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Christian Dorsey, Economic Policy Institute, and JD Foster, Heritage Foundation, break down today’s jobs report.
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Mention Mitt Romney had come out with a statement this morning Christian Dorsey is the director of the Economic Policy Institute JD Foster is easy balancing act foundation both join me right now.
I don't want to take this first -- you Christian you know each candidate has very different views of what this job number remains.
Mitt Romney calling mess and I quote today.
-- hammer blow to struggling middle class families and -- to the president is just saying the middle class families things are coming back jobs -- about it was right here.
Well you know the truth is somewhere in between you know the UV positive nature is that we've had two point nine consecutive months of job growth and if you look at the average over the last two years it's been remarkably consistent.
Around a 150000.
Jobs per month added.
That's undoubtedly positive side bar the -- BI -- no we're near enough.
To a race that deep hole of the ten million jobs there were losses during the recession.
So what part -- -- it should be used to get back to that pre recession level of unemployment we're still looking at a decade if job growth continues at this.
-- -- but let me ask you -- JD if you look at the numbers that we got today.
There are some troubling headlines that were saying and it does heavily I didn't really hear the president address those headlines about the more Americans.
Are leaving the workforce.
We still have a wage issue happening in the country and ended up in -- take up to eight point 3% didn't the president is making a mistake right now might not addressing that to the American people.
Well both candidates are trying to give some -- clarity to what is really -- head scratching report.
As Christian out of this and god knows in this in the job growth number from the employer survey but the unemployment rate did take up.
Got a 150000 people leave the workforce.
And so there is that it's a mixed bag it's not the kind of -- story that lends itself a political statements.
The simple fact is we have a lot of economic data telling us economy's not doing particularly well.
At this pace as Christian noted would have to.
To grow four years before that -- employment -- where was prior to the recession it's nowhere near enough which the president acknowledged.
I would just have to accept that this is a kind of jobs report.
That is not bad it's not good it's muddling along and we need to do better which is largely what president of solves that.
You know as Christians we get closer and closer to November it is a rare occurrence to see an incumbent president.
Get reelected based on an unemployment rate that is currently sitting at eight point 3%.
You're an economist Christian you tell me what are the chances we're gonna see this ticked down before the November election.
Well you know -- -- proof is in the putting we've had operative for a year and a half unemployment.
Jobs averaging about a 150000.
New jobs per month which is not going to substantially Alter.
The unemployment rate with a few variables that -- talked about factored in so we're not likely gonna see it tick down up by the election but.
You know you can't look at past collections -- prelude.
Blistering look past elections is perhaps.
Well you know that's never been the defining factor you know whether 8% unemployment.
Is gonna cause -- president -- your -- reelected people are gonna look at the context and the context here has been the president presided over a thought period where ten million jobs were lost the unemployment rate.
Skyrocketed to over 10% we've been making not significant enough progress I'll admit but we've been making progress steadily.
Right you know JD he says I never the same question to you but Kristin says that.
So wonderful but the polls November that they're gonna make a choice based on.
What they've seen this president do maybe things are gonna get better maybe they will not I mean do you think this president's in -- Well I'm not a politician.
I'm an economist and -- save -- the unemployment rate is very high.
It's not likely to come down Christians exactly right it'll be interpreted in -- -- in the context which includes massive budget deficits.
And an economy that doesn't see much inclined to accelerate.
If the American people are satisfied with very large budget deficits soaring debt and -- high unemployment -- in the president's in pretty good shape otherwise perhaps not.
And also to question -- the tax issue the president action was mentioning that none of that we just listened.
And Terry was talking about middle class Americans the tax cuts this fiscal club is common whether we like it or not it doesn't seem -- the congress is gonna agree on everything.
Not not -- -- not gonna see any movement on that before the election I would I would up prognosticate -- really the election is gonna turn on the the prescriptions in the vision for how you actually accelerate.
Job growth in this country and what you have is you know two very starkly different visions.
Governor Romney's is mostly returned to the circumstances and conditions that I believe led us to this mess in the first place.
And I think that's really going to be the essential issue that voters are gonna grapple with.
Come November.
All right what you about our great economists that I appreciate you weigh -- on the politics of all this they're very intertwined Christian endorsing JD Foster gentlemen thank you.
