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Zuckerman: We are Experiencing a Modern-Day Depression

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    Boston Properties Chairman Mort Zuckerman on the state of the economy.

  • Duration 4:28
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Our next guest says we're in a modern day depression he says no matter who wins the election the next president.

Must immediately address our jobs crisis are being guilty of -- Joining us now billionaire publisher real estate magnate -- talk -- good they have -- -- -- That betrayal was a big word.

Is it.

A bit of -- betrayal do you think that were only now starting to hear some energy in the president's voice when he talked about.

Job creation and.

Economic growth.

What I mean I think it's the obvious subject he has patients with the largest crisis facing this current country I don't know that it's fair to call -- -- -- betrayal on any level because we are in an unprecedented kind of economic turndown.

And therefore it's unpredictable and we have not yet mastered the way of responding to -- I was very critical of his.

Fiscal policy because I thought don't wait too much but went -- Shall we say the congress to have basically give out to the public service unions that you didn't get the kind of -- from -- that we would have liked.

But we're still faced with a very very very tough economic situation.

A tough economic situation.

We were 25 million folks that you that right.

Who are unemployed or underemployed.

-- -- -- just given up looking.

As well use it right as you.

As you wrote about it -- in your most recent.

This is to -- that it these are different people right now America.

And broadcasters.

Writers.

In various publications.

Business leaders.

And I'm going to accept you because you have been stalwart and in in trying to answer questions.

But as I said Austan Goolsbee -- How are we talking about solutions here why are we not asking the questions people don't want to talk about.

What is the impact of the policies -- that we've been borrowing for the past decade.

They're not good because our -- our economies are growing right or not creating jobs so what the world as a point of -- Well we certainly have to review and look at all of what we have been doing -- -- just let's let's just not -- let me put it that way and of course one of the major things.

Is the accumulation of debt that we've had first in the private sector now on the public sector where the sovereign debt is bailing out the private sector debt.

People are trying to reduce their debt because they're so.

Shall we say pessimistic about their own economic futures and that's gonna restrain consumer spending.

Though that thing that worries me the most is still the unemployment numbers and the fact that we are in in effect the modern day depression -- tried to describe it because we have.

45 plus million people who are.

On food stamps we have fifteen million or so people on you know -- disability we have made to people on welfare.

These are people who are not able to to to in effect feed themselves and take care of themselves that depended on the government we haven't seen that since the Great Depression.

But there's not one person out there who's unemployed who fits into the category -- -- -- Bureau of Labor Statistics U six.

Amongst those torn five million who doesn't know.

Rubber stamp ever -- your -- They know -- is an there isn't one intelligent informed government elected official government bureaucrat who doesn't know what your side.

And yet we're not watching the mainstream media or the business press for that matter.

More deeply into the consequences of policy choices taken by the government it at all levels.

-- we're not having them -- in question and answer those questions.

When talk about business practices that are stop the fire suffocating back for this great free enterprise engine.

What do you know I think it's one of those that moment when we're just not facing up to that reality and it's got -- those kinds of issues really have to come.

Into -- and to a sharp clarity.

By the political leadership and that has not been the case -- Romney has not yet really focused on it -- and a way that's been effective I suspect he will.

And the president of course always just sort of tries to kick the ball down the road.

And very quickly the Middle East as you watch what is happening.

-- the madness ensues that.

It's.

Your thoughts record -- we're gonna Wear out very quickly but what what we're involved there is an absolute mess.

That.

There is a radical -- and that has taken over large parts of the Arab world that we're gonna have an enormous problem with its gonna go on for decades.

Or thanks for being a -- Of --

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