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Obama Changes His Tune on Jobs

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    Former Labor Department Secretary Elaine Chao on the unemployment data.

  • Duration 3:02
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Three years ago three years ago President Obama said this about the economy.

If I don't have this done in three years.

Then there's going to be a one term proposition.

He sensed -- change that now he says he needs more time here's the president from green -- yesterday.

So we've made real progress -- -- for years.

But Wisconsin we know our work's not done yet.

As long as -- -- a single American -- job but can't find one.

All work isn't done.

Elaine chow is now joining us she's with The Heritage Foundation she's the former US -- us.

Defense Secretary the president says we'll get back to prosperity be give me another four years but I'm looking at the numbers today.

And I see what 600000 people came back into the -- force but.

I don't think they found full time woke -- high paid jobs you know the numbers better than I do what's going on -- -- these are not good numbers and the unemployment rate as I've mentioned.

You know with the influx of new workers -- return workers has indeed ticked up to last seven point 9%.

And -- The whole employment situation.

It's still a very very low point it's in the doldrums.

With the labour participation rate just ticked up a tenth of 1% nearly it's about 63 point eight which is a near a thirty year -- still me and 40% of those unemployed.

Have been unemployed for more than 27 weeks.

So this is actually has been a very disappointing report.

Now there's been a 171000.

Net new jobs created this past month.

But at this race doesn't take four to five years and five to six years before we get back to where we -- back connected out.

An eight actually madam secretary I believe that you have to create 349000.

New jobs every month.

And he got to keep up that pace for three years if you did that you get down to 6% again -- obviously we're nowhere near that -- -- Not at all and they're 23 million Americans who are either unemployed are looking full full time work -- working part time.

And the I -- count all those people that unemployment rate labor under utilization rate is what is -- is actually fourteen point 6%.

That's all of the situation has not changed it's not improved at all and it's really discouraging.

Again we're not seeing new jobs created.

You mentioned at 345000.

Whatever number basically and you need about 200 to 250000.

Net new jobs created.

Every month just to keep even with population growth we have a workforce of about a 155 million their new entrants coming in their return workers coming in.

So we need a minimum of 200 to 250000.

Net new jobs just even with where we are -- -- population growth.

We we thank you very much for your expertise you're a formal labor secretary you know you're talking about and we appreciate that characterization thank you very much -- we appreciate it thank you.

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