May 9: Eric Holder, roundtable - Meet the Press | NBC News
'Meet the Press' transcript for Dec. 13, Christina Romer, Alan DAVID GREGORY: But first we're joined by White House economic. On this edition of Meet the Press: Robert Hager and U.S. coast guard Richard Larrabee Jr., his wife and sister-in-law; David Gregory, Doris Kearns Goodwin, Mike Barnicle, Paul Begala, . Meet the Press, Meet the Press, June 21, 03/08/ am ET Updated Dec 06, “Meet the Press” posted its lowest ratings since David Gregory became moderator this past week, with the.
David Gregory on Hardball says that former Bush press secretary Scott McClellan was wrong to charge the press with insufficient skepticism in examining the case for war in Iraq: I think the questions were asked.?? I think we pushed.?? I think we prodded.?? I think we challenged the president.?? I think not only those of us the White House press corps did that, but others in the rest of the landscape of the media did that. Where was the House??? Where was the Senate??? Where was public opinion about the war???
What did the former president believe about the pre-war intelligence??? The right questions were asked.??
And I respectfully disagree.?? David Gregory appears on The Colbert Report; the following exchange occurs: Are you proud of the questions the press asked of the administration??? Fact check what your guests say on Sunday and run it online Wednesday.
There is no reply. The midweek fact check would also give David Gregory a way out of his puppy game of gotcha. The beauty of this idea is that it turns the biggest weakness of political television—the fact that time is expensive, and so complicated distortions, or simple distortions about complicated matters, are rational tactics for advantage-seeking pols—into a kind of strength.??
The format beckons them to evade, deny, elide, demagogue and confuse…. He could institute the midweek fact check in a stroke. And he has the ego to think he could pull it off.?? Stroke, ego— hey, maybe we got something here. On Twitter, Jake Tapper reacts to my post.??
Brian Williams is a talented anchor and pretty good comedian. He says the programs, rather than letting politicians get away with distortions, should offer an online fact check each week of exaggerations and lies. For the guests, says Rosen, the format beckons them to evade, deny, elide, demagogue and confuse, but then they pay for it later if they give into temptation and make that choice. Can that be accomplished in a year's time? Well, it--we'd have--I think we're going to--it's going to take--you know, this recession took a long time coming, it's going to take a long time coming out.
We can make incredible progress. We can get that unemployment rate coming down. The--you know, the whole key is not just, you know, growing again. We've got to grow robustly. That's how you get a lot of job creation, that's how you get a lot of progress on the unemployment rate. Christina Romer, thank you very much. Continued good luck with your hard work. And congratulations on your first-year anniversary.
Thank you very much. Up next, when and how will all those Americans searching for jobs get back to work? Our special discussion continues here on jobless recovery.
Is the road ahead a jobless recovery? Great to have all of you here today. And it's an important discussion, this focus on jobless recovery.
Greenspan, I must say, there are some mixed messages coming from the White House economic team this morning. Larry Summers says everyone agrees the recession is over; and yet, you have Dr. Romer saying, "Not so fast. This recession will not be over until we're out of this jobless recovery. Well, those are two separate concepts. And economists will say the recession is over, because what is measured is what's happening to economic activity. And it's very obvious, certainly in retrospect, that the bottom was in July, maybe even June.
There's a different issue, however, is when the economy is restored to normal, and that's what the president's talking about. In other words, merely having gotten by the bottom is not all that terrific, because, by definition, at the bottom is when things are worst. And the result is that you still have a long way to go before you get more normal characteristics in the economy.
That's what the president was talking about. Jennifer Granholm, Governor Granholm in Michigan, I don't have to tell you how hard the situation is, with over 15 percent unemployment in your state.
Is this a jobless recovery? You know, David, this week I was at a--the announcement of the Volt vehicle, the, the new General Motors vehicle that's going to be an all-electric plug-in, in the, the boundaries of the city of Detroit. That would not have happened were it not for the Obama administration and the commitment that they've made to the auto industry, to new technologies to make the electric vehicle.
So those jobs--you better believe, for those people who work on that line, whose jobs are now safe and will be there for awhile, it's not jobless.
But for the I can tell you though, David, as governor of the state with the highest unemployment rate in the nation, who has been disproportionately affected by the restructuring of the auto industry, it would have been so much worse if we didn't have an administration that cares about manufacturing, that cares about having an auto industry. These companies would have been liquidated. Governor Romney, why is it that companies are not investing, that they're not hiring?
Well, companies are going to hire if there's additional purchases that require them to, to staff up and to beef up and to start their production lines. People have to be buying things. In fact, in some respects, the, the work that's been done by The Washington Post recently points that out.
It shows that there's, there's 10 times as much spending per person in the Washington, D. This is not going to be a jobless recovery. The economy will come back, the private sector will grow again. But it has been a jobless stimulus. And, and that's unfortunate, because the president had an opportunity to focus on the economy, to create jobs; but instead, Nancy Pelosi and Harry Reid created something that, that stimulated government. You know, it's interesting. I mean, some people would, would hear that and say that's a partisan view, Jim Cramer.
But the reality is that there are people who say, "Well, what if you got this stimulus to take effect sooner, you got more than 20 percent of the money actually paid out?
"Meet The Press" Ratings Lowest Since David Gregory Became Moderator
Let's do something to prime the economy faster. I don't think that--when I talk to CEOs, and I talk to dozens of them for my show, no one has seen it. I keep asking, "Where's the money? Have you seen any money coming from Washington?
And that's not Republican or Democrat. I just don't see anything beyond municipal and state worker compensation. Greenspan, let's stay on this issue of jobs, and, and a bit of a historical perspective here. There's a very interesting chart--which we'll show in just a minute, but let me set it up first--which compares the depth of job loss in this recession to that of the recession in to And let's put that graphic on the screen and you can see it.
The red line, '81 to '83, and the black line is to the president--present. The, the end point there on the graph on the right shows that, at this point in the recession in the early '80s, you had seen a return almost to not percent employment, but back to where it had started. That's almost a V. Whereas you look at the depth and the duration of this recession and the job loss, it's a much darker picture.
What does that say to you about what recovery's going to look like and how long it's going to take for unemployment to come down below 10 percent?
Well, first of all, the reason that we're looking at such a disparity, difference is that in the current period, it's very apparent to me that business got very frightened when the crisis occurred and presumed that the economy was going to go down far more sharply than it actually did. Indeed, I think Dr.
Romer was making much the same point. What this means is that we have a level of--a level of employment at this stage which is barely adequate to staff the level of output, and that it seems to me virtually inevitable, if nothing else were to happen, that employment would start to come back fairly quickly.
That's not the same thing as saying that the unemployment rate is coming down, for two reasons. One, it takesa month of employment increase just to stay even. But in addition, as Dr. Romer pointed out, as the economy improves, you're going to get a number of people who are not seeking jobs, meaning they're not in the labor force, who will now start to come back, and that will make the hurdle as to bringing the unemployment rate down quite difficult.
Is that to say you think unemployment goes up before it ultimately comes down?
Dec. Romer, economic roundtable - Meet the Press | NBC News
But what really concerns me, David, is that 38 percent of the total unemployment are those unemployed more than 27 weeks; and indeed, a significant part of that is a year or more. These people are losing their skills, and it is very critical that those people have the skills when the economy comes back or we will not be as productive as we'd like to be. And, Governor Granholm, that gets to a point that I, I've talked to people, you know, on, on, on my staff and outside about what jobs are coming back?
How much are these jobs going to pay? Are they going to be the same kinds of jobs or, as Dr. Greenspan suggests, because of the, the skill disparity, they're not going to be very good ones? Well, I think it's very clear these are not going to be the same kinds of jobs.
There is no doubt that the--I mean, I just give you my Michigan perspective on this, but the traditional manufacturing jobs, which have repetitive motion, we know that a lot of those have gone to India, to China, to Asia. But we, we know we also need the investment in a level of skill, as Dr. And let me--I have a prop. So this is today's Detroit Free Press, which I was reading. This is a fellow who runs a, a, a--used to run an auto supply company, and now they're making wind turbines.
And the workers, who were auto workers, are now making wind turbines and they're all employed. It's a slightly different skill set So part of the stimulus, though, David, allowed for us to reconfigure our whole training system, and it makes something called No Worker Left Behind where people are being trained for specific emerging sectors in the economy. So you have a skills gap that has to be filled. The stimulus has helped us to do that. And we have an economy that's in the middle of a massive transformation.
So both need to happen; you need to stimulate those new technologies and you need to train the workers for that. So, so, Governor Romney, then, what about this new jobs package from the president, who says, in effect, we need more stimulus, additional stimulus to specifically help the private sector start hiring again? Well, I think, first of all, he's admitting that what he put in place at the beginning of the year, almost a trillion dollars of stimulus spending, hasn't done what it was intended to do.
He predicted that if they put in place that bill, that they would be able to hold unemployment at 8 percent or below. It's gone to 10 percent, and that's what they said would happen without their bill.
So it was a failure. So now they're trying to change it. It's been a year, and obviously that's an extraordinary failure. But secondly, the, the right course here is not to create a new stimulus, but to fix the one they've already passed. So let's take that money that's been allocated to all sorts of government programs that aren't necessary and they're not growing the economy, and let's instead focus that on efforts that'll actually create jobs: These kinds of things will get jobs growing immediately.
Give that money back to the, the investors, if you will. Give it back to pay back the debt, get the government debt off the books. We have to show the world that we're not going to keep growing government and borrowing more and more money. Pay back what's been borrowed, the federal deficit. But you--but, Jim Cramer, you know, the--you heard Dr. Romer say, "Look, we've got to grow the economy before we start attacking the deficit.
You know, where were they when George W. What do you say about that, what the priority ought to be? Well, I think the priority ought to be get rid of the agenda.
I hear the agenda over and over again from business people. In other words, Congress is stalled on health care. I favor universal health care, everyone does in this country. But Washington is killing job growth, not--and then trying to stimulate it small scale? How much does it cost to bring a new employee in?
We don't know what the health care will be. We don't know what the tax scheme will be. Washington is at the root of many of the problems of why you should hire here.
The CEOs I talk to, they're hiring. They're hiring in Brazil, they're hiring in Russia, China. Why are they hiring in those countries? Because it's steady, we know what to get from the government.
It's a rather, it's rather quizzical that we know what the communists'll give us but we don't know what the capitalists'll give us. This is an interesting question about our role in the world, how the rest of the world sees us, our commitment to capitalism and, in corporate America, Dr.
Greenspan, the notion of where is the certainty? Washington is a big question mark now when it comes to climate policy, healthcare policy. A lot of businesses saying, "Look, we don't know what's coming down the pike. That's the key problem; that is, investment occurs when you have a stable economy and when you can foresee what's going on in the future. Because, remember, you make a risky investment which may have 10 years or 15 years life to it, and unless you have some semblance of a notion as to what is out there And that is key.
I mean, I agree with Jim in this respect. I think it's very critical that we get the uncertainties out of the system. Do you think additional stimulus for jobs makes sense at this stage?
I think what is missing in this whole discussion is that the--what I presume to be the major source of the recovery, and that is the remarkable increase in the amount of stock market wealth that has occurred in the last six to nine months. People think stock prices are just paper profits.
And you can see it in the retail sales figures.