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Michelle Obama Touts Economic Boom

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    Wells Fargo Chief Economist John Silvia on the state of the economic recovery.

  • Duration 3:55
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-- wanted to bring in John Silvia he is the chief economist at Wells Fargo -- -- -- Oregon for the Republican National Committee John welcome.

Thank you sir you -- what the most likely have to say huge recovery.

Jobs are on line -- of doubled housing market's coming back happy days are here again what -- you.

Now -- Fiat that this is the typical hockey stick recovery that every time.

You see someone in office and particularly after the stimulus economy is not take off after the stimulus economist and take off after this.

It's not happening a little thing to last three years we've had basically 2% -- -- -- Hong that's and that's at present and even that you know when you talk about jobs adding that Johnson a 114120000.

From month.

I mean doesn't get the job done and as you -- probably a blue house here in house.

A lot of the decline in the unemployment rate has been labor force participation rates decline -- workers dropping out the use six which is the broader.

Measure of unemployment is still -- 14% of so so that hasn't improved at all about I disagree.

Now that -- a surrogate for.

Presented to us from the Republican national commit market share your your your speaking not on behalf fall but nothing funny about all of the Romney campaign.

If we get tax reform as governor Romney wants.

The lower tax rates for individuals lower tax rates on corporations.

And we and some of the loopholes and deductions -- can we got if we get tax reform.

You think we'll get five or 6% growth in the economy in the next couple years.

I would combine that what's your earlier guests from mouth opens you've got to have some uncertainty with respect to Dodd-Frank.

And Health Care Reform once you get -- in place then someone like Applebee's would be able to go forward and hire people -- -- with the cost the laborers OK let me pin you down on growth -- you get tax reform.

You get rid of the -- -- -- aspects of obamacare and Dodd-Frank you get all of you'll wish list you get -- -- EF 506% growth I think you -- easily could do that because we've seen in the past.

Once once Ronald Reagan got through all that uncertainty and Paul welcome really got inflation down economy just took off.

And I think we've had basically three -- four years now of -- really suppressed economy.

Were a lot of people in the private sector really have struggled and they are making that economy move.

But unfortunately so which government regulation so much uncertainty -- taxes has really been -- activity.

And so I think once you take out out then you don't the economy -- I think a stronger the economy gets the more tax receipts the government receives and in fact you can improve the deficit situation all 1983 we grew at eight.

Percent an average of 8% in 1983 months.

The tax rate cuts kicked in so that was an enormous boost to the economy.

Absolutely and we always going to be a little bit pessimistic in terms of the revenue in the deficits but once the economy takes off.

Those revenues come into deficits coming.

Isn't -- after the fact that people are hardly enough feeling battered consumer confidence is not there.

I mean why people think so good despite all these horrible numbers right now.

Well -- let's go back to I'm Michelle Obama's comment I think -- -- consumer confidence is a reflection of the stock market improving.

And -- of it is a reflection of home prices have turned around so is the economy recovering.

Yes but in many of my presentations I say.

It's recovering but not at the pace which traditionally used to.

Along we had expected so you don't get the hockey stick he set against this slow improvements Europe that's what -- -- -- Europe I think that we feel like Europe and I know you're very very well and I think that's what we feel like at the moment the last couple of years you great -- -- -- coasting you're going down -- Now on this society with so many young people coming and that'll lay before us not getting jobs coasting -- downhill.

John Silvia.

Chief economist at Wells Fargo saw that for the RNC thanks for joining us and we appreciate mr.

--

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