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Former Obama economic advisor Austan Goolsbee discusses the latest data from the Labor Department and how it points to the success of the president’...
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-- due out coverage of the October jobs report Austan Goolsbee joins me now.
He's from the Booth school of business of the -- this -- I'm calling him one of the architects of president Obama's economic policies Austin welcome -- the program you wouldn't object to about label would you you weren't architect of these calls I don't know I appreciate I appreciate -- thinking of me anyway -- to see if there were when I got to answer for it.
It -- than -- put it like this.
I think those policies have failed to do what they would designed to do.
At the end of four years three and a half years we've got a rising unemployment rate.
Add an extra five and a half trillion dollars worth of debt.
I am not gonna I don't believe you can site that the policies you helped write our success go.
Well look I mean you I'm here to talk about the jobs numbers -- you want I had to talk about the policy we can do that do I think.
The unemployment rate rising by attend this month.
But not mentioning that it fell by three -- last month as though little selective in the in the choices I think.
It was terrible downturn.
All of the job loss was concentrated.
In that early period of the administration.
And over the last 22 and a half years we've added about five million jobs now.
That's not as good as the Reagan recovery that's well better than the George Bush recovery.
And our modest growth I agree with you should be higher.
It's also the fastest growth rate of all the advanced countries of the world the world economy is ended top spot.
So I think just looking at -- the conditions in the US and saying it's because of US policy is a little misleading what do.
Okay what about this fourteen point 6% real unemployment right because that's an indication of how it.
-- out that on the ground up and how it feels I don't political thing I understand that.
And on and I is not pure economics I do understand -- But that's the reality.
On the ground know how -- I'm disputing that.
Look look I'm not disputing that the real job market conditions.
Are different than just what this is standard unemployment number look at what -- -- I just four days well I think we would like a few observers we didn't get our -- world's.
We didn't get what Alamo is -- if you -- an extra five and a half trillion.
Is there -- debt I expect -- -- -- -- -- 79 unemployment -- and 146 real.
Stewart.
The fourteen point six unemployment rate you keep failing to mention.
Is down even more than the regular unemployment rate is down.
It was well over 14%.
Before the president ever even got there so you cannot compare two different series as they will look.
It's already 14% -- can -- is very -- the impact of this stimulus.
That was before the act passed in 2009 virtually all of the stimulus money has already been spent we get re litigate.
Whether the conditions would have been.
Tremendously worse or merely much worse than otherwise it had it not been there.
But I think big question of in the last two years.
The economy has grown at a moderate rate.
Added 45 million private sector jobs well faster than the economy added jobs.
In the first term of George Bush OK and faster than anyone else in the advanced world I think -- -- -- relevant to say that.
Are -- a -- evidence that this is the United States of America.
This is the should be the most dynamic economy on this planet.
We do private enterprise but we're not robust would not dynamic -- growing at less than 2% after four years president Obama's policies policies that you helped to right.
Look I I'm an immigrant to -- -- -- -- I care about current you to really be robust and dynamic and expanding.
That's what I expect from America I'm not getting it.
What you're only getting half of that yeah I agree about that because.
We get had a massive bubble that bubble popped you can't go back to doing what you were doing before the recession began.
So you really can't have a V shaped recovery the way you had -- 1982.
When the interest rate went up the 20%.
Choked off activity then fell -- down to 10%.
And activity return why what we have is much more like 2001.
Where a bubble pops and you got -- crawl your way out of it yet.
And we cut taxes and we grew with private enterprise with bought a couple of loans that we've got rid of the action and we -- the dot com boss we did eight.
Well we have 48 outright months -- growth that we have had did.
Stuart we have added more jobs in the last four years by more than one million.
That we did in the first four years of the Bush Administration following the policies are described -- no point in re litigating I accept that back but look Austin.
I'm very glad you came back to the show after a two year -- and see how much gladly given all these years combatants is against an obvious about it here and you know it's Chicago it's like paradise out here if you don't -- full -- you back.
Hostin thank you very much are you happy any death by doing so to appreciate it.
