'This Week' Transcript: S&P's John Chambers, Governor Martin O'Malley and Senator Jeff Sessions

WILL: It's not clear what will work. It's pretty clear what won't work. We've had a stimulus. There are now 2 million more people unemployed than there were when the stimulus was passed. We now have a record 1 in 7 American households on food stamps. We have wagered this economy on a mistaken view of the multiplier effect, the federal dollars spent to create jobs. It didn't work. Let's try something else.

(CROSSTALK)

AMANPOUR: Let me just quickly ask...

(CROSSTALK)

ROBERTS: ... except that right now the jobs -- the unemployment numbers are very much boosted by state and local governments laying off people because they no longer have the stimulus to pay them with. So there is a problem there.

AMANPOUR: Mellody? Mellody?

HOBSON: Yeah, so we have to put more -- you know, one of the things that people don't want to talk about is corporate incentives. Right now, no one wants to give the corporations any extra help, but there are corporate incentives out there that could move the job story.

So, one, giving the corporations the ability to repatriate all this money that they have all over the world without a huge amount of taxation. If you tied it to job creation and investment spending, that would help this country.

I heard a great idea from Alan Khazei, who's running for Senate in Massachusetts, who talked about the 99ers, the people who are getting 99 weeks of unemployment insurance. Give the corporations a sponsorship for those 99ers. Tell them, we will give you a voucher for 99 weeks of compensation with the hope that you will bring these people on full time, not to mention how it affects people's psychology that they can get up and go to work every day. Talk about affecting sentiment in this country.

CHAFFETZ: Well, we're not just one good tax increase away from prosperity. That's not the way that we're going to actually grow the economy and grow jobs in this country. We need stability in our government. We need predictability.

If you look at all the new regulations that have been -- health care, the EPA, in my state of Utah, energy is a huge -- in fact, that's where the best jobs are. We don't have an energy policy in this country. So there are lots of things we can do to grow jobs, but stability is part of it.

ROBERTS: But, Congressman, stability and predictability went out the window over the debt ceiling debate. And that's one of the reasons that we're in the mess that we're in right now.

RATTNER: Look, I think there's no question that a loss of confidence in the government is affecting behavior. If you look at consumer confidence numbers, they're down. If you look at business activity, it's down. All of that is absolutely true.

The second thing that I believe is absolutely true is that the steps that were taken both by President Bush and by President Obama to save the economy did help. It's a counterfactual, but I would argue that things would be a lot worse but for what we did. And then lastly, I do think that the solution to this is a series of probably small-bore kinds of approaches, like some of what you heard.

AMANPOUR: Let's quickly turn to politics and who may or may not jump into the race. Let's just take a look at Rick Perry, the governor of Texas, and his religious preaching, actually, yesterday.

(BEGIN VIDEO CLIP)

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