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it s going to be very difficult to change that unless the economy grows more rapidly. how can we fund social security without raising taxes? we re simply going to have to get the economy growing more rapidly, and maybe president obama needs to back off his hyperregulatory posture. he s not just imposing regulations on wall street to clean up the finances, he s regulating health care, he s regulating the automobile industry, he s regulating all manufacturing through his cap ask trade. i came back yesterday from a meeting of the national organization of manufacturers. you would expect him to complain, but i ve never heard complaining about this at that level. krista, one of the things i ve heard from white house officials is they re correcting for years when there wasn t much regulation and the industry is sort of complaining, but it s not something the government really shunting doing. it s what they need to be doing. i would like to push back on peter s comment in two ways. i
i m jessica yellin. steve moore, editorial writer for the wall street journal. steve, i want to get right to it. let s take a look at the chafrt for the last six months after steady gains were on the rise again. the unemployment rate held steady at 9.5% in july. the question for you is will it get worse before it gets better? i think the unemployment situation will get a little better in the next few months, we re starting to see structure and recovery, which is good news. these numbers are so bad, though, that we ve had over the last three months. remember, it lookds like in the spring we were going to see a nice, robust discovery and now we re seeing a big dip. we re just seeing a kind of mediocre at best recovery, and when you have a deep recession you just boom out of it and get really strong growth. that hasn t happened. i want to bring in rutgerz university professor phil rogers. phil, thank you for being with us. the big number is 138,000 jobs lost in july. but if
next few months. this is a discouraging development. we are seeing a mead ohker at best recovery when you have a deep recession, you boom out of it and you get strong growth. that hasn t happened. i want to bring in rutgers university professor bill rogers. the big number is $1 131,000 jo lost in july. could the headlines be misleading? yes, if you focus on the private sector job market which steven was talking about, we added jobs and it looks like we are one data point doesn t make a trend, but hopefully we ll come out of that june hull. i agree my sense is we will continue to improve over the next few months into the remaining part of the year. you know what is discouraging about these numbers? he is right we did see private sector growth, we need a quarter million new jobs a month for three years. steven you are correct. you need to get 150,000 per month to begin to absorb those who have graduated from high school and college and moved to the united states. le
taxpayers. let s bring in krista freeland editor at large for reuters. that s the kind of number that infuriates people, you know. it does, but we should be careful because we would be in worst shape if the banks were in trouble. the point of the financial rescue plan was actually to rescue finance and the fact that the banks are robust is actually a good thing for the economy. now, i think peephole a legitimate point when they say, wait a minute, taxpayer rescues these guys and where is the action to restore jobs to middle class americans. are we regulating bonuses to people who run the banks? also, are we regulating them sufficiently to, i don t think that you can prevent another financial crisis. that s how capitalism works. i think you can say some economies are better regulated. canada, for example, which had tougher bank regulation in place didn t have to bail out its banks. i think you can legitimately say