'This Week' Transcript: Economy Panel

The biggest deficit we face in this country today is a jobs deficit. And there's no evidence that the Republican practice of cutting the budget will in somehow create a new round of employment for -- for growth to really occur in this country.

NOONAN: I think there's something powerful in the fact that Pawlenty -- other candidates are saying, "Cut, we'll get growth. Lower taxes, we'll get growth." In an interesting sort of way, he's saying growth is the thing. And once we know that, then there are a number of things we've got to do, like cut -- limit regulation, et cetera. So he's just sort of turning the picture a little bit.

I do think for any Republican right now what is the emerging theme is -- of Obama, he was handed a lot of bad stuff by history, two wars, recession, the big crash, the Great Recession, but he made it worse.


NOONAN: That's what's coming. Oh, my goodness. If you look at...

BRAZILE: Fifteen months of consecutive job growth? Fifteen months. So we had a bad month, 55,000 jobs or less created. A month where we had the disaster in Japan, we had natural disasters, and of course we saw energy prices rise.

The one thing that the Republicans have been doing since day one is downplaying the success that we've seen with some of the economic stimulus that the Democrats put in place.

AMANPOUR: So, listen, we're going to get to the...

NOONAN: The bullet have been shot, and we have unemployment of 9.1 percent or 9.2 percent. The big overall, overarching indicators are not good and not optimism-making.

AMANPOUR: So we're going to get to the policy of the economy in a short while, but I want to ask you again about another candidate who is meant to be the candidate of ideas, and that's Newt Gingrich. We saw what happened to him this week. Let's just put up what he said in response to his campaign basically walking out on him.


GINGRICH: There's a fundamental strategic difference between the traditional consulting community and the kind of campaign I want to run. Now, we'll find out over the next year who's right.


AMANPOUR: George, who's right?

WILL: We'll find out over the next week who's right. When you combine egomania with indiscipline in the way that he does, you get a man who thinks all previous metrics for running politics in this country don't apply, because I'm so different. Well, as I said, we're going to find out. And we've never seen anything like the catastrophic rollout of this campaign.

AMANPOUR: Jake, do you think -- he's this week re-launching -- this weekend, in fact, in California, he's going to be at that debate on Monday. Does he have a hope?

TAPPER: Anyone has a hope, but I've spent a lot of the -- much of the last few days talking to the senior campaign staffers who walked out on him, and they believed in him. They think he would be a great president. But the campaign they say was in complete disarray. He and his wife spent, Callista, spent too much time selling his books, promoting his documentary films. There was one time they were trying to get him -- get Gingrich to go down to South Carolina for a Memorial Day parade. He wouldn't do it unless a film premiere would be set up. That was not set up. And so they did not go down to South Carolina. Instead, they went to the Kennedy Center to take in the opera.

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