edward lazear who s a conservative economist came out with a paper at the jackson hole conference last week. he pointed out the simple fact, the industry that lost hardest during the down turn have gained jobs the fastest back during the upturn. there s other research that shows in the counties where there s the most household debt going into the crisis, they ve had the worst economic come backs. lack of demand, over indenlded, household sector. not some idea how we need to completely retool it. jared, you re on the inside. does the strugtsdial theory have purchase or do people inside that white house see it as a demand problem, as a cyclical problem? demand, cyclical, including president. in a 50-minute speech that s the one thing the former president got wrong.
need it. middle-class families, small businesses. i will cut taxes, cut taxes for 95% of all working families because in an economy like this, the last thing we should do is raise taxes on the middle class. we ve opened up millions of new acres for oil and gas exploration in the last three years and we ll do more. we ll tap our natural gas reserves, invest in clean coal technology and find ways to safely harness pow stheer some of those policies i don t like. in fact, clean coal is a ridiculous prediction and we re not going to drill our way out of a crisis that is headed thwart our planet but you can t say it wasn t consistent. the dominant story between this is in a lot of ways, and i think this is true of the figure
short-term case because that gets less emphasis. dealership think it gets less emphasis because the president does. thank care about it far, far more than the republican party does. a, that it s the fact of the moment, and, b, things have been politically cut off. before you can talk about how to solve the jobs crisis, there has to be a theory about how to solve a jobs crisis. a mavis crisis, followed by a recession, a lack of demand. but bill clinton had a line in his speech the other night. i thought it was remarkable and fantastic. there s one line that gave me a little bit of worry when he said the following. we need a lot more new jobs, but there are already more than 3 million jobs open and unfilled in america. mostly because the people who apply for them don t have the
drawing distinction of what they re obstructing and proposing? no. this is actually one of the points i was frustrated by, this idea that we have a jobs crisis and a debt crisis. i think we don t have a debts crisis and if we should eight indicate our priorities it should be 99% toward jobs and 1/2% mentioned. i guess i understand the politics for trillion deficit cuts or whatever. one of my greatest economists talking about the national debt is like talking about someone has a heart attack and they re being rushed into the hospital and the doctor s baerjing them about their insurance as they re going in. it makes no sense. fix the crisis you have right now. i wonder. it just seems terrible salesmanship to argue for it and which he kind of did in this vague sense, we re going do nation building in the u.s. and stuff while also conceding this broad point that we have this fictitious crisis. one little addition to that.
talking about the auto rescue joe biden talked about it. he said there are two policies you should judge the record on. ordering the raid on osama bin lad about is compound and the gm. i want to bring in jerry bernstein, one of the people sitting in the room during much of the deliberations over how to deal with the economic crisis right after we take this break. . boring. boring. [ jack ] after lauren broke up with me, i went to the citi private pass page and decided to be.not boring. that s how i met marilyn. giada. really good. yes! [ jack ] .and alicia. this girl is on fire [ male announcer ] use any citi card to get the benefits of private pass. more concerts, more events, more experiences. [ jack ] hey, who s boring now? [ male announcer ] get more access with the citi card.