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Getting to this jobs report I want to bring back former Obama economic advisor -- -- -- that we disagree how to characterize this jobs report ferret out.
-- -- -- -- -- -- -- Is this a laying the ground book for some a real robust economic expansion in the future by robust I mean.
Can you -- 4% growth anyway are on the horizon.
I don't think this is that the markers of the beginning of any kind of -- in the short run very robust recovery like what you're describing now and I think.
The US growth rate has been higher than the rest of the advanced world and it hasn't been very high -- -- near high enough to get the kind of significant improvements that we need.
In the job market I'm looking -- -- the number on the screen right now -- 240000.
That's the number of people dropped out of the world force and is another number.
28 point two million people giving pot time welcome moment.
That's just not a strong.
-- earnings income market isn't.
Well I think you gotta be a little careful with that it's true would we that we have seen a drop in the labor force participation rate that's been the weakest part of the job market.
-- now with the aging of the population.
A lot of that drop is expected that the big drops that were unexpected were in the depths of the recession.
The hiring a part time people that's a natural process the the only question is.
How do we make the transition.
From temp hiring part time hiring at things like that.
To giving business more confidence that the recovery is substantial gonna continue.
And that's when you normally see -- the convergence of full time go but look what you've gone from senator Harry Reid this morning.
He's warning his fellow Democrats that tax reform cannot be neutral.
He wants more tax revenue.
This Friday morning just as we get this jobs report he's talking about -- tax revenue coming into the government surely Austin you can think back.
That's good for the economy now can -- What he's he's talking about long run the tax reforms would be over the next decade so.
I think I -- as we have talked about on the show I've always been a in favor of some kind of grand bargain that would have.
More spending cuts and more revenue and is oriented around long term so I don't think his statement had anything to do with the short run business cycle look out for the rest of the year which it.
Can you see is getting to 3% growth this year calendar -- For the whole year now I have I have I don't see that and and I've been saying it and especially given the first half that we had was was as weak as it was I think that B.
Pretty tough left.
-- I'm hopeful though you know I still not convinced.
That even just for the second half of the year we get to 3% I'd I'd be pretty happy if we did that but I I also don't see that.
You had a lot to do with organizing present -- -- -- economic policy in his first.
Any regrets about what you did.
Well you know that context and most of the time when I was there we're fighting off.
You know -- another great depression.
And I think.
You can quibble about this or that policy and we should some of -- geared more water robbers -- short run.
But fundamentally that there was no depression I think we're gonna look back -- and that that's pretty big accomplished you know think maybe we could have gotten 456%.
Growth it would it take in a private enterprise stimulus as opposed to government stimulus -- well no -- I'd definitely do not because -- we're coming back from a bubble so we couldn't go back to growing the way we were before.
And B we had a massive deleveraging going on is people trying to get out from under debt.
So I think that was not realistic.
I think we view that we shouldn't put some more focus given how long this painful process has BN.
More focus on this transition.
To what we need to do not just trying to go back to the bubble driven.
Expansion of the two thousands I think is definitely in order.
Austin on what I know that said the White House economic spokesman is on the White House lawn at the moment and he's saying.
That it was a solid.
Jobs report I think both you and -- I would quibble with that.
You would -- you.
I gotta go but tell me don't downsizing given that the but the unemployment rate in -- is good.
And that payroll number is continues to be well below where it needs of the unemployment rate came down.
Because people dropped out of the work force that's it only partly that -- that -- there was a bigger increase in jobs in that survey is you know they unemployment rate comes from a different survey.
And the job creation in that survey was over 200000.
-- Austin we always enjoy having you on the show special drops Friday become I would love being here thanks for exhausting -- -- strong.
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