clinton telling the audience the election was, quote, devastating. house minority leader nancy pelosi taking game and the rich even though she is actually the most wealthy woman in congress. nancy pelosi channeling martin luther king jr. to attack the balanced-budget amendment. peter moricci never intended a group of people to live in superfluous inordinate wealth while others live in abject poverty. pelosi had a net worth of the $43 million in 2016. facebook ceo speaking of someone else rich, martin zuckerberg, 10 hours this week about his company s data mining scandal impacting 8 million americans. should we be cautious of tech
heather: this is not just a fluke you are talking about, the mentality of hard work, that unemployment rate 34 consecutive months, something that seems to continue. if you go up on capitol hill and start talking about this stuff to democratic politicians they will look at you like you are from another planet or you are a late arrival from the 18th century and probably they would prefer your university fire you. that is the basic mindset, america has to get back to the mindset that work is good. if we don t behave more like nebraska and less like new york soon we are going to end up speaking chinese and waiting on their tables. heather: peter moricci with some strong words. have a good day.
economy going forward? let me bring in university of maryland economist peter moricci and greg edwards. peter, are these numbers reason to celebrate and can we keep up the pace? well, they re reason to celebrate in the sense that they re better, but we need about twice as many jobs to pull unemployment down to 6% over three years. more than that, this may reflect a big shift to part-time employment. if you go to the population survey, over 200,000 people reported that they were now employed part-time. more than half of those because they couldn t get full time work. if you replace two full-time jobs with three part-time jobs to avoid obama care mandates, for example, or some other issues, you increase employment. but you really don t you increase the number of employed but you don t increase employment. greg, is that how you read it? i also want to put out some other stats. there were job gains across the board, 53,000 were added in leisure and hospitality, 44,000 in retail. ther
now. they are sitting on lots of known reserves they are choosing not to drill on. in part because they are doing so darn well without it. now, my only point there is not that peter is wrong but that all of the incentives are pointing in that direction. i would look to the government to say, come on, guys, you re making a bad business decision. that s just wrong. peter, what s your response? well, i agree with jared that they do have those opportunities. but it could be broader. more of the gulf could be opened up. they do complain, jared, as you know that the regulations are too difficult and too ownrous especially for wild caters and small producers. not everybody is bp where they say drill at all cost and caution to the wind. most folks in the business are responsible and they are all treated like bad actors. you have a point. but coming off of my white house stint, guys like that complain all the time about stuff and frankly when i look at their profits, it looks to me like
disposable person income did not grow at all. so how hard are gas prices hitting the economy? is there anything we can do? is this due it speculation or longer turn supply and demand problems? with us now is jarod bernstein and former chief economist peter moricci. welcome, gentlemen. gas prices, what s really behind this, jarod? and is there anything in the near term that we can do? is there any short term fix? first of all, i m trying to get that milk shake out of my head. i think i m okay. it is a great question, matt. this is a great system globally speaking. we import about half of our oil from abroad. about 17% from the persian gulf and there is just not much wiggle room in the system. if there a rotten tomato crop somewhere, we can substitute