'This Week' Transcript: Allen, Kerry and Cornyn

WILL: It's terrible news. In May, the private sector essentially stopped producing jobs. It was one-fifth the job creation of April. The 41,000 created in the private sector is less than half as many jobs that have to be created in order to keep up with the natural growth of the labor force.

Now the question is why is this happening? One answer might be that we're seeing now the prospect of a jobless recovery because of what happened with the late New Deal when business threw up its hands and said there's too much uncertainty.

WILL: The Bush tax cuts are going to expire. Interest rates have to go up sooner or later. The House, just before going on recess, passed a so-called jobs bill with $80 billion more dollars of taxes in it. There may be climate change regulation. No one knows quite how Obama Care is going to effect the private sector. In pandemic uncertainty, capital goes on strike.

TAPPER: Arianna, I know you agree with your disappointment in the jobs report, but I'm guessing you disagree with the diagnosis.

HUFFINGTON: I actually agree that the Obama Administration has not done enough on jobs. There's no question about that; that they've basically focused too much on making things good for Wall Street and ignored Main Street, and now we're paying the price for that.

This is a structural problem. This is not a cyclical problem, as Larry Summers has been claiming it is. It has been the loss of manufacturing jobs for over 30 years now. We need to throw everything at the problem, including a payroll tax holiday, including creating jobs the way we did during the depression.

Because what is happening is really the assault on the middle class. We are looking at families that can not send their kids to college. We're looking at the long-term unemployment that you mentioned, the 99-ers who have been on unemployment benefits for 99 weeks who can have no possibility of extending them. So this is a real calamity.

TAPPER: All right, moving to another big item in the news this week, the raid on the flotilla. I want to show you two clips showing differing points of view of the flotilla attack. The first is an Al Jazeera newscast reporting the violence and deaths on board.


UNIDENTIFIED MALE: The organizers on board after two people have been confirmed killed by the Israeli army have now asked all the passengers to go inside. They've raised the white flag. This after Israeli commandos defended upon the ship in international water....


TAPPER: And the second video we're going to show right now is from the Israeli Defense Forces. It shows troops being attacked as they descend on the boat with highlights from the IDA. The Obama Administration has not condemned Israel; is one of the few Western countries in the world, if not the only one, that has not.

But you have criticized President Obama for using the word tragic to describe the incident. Why?

CHENEY: Well, the Obama Administration actually did sign on to a presidential statement at the U.N. Security Council which requires --

TAPPER: After watering it down.

CHENEY: -- Yes, but the language in there still condemned what happened, called for an investigation. This isn't complicated. Israel is under attack by Hamas, which uses Gaza as a platform from which to launch attacks against Israel.

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