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Jobless rates down seven point seven -- cents.
New jobs created 236000.
Let's bring in Austin Goolsbee you know as a few things about the economy job creation in the unemployment right.
Also welcome back good to -- -- up.
Yet thanks for having me back I'd characterize the job creation part of the report -- solid we've got all the numbers would you give -- a characterization to.
I agree with you I think Solomon is the right description.
You know it's it's not overwhelmingly good but it's definitely a positive now.
Right before the break it sounded like.
You were saying.
That this sequester -- -- this.
I think if you look that this is the February ya wanna sort of took place before the sequester cuts.
I think -- all magical touch you start or before they've even taken place I think -- interview hasn't been expressed on Bonnie and company that if you cut government spending you improve the economy you don't.
Waste the economy.
And I agree with -- I don't know that they went out of his -- cuts hadn't started overrated jobs.
Numbers start going down I think people are gonna start saying these cuts are having -- kind of austerity effects they're having your.
OK well that's a separate argument and we'll get -- if I'm sure we'll get to -- next month Austin now I don't look forward to it now give us some perspective.
Let me give you some of my perspective.
There is still today three million fewer jobs than they -- in 2007.
Some saying look gun it will -- will be covering but ever so gradually and is nowhere near good -- yes -- comment.
I somewhat concur with that now the EU wanna be a little careful because you know the population has aged.
This is -- -- gauges gradually but with if you're gonna compare for five years ago.
The number of employed people is influenced by -- many people retire but I think.
They weakest part of the job market which you highlighted in the past.
Is -- labor force participation that there have been a lot of people who dropped out of the labor force and though you saw some significant.
Today you also saw some more people drop out of the labor force.
So I think that's the weak part I think the strongest part is that use you you're seeing.
Fairly robust job growth for how modest the overall growth rate has been so -- all -- the economy's growing to one half percent.
That's okay but not great and to be able that add.
200 plus thousand jobs a month when growth is is in that moderate at a range I think that's -- that's a positive.
Hit -- -- really not anger is -- grates on many about viewers and it comes to us all the time he spent a ton of money.
In the last four years we've really gone out -- laid out the government money stimulus programs and increases in government central government spending.
I'm we haven't got much forest we still got an unemployment rate well above seven half a cent and we -- quiet a massive debt.
A lot of people are telling me look it's not been worth it.
We've spent a lot of money we haven't got value for money in terms of economic growth and unemployment had -- about one.
You know look for first thing I'd say is the main thing that at the end of the Bush Administration in the beginning of the Obama administration.
That everyone was trying to do is prevent the next Great Depression.
Which we were teetering on the edge and we did not have a depression so I think that.
But people should just take a step back.
And recognize what an important accomplishment that was -- now -- as regards the stimulus and and what's the bang for the buck.
Of the stimulus money remember.
The stimulus money is now gone from the economy that was a temporary.
Phenomenon that it went up in 09 and -- ten started coming down and eleven.
Fight twelve it's virtually gone and for us at 2013 that's not contribute you know low -- We can argue all day long about -- the stimulus woken how much good did it do but you know look we've got a ton of debts.
Seven campus -- unemployment at a very slow growth economy and hold on a second also about about Charles fine -- -- he's itching to get into this gaga also.
Are we get the point in as the would you suspect the administration is confident enough in the American economy the way it's already built.
To step away.
And let -- gain some momentum.
Right now at this point there's no more stimulus no more no more intervention take that take the training wheels off in the C with a baby can go up.
Well guys -- -- get the last Congressional Budget Office report it shows that over the last twelve months big government spending is shrinking at the fastest rate in fifty years that is exactly what's happening.
Because all of that stimulus is phasing off.
So its contribution is negative to growth it's not even zero.
So the shrinking of government is taking place.
Stuart what you've failed to mention and what we must remember.
Is that every time you have a downturn the deficit explodes it's why before Obama even came into office the Congressional Budget Office.
Was forecasting a deficit would be well over a trillion dollars just based on the economic conditions.
I just know we got through about half this yeah sanity either -- longer -- to not listen to our knowledge and I just go back at 2009 when President Obama first -- -- He was forecasting and on implement right -- -- way down that 6%.
That we would have a deficit of -- of about half trillion dollars.
It's just and a growth -- by the way a -- before a half percent.
And it just hasn't happened we can argue all -- -- about why it didn't happen but it didn't happen.
Also that you that you're taking up for a -- everybody's good at the end of 2008.
And every one dollar and that it wasn't just the Obama administration that was mistaken in the forecast.
All the private sector forecasts were far too optimistic from that time I goods like I'm not get them to come -- on the -- -- you know what it's like -- and I'm -- -- hate to correctional below heartbreak got to -- come as soon as next month.
Got Walton OK thanks very much --
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