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U.S. Trust Chief Market Strategist Joe Quinlan on the unemployment rate, economic growth.
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The economy -- -- that we're only four days away from the July jobs report.
Despite weekly news on jobs in recent months the White House bean counters of the Office of Management and Budget say.
The unemployment rate could dip below 8% by the end of the year really.
Joining the company is Joseph -- with the US trusted valued -- contributed op program -- -- -- -- my pleasure.
On that 8%.
Since the OMB by the end of -- -- and you say.
It's possible -- we've got a clear a lot of of the uncertainties that Obama is gonna happen yes or no is gonna have I don't think so no it's not gonna happen because of congress the people Washington are doing their jobs in terms of creating an environment in which companies -- hire and invest in the wanna begin -- we're not gonna return to five and a half percent unemployment.
Until -- any second possible Obama.
Election victory.
-- that that means.
You know get back to 5% 20161718.
It's it's gonna take some time you've gotta have housing market come back you have exports kick in September mobile phone can exploit its a lot of our idle hands right and that creates problems and of itself and it's gonna cost us even more money right now execute -- the -- -- every I don't and cost money in terms.
Unemployment benefits as in it's a resources are being utilized so it's it's there's no nothing good about that took -- the L and the also sentenced Friday report.
It would lower the deficit this year.
Will be one point three trillion.
Nearly one point two trillion and you make of that -- wants four years in a row and it's dramatically different from a decade ago we ran surpluses so there's a lot of work yet to be done when it comes to still getting our fiscal house in.
Are you pulling the punches he joked that's lousy one point two trillion is all full not what it it is -- -- a remember as a percent of GDP it's coming down but still even that number is historically high.
It Disco and that's what worries the markets that that number in of itself and relative to GDP -- Wall -- waiting fraction all right the president says the economy is going in the right direction precisely those woods and you -- He in first or second gear perhaps we're going in the right direction relative to we are growing -- window where we're headed in Europe what color words -- -- we should be in -- -- -- -- all well that's a quite well why now highly hypothetical.
Fourth quarter of Latvia and -- -- -- full percent growth.
First quarter this year to present growth.
Current quarter up one half percent growth that is paid down -- -- accelerating right wasn't about -- we're going in the right direct what it is like a sense or in first or second year and that's what we are down shifting and we need action.
From Washington corporations have a were -- maybe two trillion dollars in excess cash.
They're willing and ready to put it to work investors wanna put money anymore but given the fiscal cliff and into the uncertainty around Washington.
And also in Europe that's contributing to this wait and see attitude is very frustrating because.
If you look at corporate America they want to deploy their tasks they want the higher how do you do that with this policy uncertainty away to join the political debate precise.
-- SoundBite from Mitt Romney.
What he had to say about paying his own taxes my interpretation of what you're about to hear is he said he told electric you don't pay more in tax than you have to.
Role that moment.
I don't pay more.
Then are legally due and frankly if I had paid more -- are legally do.
I don't think I'd be qualified to become president I think people would want me to follow along.
And and pay only what.
-- with the tax code requires.
And you make of that while I think it makes it decrease -- Sound -- it confuses people about the tax code in general -- in the sense that is it fair is it equitable.
It's a personal -- a corporate income this is a huge issue the second -- resolved between now and the election but this is another she's Stewart where investors are looking for.
Tell us what the game -- -- with the plane illness.
How to we've got trillions sitting overseas why.
It and that's that's it disappeared Joseph Quinlan we appreciate you being with us -- -- -- -- -- -- -- -- alright here's what you.
