Congress Reaction to Job Numbers

" Well today's jobs data shows. Fewer Americans lost their jobs last month but those already out of work are finding new ones that's troublesome. And that sent the unemployment rate which won a five year high of nine point 4% what does congress think of these numbers joining us now Republican congressman --"

" of Florida plus."

" We have mark Weiss brought he's economist and co director of the center for economic policy research good to see you both represented at all begin with you. A week we knew we shouldn't be surprised no matter what happened with these numbers but I sure anybody was expecting the upside better than expected number that we got as a surprise. I tell you how you view these numbers right now in the grand scheme of the recession."

" When I look at the numbers that that large. We've got a lot of work to do I'm a person a drop in the private sector thirty years in business for myself a couple of years in congress. But the mindset needs to be right now what can we do to help small business. I ran a town hall meeting last week we at a 150 people show up small businesses Obama I ask everybody can you get credit. Have here is the bank's work the way everybody in the room raised their hands -- they had a problem getting credit available we had SBA and other agencies there. To help these businesses but the end of the day. Small business creates 70% of the jobs we've got to do what we can to help them be more successful. Well and and we'll talk about your job creation act in just a moment but I want to talk to mark for -- because if we focus on small and midsize businesses which are real the real backbone of America they do most of the hiring here. Most of them don't take bank loans they get savings to start their businesses they get money from friends. Which they borrow money from and the shadow banking committee which is almost disappeared is where most of the money came from for those small businesses how to we encourage. People to get money on that sort of non banking areas that in in the past have been so important to. Well the problem is deeper I'm afraid than just credit you know people looking -- is a primarily a financial crisis but. What we're seeing you know you could solve all the problems with credit in the financial system tomorrow and you still would not have an economic recoveries still very deep recession. Because we had a collapse of an eight trillion dollar."

" Housing bubble in fact two trillion dollars of wealth has been lost just this year alone and when that happens people have to restore the savings rate. And so consumption is falling house. Housing sectors still falling. Investment is falling. Week. And so given all these pressures in the real economy is not just the financial economy. And you know 345000. Jobs lost is still very -- that power over him. And they you know and people think every time when there's a number that's not as bad as the last month that society turnaround that's not the side of a turnaround you have sectors like. Manufacturing construction where you you can't lose as many jobs as you did last month that just won't it's not possible so. It's really really we have a long way to go and unfortunately the stimulus is is is too weak two small relative to the falloff in private demand."

" Had let the representative comment on that do you think the stimulus is too small they're a lot of people who thought it was too huge and we're just sort of waiting to see that worked its way through to help household balance sheets."

" Well in terms of the stimulus. We thought I voted for a stimulus not this one about half the size."

" And create twice as many jobs. But the biggest disappointment I get back this small business sector. I guess I say that because I was chairman of the Florida chamber. We had a 137000. Businesses represented a federation. And they create 70% of the jobs but only 3%. Of the stimulus really what the small business I think that's a shame they're the job generators. And we're not doing much or anything for us this."

" All well certainly the Obama administration represented of -- come out with a pretty significant so small business plan. That would give them all kinds of of opportunities and tax breaks and things like that and am not sure that that's really fair to say that they've done nothing."

" Well what I I did talk to the president about two weeks ago is in the white house with him when -- Saying and they are doing -- SBA but I think there's a lot more they can be done I'm just telling you I'm out there in the real world I've had five town hall meetings people are -- I can't get credit to buy families to working families can't get credit like they did. Small businesses are still have a big time with credit. The whole thing on taxes and other things where there's still a lot of work on your doctor before you go we want we want to talk a little bit about your job creation act what does that do for small and midsize businesses. Well in about my section of it is the expand score at counseling. And it also does a lot in terms of helping women and other various groups and in getting counseling them. To help them start and end build their businesses helped -- business planning so we're trying to do everything we can. But again the bigger picture is we've got -- do we can in terms I think. Helping them with small business helping them I'm in terms of getting credit keep their taxes low stayed away from frivolous lawsuits then we can do to help small business that's what we're trying to do."

" Market got just a few seconds left when do you perceive that the unemployment rate will top out 201011."

" I myself I think -- will -- Young just."

" I think. It's going to continue worsening through most of next year for sure I would say. And congressman very quickly where is that bottom out or talk about the unemployment rate. I'm open at the end of the year we start getting better news. And we start getting on her way to recovery. That's my sense of all right mark Weiss -- Weiss brought and congressman Vern Buchanan good to see you both."