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Former CBO Director Douglas Holtz-Eakin discusses the October jobs report and its potential impact on the election.
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And I'm joined now by Douglas Holtz Aiken former CBO director and now the president of the American action form.
Doug good to have you with this seven point 9% -- I mean I can't tell you gonna radio stations -- -- news outlets are just ballot -- these numbers.
Your reaction.
On the rise to seven point 9% since president bit that the decline last month was a fluke and it was inevitable -- -- the number go back up.
I think really should think for -- was in light of the real declines in business confidence the fact that.
Business fixed investment was negative in the in the third quarter and -- capital orders -- down.
I was actually afraid the job creation would slow from last month cannot pick up in the surprise was that it didn't butts.
You know this is to me this is like -- good solid single in the game where the American workers over twenty million runs down you know it's been great but.
On that you don't want to just be too happy about this.
Yeah and it's in his interest in the number of news outlets of those that are just I mean and they had everything going but -- bombs.
And I think we're all want you know the best possible result the certainly does not approach the quarter a million jobs even earlier this harder when we thought this might.
I turn out to be.
After your progress toward prosperity -- the years turned out to be.
You mentioned income we know now that over the course of my presidency.
Income household income has dropped by almost 5% in this country.
-- people -- going to feel that are more dramatically 23 million people unemployed underemployed or given -- being employed.
What.
Put this in the context of the election first -- do you believe.
As do most that the economy still be the number one election.
And do you believe that governor Romney's been a strong enough case to to have independence of particular break his way in the final days of this campaign.
I think we know from all the polling that when you ask people unsolicited what's the most important issues they say number one and number two jobs.
And then when asked which candidate is best equipped to handle those two issues governor Romney -- strongly ahead so.
That's the top issue he's in position to take advantage of it and once again today we saw the Achilles heel of this recovery which is.
Not just the jobs it's the fact -- for those who have jobs as you mentioned incomes are not rising.
Median family comes down and that's today's report average hourly earnings decline.
Average weekly hours were downs of the combinations very weak and that's gonna hurt the president does the people who have jobs are gonna decide geez this is not -- enough.
Doug we appreciate your being removed Barbara thank you think it.
