Roundtable: Economic Outlook

George Will, Arianna Huffington, Major Garrett, and Donna Brazile.
6:39 | 12/04/11

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Transcript for Roundtable: Economic Outlook
People looking for a glimmer of hope on jobs found something to grab on to this week. The economy added a 120000. Jobs in November and unemployment dipped to eight point 6% the lowest evident to -- is. It's good news but the numbers don't tell the whole story and for that let's bring back our roundtable George Will Ariana Huffington Major Garrett and Donna Brazile Donna it must be great news -- team. Well it's one of and you still the way to the. But that no one -- Poppins as champagne because -- president and Democrats this deal trying to get the congress to pass that the jobs bill. There's still trying to do everything in his executive holiday to get jobs created all across the country so. They're excited about yes but -- -- and. Q points to great headline and it's very good for the president but 3151000. Americans left the workforce OK -- console discouraged about -- limited or. Nonexistent job prospects they dropped out that's what you saw this portents for percent drop from ninety point 6%. One statistic I'm obsessed about and our economic difficulties labor force partition participation rate as people working and people looking for work. -- the Obama presidency struck one point 7% from 65 point seven to 64%. It dropped one point 2% of the entire eight years of the bush presidency -- a structural problem not only of unemployment but discouragement about finding employment that is the real problem -- Said -- AG is an important trend it's an important did. I think it's I think Democrats. -- -- them that they've they've seen this is wonderful news because that's not what -- what I experience. That to a phase another number that -- obsessed me that -- 7% of that they would have found jobs since the financial crisis have found jobs. I think eleven of the job they had lost that I allowed back. So let me is that the jobs -- -- when I gagging. I lie low paying jobs and not the kind of jobs that we keep people in the middle class and what is happening right not that -- what I dropping out of the middle of plastic department. And that's in the and manage a fact that's -- -- and I fact that Democrats in this election. -- just one of the what are the main factors is -- think it could be Angela Merkel and the and the and the -- U -- I mean I know it doesn't get talked about much is certain the White House must been sweating bullets. Of what's happening in Europe -- to affect the economy yet. The president has already shifted his alibi. Machine from George W. Bush because my problems to the European Central Bank. People know who George W. Bush was no -- an American knows what the European Central Bank is or does but he's right in the sense that what economists call an -- odds in the shock. Which would be -- in default of Greece contagion to Portugal Spain and Italy something else. Is far more important -- that it -- One more bit of rain on this parade 50000 of those new jobs retail jobs probably seasonal hired from the Christmas is all that said. I disagree with -- if the trend is good. In 2004 off as it was for Ronald Reagan where unemployment started under him at ten point 8%. -- -- -- -- Rising. Rising tide of good news to 49 state. -- -- -- question I you're better off than UFO years ago and Barack Obama can not I ask that question and expect and nonsense yes. And that's really the Italian -- At a that he can -- American people to do you wanna go back to the policies that led us through this deep recession. And did you want to go back to. -- -- political quandary that -- in the midst of -- recession would not lift a hand to help the middle class. In tin god the treasury said he has been back and forth to Europe began to hop on this because it is America's biggest mocking you -- -- obviously this is whether the fear is coming from. What can if anything the president do -- the administration do to mitigate what's happening. Well Sarkozy and Merkel will be made tomorrow hopefully they will come up with policies that will strengthen the that you were only one of -- -- treaties that. How much of what what's left and out toolbox of bad when already. There's one witness. The European Central Bank could use the I -- that as a means by which pushed funding through. So than the Europeans would feel that the IMF and its disciplinary focused not the European Central Bank meeting the Germans or imposing new fiscal discipline. Super resort on punishment powers all throughout the Euro zone. If that in fact happen it's been proposed that happens that could be. Something the United States to do we -- the largest donor nation about 17%. There's 390 billion dollars available from the IMF -- loan to -- that's not nearly enough but -- the European Central Bank as its resources to that push it through the IMF backed. Could solve the problem last week to Matt now Boston movie right and it's very important enough that it really -- -- -- -- it put my economically why wedding -- sadly they have no validity whatsoever wrong poll -- -- -- about wrongful he is -- Michigan and Winona county on factory. Don't forget about 18%. Is number two in the in this in the Des Moines Register poll where do you think that that's been taking as an organization -- -- to unmentioned -- -- just full of ideas he's full of platitudes. But and sound bites but Ron Paul has an organization -- key early state. He isn't his base is enthusiastic and they will come out and support. The -- ceiling -- them absolutely solid floor and on Friday on Neil Cavuto show on Fox News he was asked. Might you run as a third party candidate he says I'm not thinking about that I'm doing pretty well not -- as a study an excellent Honda model. The fact -- he has the infrastructure in place to reelect. Mr. Obama. But it all -- in new Venus has -- announcing new precinct companies in South Carolina. That Johnson saga have McCain's operation is going to move to Newt Gingrich says the expectation. Is an area that's created -- And -- it was put together contract -- it's not like you can't organize CNN the idea that somehow new again this is just full of ideas -- you can't organize. Just listen to all. And then members of congress and Clinton John Vanna who got into politics because of Newt -- as an organization. And he's really -- that you're sending everybody to listen as they were driving around us. It's exciting idea dynamic I was talking battery can tickled I've seen before which phenomenon and as a community organizer and art and -- -- -- and that. But you have to get on the cardinal of these states and who's already this one didn't mind it was a very. Granted it's not. A binding primary with delegates but an -- to win the nomination you gotta get delegates -- -- you have to Blunkett petition so. He do -- on the next couple weeks. --

This transcript has been automatically generated and may not be 100% accurate.

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