year behind the ball on this in terms of the role of the recession plus they've spent all this money in -- stimulus package.
Now I've got ourselves now and -- huge spending situation so it.
EEE and that's solution may will help the economy but doesn't that make it more vulnerable.
Well it it does it does say that he changes course but I mean look.
It's not working.
We were told that if we did nothing in unemployment would go to 8% we did exactly what the president wanted to 787.
Billion dollar stimulus bill.
And unemployment -- to 10%.
We've gone from the situation when he came in office there 142.
Point one million Americans working today -- 138 point five million Americans working.
We did what he said and it has not got nutritionally better.
And -- -- look this and this may be a beyond his he has controllers an interesting article today in the Wall Street Journal.
About the Federal Reserve board chairman.
For -- should be president and -- Saint Louis.
Who suggested that we may have a new paradigm that we had a jobless recovery in the ninety's.
A jobless Recovery -- following 2000 one's and we may now be in our third jobless recovery this one the most and the most jobless so ball.
But that we -- we may be in a new paradigm how the economy reacts to certain circumstances like we find ourselves it.
And I suppose is also sitting at a promises to -- companies have cut jobs -- have found out that they could have pushed their workers a little bit harder and be a little more efficient so they don't necessarily have to expand.
Analysts -- evolving and certainly in terms of the tax code.
Our terms of the economy that they don't wanna take any big steps in terms of their businesses so they really mean it did that the fact of the jobless recovery is it'd be mean that's really our and it seems and it's really hard to get out of that.
Well -- look we've really government's borrowing a lot more money and as a result of private sectors making fewer loans to businesses we've had private.
Lending from banks go down like this while -- government borrowing from.
In essence by issuing debt and getting people abide has been going up like this.
We're -- of process of crowding out and we know that we need to have investment if we're gonna make the economy more efficient and more productive and grow.
-- comment in light of the fact that the economy does move rather slowly.
Shouldn't the bush 43 administration had seen.
All of the sort of -- -- -- so they couldn't see the stimulus bill and what impact that had.
But was the bush.
Administration's slow to react so that in some ways you got to take responsibility.
Well -- look in early 2000 -- eight there was a bipartisan stimulus bill passed.
What happened though was the -- looked -- the was was made him a much -- much worse significantly worse by the implosion of Fannie and Freddie.
In the summer of 2008 this was something that the admitted the Bush Administration started working on February 2001.
Got a bill through the Senate Finance Committee after four years -- very hard work.
Only to have a filibuster by senator Chris Dunn who incidentally had as one of his fellow.
To newly elected senator from the state of Illinois Barack Obama it's Barack Obama and Chris Dodd ultimately and Barney Frank the other villain in this drama.
Ultimately all voted for that reform bill that bush had been pushing since 2001.
But in September 2008 after Fannie and Freddie gone belly up so.
Look there was going to be there was a minor downturn there was a downturn of some nature in 2008.
Congress sought come in the administration saw -- coming and they passed the stimulus bill.
But what Democrats blocked us from come in and which we can dealing with and watch which a lot of people didn't understand the magnitude of the problem was the collapse of Fannie and Freddie.
You know they were leveraged at the end between sixty to one to 78 to one which means that.
A decline in value of the underlying mortgages that they held five point four trillion dollars for the mortgage is a decline of one point 3%.
Would bankrupt the companies and that's exactly what happened.
Kyle thank you -- so I ask.
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