'This Week' Transcript: Goolsbee and Rauf

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AMANPOUR: And yet, people, when it comes down to -- you know, even in bad situations, there have been periods where leadership builds up confidence, builds up optimism. What does this administration need to do to try to build the confidence of people even in a bad situation?

KARL: Well, it's really hard to do it over the next eight weeks.

AMANPOUR: But beyond the next eight weeks. In general. Because this is not a problem that is going to go away after the elections.

KARL: Well, you know, if you look at what kind of got us here is the complete polarization on Capitol Hill. Absolutely, you know, I mean, all of the major initiatives of the Obama administration that passed, passed with virtually no Republican support at all. It's certainly not going to get easier when you have -- you get people like, you know, Sharron Angle, Ken Buck, Joe Miller, coming in next time around.

But the idea that the government can actually accomplish something, there can be agreement among the parties about what is right, is a notion that has almost completely gone away.

WILL: We started arguing about the tax cut. The president says we can't afford the tax cuts for the wealthy because that would add $700 billion to the deficit over 10 years, which is to say, over 10 years it would add less to the deficit than Obama added with the stimulus in one year.

(CROSSTALK)

AMANPOUR: But the economists say that these kinds of tax breaks are the least effective in terms of long-term -- affecting, you know, the economic health. They also say that, for instance, a payroll tax holiday would have been the most effective. Why do you thing that didn't happen?

HUFFINGTON: Well, that is really the problem, Christiane, that we never had that sense of urgency about jobs that we had about saving Wall Street. You know, when everybody came together over a weekend effectively and said, we cannot afford to let this happen. And they threw everything against the wall and they saved Wall Street. They never did that about jobs.

A payroll tax holiday, infrastructure, R&D credits, there is so much that could have been done that was not done. And now especially too late for the mid-terms, but not too late to save the economy.

AMANPOUR: And on that note, you will continue this discussion, I hope, in the green room.

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