americans are seeing, that s the damaged families, and households and neighborhoods of 12 million people not working, we need to get growth back, that comes from lower taxes, less regulation. and i think more serious infrastructure spending. i think better by states than washington. can i jump in here. you remember the reagan years. reagan is a lovely guy. haven t we romanticized those years. we were in a recession during the reagan years as well. what i m measuring is from obama and reagan. from what they had their recession, and they started to come out of it, what you the reagan growth started the year, 1983 when the reagan tax cuts kicked in. from that point on, you had strong economic growth going out more than a decade, until our friend decided to raise taxes and put an end to that. go ahead. and we got a huge disparity in incomes in this country. as a result in the reagan years.
they re concerned about the size of our debt. when you look at the bill that we will roll out, when it comes to the debt ceiling, you take control of making sure that we don t continue just runaway spending but more importantly, we bring growth back, economic growth, that when you look at the joint economic committee comes out, just 1% of growth will cut down more than $300 billion of debt within ten years. these are all bills that have passed this house before but why haven t they become law? why do we still linger in the economic problems that we have? because the senate will not act. today, that can all change. we ask the president to call again, but this time, don t call to say he won t talk. do exactly what the american people ask. sit down and work together that we can get this country moving one more time. republicans are leading. we are leading on the issues important to this country. we are leading on those policies
so the key now is to make sure there s strong followup, strong execution of the plans that have been put forward. as president and candidate for re-election in tough times mr. obama was crystal clear on the domino effect of that euro zone deal. if europe is weak, if europe is not grown as our largest trading partner that is going to impact our businesses and ability to create jobs here in the united states. a bit more positive news from the commerce department. it reported that the over all u.s. economy grew at an estimated annual rate of 2.5% in the third quarter. now that s hardly a robust rate yet it is nearly double the anemic growth back in the april, may, june quarter. can this rally be sustained? can we finally set aside worries of sliding back into recession? we begin with alison kosic live at the new york stock exchange tonight. was this rally all about europe? it was all about europe, john. the european debt deal is what wall street has been waiting for, f
a lot really can change. i think the white house is banking on passing this bill and an economic recovery taking hold in the next 16 months. but with everybody focusing predominantly on jobs, a lot of people who said we spent all this time on the debt ceiling crisis all summer long when some were claerming, where are the jobs. with the president having said, look, the job the unemployment number is not going to get any better until after this election. how does that translate to a win? that is you have just asked exactly the question that everybody in the white house, every one of the democratic national campaign committee i guess i have a different job, then. no, that s the question they are asking themselves, which is, what is the strategy if we can t control the economic fundamentals f all our projections say unemployment will remain at an elevated level, if we can t get growth back, put that on the table, how do we win in this environment? it s an extremely difficult
lawrence, absolutely right. the reality here is if you don t get growth back, if you don t get jobs back, the ratio of the debt to the total economy gets worse and worse and worse. if you get jobs back, people become tax paying citizens again. if you get growth back, the entire economy starts moving forward like it did in the 1950s. remember after the second world war, the ratio was 100-30% debt to gdp. then we brought that down because of the rapid growth of the 1950s. ezra, is there a single elected person in washington that would agree to what bob reich just said? no, not one. we have not heard of one. what s remarkable about this, i think, is that republicans who say they believe in deficit reduction, even just say they believe in spending cuts could get more if they agree to stimulus now. it s also because for liberals,