'This Week' Transcript: GOP Candidate Rick Santorum and Rep. Barney Frank

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And up next, unemployment dips, which is good news for the president. But do the numbers tell the whole story? The roundtable returns to do the math.

(COMMERCIAL BREAK)

AMANPOUR: People looking for a glimmer of hope looking on jobs found something to grab onto this week. The economy added 120,000 jobs in November and unemployment dipped to 8.6 percent, the lowest level in two years. It's good news, but the numbers don't tell the whole story.

And for that, let's bring back our roundtable. George Will, Arianna Huffington, Major Garrett and Donna Brazile.

Donna, it must be great news for your team.

BRAZILE: Oh, it's wonderful news.

AMANPOUR: And you sail all the way to the election?

BRAZILE: But no one is popping champagne, because the president and the Democrats are still trying to get the Congress to pass the jobs bill. They're still trying to do everything in his executive power to get jobs created all across the country. So they're excited about it, yes, but no one is popping the champagne.

GARRETT: Two points. It's a great headline and it's very good for the president. But 315,000 Americans left the work fork, OK. They got so discouraged about their limited or non-existent job prospects they dropped out. That's why you saw this four tenths of a percent drop from 9 to 8.6 percent.

One statistic I'm obsessed about in our economic difficulties, labor force participation rate, that's people working and people looking for work. In the Obama presidency it's dropped 1.7 percent from 65.7 to 64 percent. It dropped 1.2 percent in the entire eight years of the Bush presidency. We have a structural problem not only of unemployment, but discouragement about finding employment. That is a real problem.

AMANPOUR: But as you said, politically it is an important trend, it's an important dip.

HUFFINGTON: I don't really think it is. I think Democrats are really fooling themselves if they think this is wonderful news, because that's not what people are experiencing. The truth is another number that I'm obsessed with that only 7 percent of the people who have found jobs since the financial crisis have found jobs at the level of the job they had lost. So, that means that the jobs that people are getting are low- paying jobs, they're not the kind of jobs that will keep people in the middle class. And what is happening right now is that people are dropping out of the middle class into poverty and that's really a major factor that's going to affect the Democrats in this election.

AMANPOUR: And George, one of the main factors is going affect, it could be Angela Merkel and the people in Europe. I mean, I know it doesn't get talked about much, but certainly the White House must be sweating bullets over what's happening in Europe.

WILL: Yeah. The president has already shifted his alibi machine from George W. Bush caused my problems to the European Central Bank. People knows George W. Bush, no one in America knows what the Europe Central Bank is or does. But he's right in the sense that what economists called an exogenous shock, which would be the default of Greece contagion to Portugal, Spain, Italy, something else is far more important than this. It's just one more bit of rain on this parade. 50,000 of those new jobs were retail jobs, probably seasonal hired for the Christmas season.

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