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Forbes Media Chairman Steve Forbes on the disappointing jobs report and what is needed to boost job growth.
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Well it is the biggest little number in DC today only 80000 jobs added in the month of June 8 how sick.
That is way off -- and discouraging news for our economic recovery look at it this way I mean we need.
Almost a 100000.
New jobs every month just to keep up with population growth so what in the world is going on.
Let's bring in a man who knows a thing or two about this -- -- he is chairman and editor in chief of Forbes media.
So much for joining us and -- to be with you so what did you think of that number.
Well it's not a surprise that what's happening in Europe what's happening in this country and certainly specially if the Supreme Court decision that was a wept like -- non small businesses in terms -- hiring.
We -- seeing that in the jobs numbers this is a pathetic number.
It's a pathetic number I mean when you look at the stats are now in the second quarter we've averaged about 75000 jobs a month.
In the first quarter we were all the way up at 226000.
Simpson need this is stalling to almost at standstill -- -- you think that the economy.
Is gonna start growing at you know 1% even lower.
Now I think gave me had a little sliver of good news and that the average weekly wage went up a few pennies the average work week went up a few minutes but just so so so what average spread of means -- will have about 2%.
Which by American standards is like going twenty miles an hour and superhighway.
Doesn't mean -- if they increase the weekly wage and the increase the hours worked that employers doing everything they can.
To squeeze -- at the current workers they have.
And they're trying as hard as they cannot hire someone church like gone into a game not known that the rules are you gonna stay on the sidelines to you know what -- out in the field.
So what would it take to turn things around at this point.
Well if -- President Obama came out and said he's repealing obamacare.
Stabilize in the dollar.
At extending the tax rates for at least some of the year for you see the market go up a thousand points but I don't think -- gonna do it obamacare you know.
Business leaders said that they needed certainty while not sort of -- certainty right I mean does -- and right now it's going to be a huge battle in the fall and Romney wins which looks like he's got a good chance of doing he says the first thing you'll do is repeal it.
So you don't know what the rules are and there are so many new regulations coming out -- even if obamacare stays.
Got thousands new rules coming out of that.
Thousands new rules coming out of Dodd-Frank.
Who -- what the game miss.
Yeah so hard to beat this argument is people say you know what would it take to really make businesses go out there and higher grown sick confidence.
But also nebulous -- and it's not something that's that's right there.
What would it really take I mean -- they need to have a new product that they could go out and sell to they need to see more demand from consumers and it it's wasn't just confidence right.
Well if you're gonna make an investment you -- know what to the possibilities get your investment back getting a profit on that investment just like a baseball game when -- some batter up to the plate there's three strikes is six strikes eight balls to balls.
Four -- to -- don't know.
-- could very hard to play the game.
So in terms of the dollar you don't know what you're gonna get back in terms of value of the dollar that's gonna hurt you don't know what tax rate you're gonna have.
That's gonna hurt the general rules you can again on critical thing like health care which cost thousands of dollars and -- worker you hire.
You don't know what the banks are gonna do.
I'm sitting on the sidelines.
But overnight if we have an election in Romney is an office.
You think business leaders -- gonna go out and hire the very next day.
I think get they're gonna say okay if it looks like something's gonna get -- we're gonna start taking risks and you start at the margin than it starts to build up.
Why would more stimulus not work.
And that's that's the -- -- -- that you always here -- excited and just lets -- make up it's never works because you have to ask where did they get the resource is from prison might come -- honestly happened does not come from Mars.
Come from people either through borrowing taxing.
Or printing money which is -- on the form of taxation.
-- -- -- resources out of the economy which Japan has been doing for twenty years put it through the political sausage factory spit it out again that's supposed to be stimulus.
Now it's a waste of resources and it's all money it could have come from.
You know as my money at first or second comic store bought a pair of -- second -- restaurant and in the products help but it is private sector you're gonna get a better return.
And even if you fail make an investment you learn which is good knowledge for the next --
