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Where is the Strong Jobs Recovery?

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    RBS Managing Director Michelle Girard on the July jobs report and the jobs recovery.

  • Duration 3:42
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All tripled because it's the most important political number of the -- dust off.

The unemployment rate went up to eight point 3%.

163000.

Jobs created in the month of July the real unemployment rate also -- to 15%.

I -- where do a comparison for a second.

Please remember that back in July of 1980 fall.

They're the same point in president Reagan's first -- as whereas now with president Obama's.

3121000.

Job straight that was July of eighty fall this is 163 July of 2012.

And by the way.

Back then thirty years ago they what thirty million -- are Americans.

So what 3121000.

Job creation was absolutely stunning.

Now look at this one.

Three point 87 million jobs were created in not yet 19843.

Point 87 million.

President Obama boasts -- point one million in three and a half years.

Joining the company from now from Stamford Connecticut -- -- senior economist with all BS Michelle.

I'm quoting Reagan because when you -- there's just a few days ago you revealed that you really Ronald Reagan and his economic policies.

Young IDO now.

That so little unfair com about the it's it's a little bit of an apples to oranges comparison because we are.

I had very different -- in the cycle I mean in in 1984 we were just coming out of a very deep recession and and we had we enjoyed a real V shaped recovery.

And sell it to some extent that 312.

About I think Hewitt said but the -- that's my point is right.

Why have we not seen.

I'm vigorous -- boss -- recovery.

After three years of recovery from the last recession why are we not shown any quarter 56 or 7% growth why don't.

That's here it not that's where as they said the point is exactly right normally falling very deep recession you get those very sharp recoveries.

We know this but they buried deep recession and we have called our way on -- and I agree with you.

And there is much to be laid I think at the -- the president in a sense of on businesses have always -- tightening under attack we've always lived under the potential threat.

Of higher tax rates on small businesses as well as upper income earners -- do drive a lot of activity in this economy.

I think the animal spirits of this economy and then then I think that.

Has really contributed.

And other issues as well but I think that that's Bennett had dominance part of the story here.

Real fast Michelle to -- to.

Big name economists yourself and David we supposed set on this program that would gonna bumble along the bottom 12%.

Growth for the next few quarters boss.

We fall off oak cliff.

If we raise taxes on January the first what do you site.

Yes absolutely we've only -- girl growing less than 2% of of the second half of this year because of the uncertainty.

And boy at the tax rates go up across the board it's going to be -- -- -- -- I think teetering on the verge -- recession 2013.

On the other -- Depending how the election -- depending on what decisions are made in terms of tax cuts -- spending.

I think you could argue as we talked about the path that the remove the uncertainty that this economy has space for the past three years.

Could spark in 2013.

And unleashing of pent up demand that we haven't seen so what's a parent very bifurcated outcome I think as we look ahead at 2000 and there.

As we look ahead of the election frankly.

Michelle is Iran the -- revealed organize a whole department thanks very much for -- again --

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