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Turning to jobs now it's positive news today as we heard the unemployment rate for November dropped to seven point 7% that's gonna step in the right direction.
Rosie -- the economy added a 146000.
Let's face it that's just not good enough that's the first topic for today's money power and all economist Peter -- see you know him we have.
Fox News contributor Jonathan Hoenig also love him capitals that dot com.
And obviously we can't -- that in shepherds and chief economist at Campion macro economic advisors as well thanks guys thanks all of you for joining -- Start with you.
What your reaction to be -- jobs -- -- that's kind of pathetic that we get really excited.
Over last at a 150000.
Jobs I mean at this rate we're gonna -- it's gonna take us.
Nine years to get back to where we war before the reception.
Well one of the -- factors here with the falling unemployment rate was again more people sat down.
You know depending on which number you look at it somewhere between executive -- -- -- 50000 people chose not to look for work in additions or it more.
But in addition about 50000 jobs or -- retail sales.
A lot of those jobs are part time and that's one of the big stories that this recovery is so many people are getting questioned the part time work.
You know if you put together discouraged workers in the right timers the -- -- -- so yeah 14%.
Yeah -- -- that's a great point and we're looking at 22 point three million people that are part of that U six number -- don't talk about those are the people that are either unemployed.
Or working part time and really need to be working more in order to make ends meet this not pretty.
No it's not right and you know at at the rate we're going there's going to be those people still been a terrific job and yes to come death.
And it's tragic people -- losing their skills Elizabeth forgetting how to get to work in the morning and it's -- charge of and and the with maybe half a generation of people who've been out of work for many many years yet.
And and John Guy and it doesn't help do you like that -- that's what's so terrible it doesn't have to be like that in a free economy there's an unlimited amount of jobs that can be created and limited amount of wealth.
And fortunately had anything but a free economy today.
I think it's one of the reasons that this recovery gets a demonic cult that has been so lethargic I mean it compares like nothing that we saw in seven Jonathan what -- -- not want -- -- 91.
What's the number one thing that's going on right now that you think it's keeping us from how to because in other Russia recessions we bounced back with you know 20300000.
Jobs a month.
We haven't seen that so far I feel like we're not going to this is the new normal what is the main thing you think that's holding us back.
By the lack of economic freedom while quite simply that is what is -- -- -- -- but what it it will put yourself in the position of someone able to hire full time worker -- -- -- -- are going up you know their taxes going up here that their regulatory expenses are going up and they know that if they do make money that's gonna be taxed that higher rates I think a lot of employers are shrugging their shoulders and say.
Why take the risk yet Peter you.
Great about -- that Barack Obama effect -- don't want a jobs crisis this late in the recovery.
Only a 150000.
A month and the man is obsessed would -- -- the last week of the campaign.
Voting is the best -- -- now he's about to take it out on the one or 2% that's all this focus he's going around.
On the country you know -- sandy rebuilding needs to be done he's not paying attention to that.
And he's certainly not paying attention to jobs creation and -- done this spend.
Yeah ENN at the same time you see companies they're out there they're doing what they need to deal I mean we saw IBM for example saying that when it comes to their forward -- Instead of contributing you know every other pay period the way they have before they're gonna wait to the very end of the year and do their matching -- it's it's almost an accounting -- and is not really -- it's -- it's a way to do it differently were they save a lot of money to hang onto that money for that whole entire year earn interest on it god forbid you -- the company you'd never see the money you know and for their workers you know which means that you don't burned on that money ideologue is not here for -- -- you know weighing.
It seems like these are the kinds of things we're gonna see companies doing to adapt to this new normal.
-- if IBM -- away with -- I'm sure we will because that clearly benchmark and it's -- if they can successfully push it through a company that didn't fail didn't have a crisis.
During the crash then we'll see other big companies trying to follow suit but you know one of the problems we have right now -- -- -- not much income growth in the consumer so taking.
Money away into my mind is is.
May be good -- IBM and a micro level but at a macro that's not really what we need we need more cash from the consumer's pocket.
I mean that's actually true but Jonathan I mean you see companies have to do I mean now they're backed into this corner they can't speak out against Washington because they'll get punished for that.
You know they they have the health care costs coming down everyone's taxes are going up they have to find ways to make ends meet.
I think the fact that IBM is even still matching at all and didn't do away with the whole program is amazing.
-- -- -- kudos to IBM here's a company that now only the stock doing well but they pay what they contribute 10%.
And employees income to a retirement fund that's called being a good employer.
And you know it -- like it's -- be mutually beneficial good for the employer and good for the employee in of course Jim as part of the best example in recent memory of what happens when companies let compensation costs.
Get out of hand they're keeping their books in order -- -- to do the same thing yeah right yeah let's keep wishing -- that stick.