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Governor of Minnesota and current CEO of financial services roundtable Tim Pawlenty.
Get his -- reaction to that and even as -- was.
Coming out of the Bernanke.
Comments there -- turn using the series full employment but specifically on this point 5% unemployment being.
Achievable from where we are now the mid -- your thoughts governor.
Why would certainly hope so there's many states in the nation that are earning below 5% -- close to it.
And and and if you look at our nation's history I don't think 5% should be viewed as out of range.
And in fact I would hope we can do better than that and in fairness to the chairman I think he's trying to make the point that of the current.
Seven point 6% unemployment rate he thought about two or two and a half percent of and it was cyclical in other words the result of a poor economy are not very good economy and the rest of it was structural.
But -- to the structural piece we should have a discussion about how do you change and improve the structure because what that structural piece implies is there are some folks who.
Lack the necessary skill or education to connect to the economy -- today and tomorrow.
And or the economy is growing up to give them opportunity.
And we need to change and improve that structure is part of a solution as well.
Do governor it's day to -- -- do you worry that structurally we have so many people who are out of the workforce.
There on -- -- that unemployment disability.
And the like that they -- never reenter the workforce and that we could they have they've more pronounced problem nationwide.
Well -- vegan is is a concern and of course if somebody is not able to work due to a disability we need to make special exception for them and provide.
Help to the fullest extent possible.
But for those who are able to work and want to work but lack the necessary skill.
Or lack the necessary education.
Or don't have enough growth in the economy and provide you know the volume of opportunity we need.
There's more we can do about that and so in one generation ago my dad and many of his contemporaries if you were.
You know miss the educational or skill Romney could still go get what he called the strong back jobs you could -- -- a forklift you could do.
Lots of things in the meatpacking towns in the town that I grew up -- Know many of those jobs are now go wants to sell much of this -- income gap and employment gap is really an education and skill gap and in my view we'd be well served to focus on improving our education.
And skill development.
System in this country not necessarily anything the Federal Reserve Chairman can do about that but -- -- get plenty of criticism on other issues and more.
To take that on a little bit to before we go back to the testimony by governor in this position you have the financial services roundtable would you jump on that bandwagon of criticism.
For chairman Bernanke we've had some on our network earlier saying while the rates are too low for too long again and just propping up.
-- stock market at the expense maybe of an economic recovery that would be stronger if we had a different policy in place I think.
How -- how you personally rate.
What you've seen from the Fed Chairman last few years.
Well of course say he's been the federal that reserve chairman during very challenging and difficult times and I think history will judge him.
Kinda -- because he went from a very difficult circumstances to at least modest improvement but keep in mind the final chapter isn't written yet.
A lot of folks we're very enamored with chairman Greenspan.
Of course at the end of his tenure things didn't go well and the others that last chapter was important.
So we don't know yet what's going to happen particularly as QE3 other quantitative easing measures and related measures -- withdrawn.
But so far you'd have to say that the chairman.
In very very challenging times has guided defendant and the economy didn't -- the Fed can influence it.
At least are actually in a more positive way.
Governor it's great to see thank you so much for taking the time governor Tim Pawlenty -- well we'll.
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