Jansing and Co   |  September 28, 2011

No date for Senate to take up jobs plan

A new Bloomberg survey suggests the president's jobs plan could help avoid a double-dip recession. So why do Senate Dems have no plans of taking up the plan anytime soon? The New York Times' Thomas Friedman and author Michael Mandelbaum discuss.

Share This:

This content comes from Closed Captioning that was broadcast along with this program.

>>> senate democrats will not take the president's jobs plan for a while. majority leader reid saying next week he'll start working on a bill to deal with china's artificial currency instead. what happened to the urgency of pass this jobs bill right away? thomas friedman writes for "the new york times." michael mandelman works for the john hopkins school of advanced international studies and written a book called "that used to be us." good day to both of you.

>> thank you, richard .

>> tom, you're aware of the survey of economists and found that they believe that the jobs plan, the president's jobs plan could help to avoid a double dip recession. what do you think about that report?

>> well, you know, i think that the report is accurate. i think it's in line with what other economists reported. i would say we need three things right now, richard . this is what we argue. we need to cut spending. because we have big promises to the future generations we cannot keep. we need to raise revenue. we cannot shred the social safety net . we also need to as the president argues invest. invest in infrastructure and schools in ways to stimulate the economy today and create more long-term stimulation for tomorrow. so, i think that the president's jobs plan is a good one. it is a solid one with the backing i think of independent, credible economists but has to be part of a larger strategy with cutting spending.

>> what do you think of the republicans' criticism of how the $447 billion will be paid for especially with tax hikes on the wealthy?

>> i think that we need a more credible spending plan. i think we have one before us. it is neither the tea party plan or mr. obama's. it's simpson-bowles that looks at the range of options and we think came up with a very credible way for the kind of long-term spending and revenue and -- spending cuts and revenue we need for the short-term stimulus.

>> one of the four challenges as you write in the book that the united states faces is globalization. when we look at globalization over the decades, do we look at it as a reason, as -- do we credit it basically with why so many jobs have gone abroad?

>> the combination of globalization and the information technology revolution has devastated whole categories of jobs that americans used to do and which they used to make good livings. some of the jobs outsourced to india or china but a lot outsourced to the past and disappeared and not coming back and that means we need to create and invent new ones. doing that requires much more entrepreneur activity and requires a better educational system , both to encourage innovation and to prepare americans for the jobs of the future. and a good deal of our book "that used to be us" is devoted to describing the education system we need for a prosperous future.

>> on the flip side , michael, looking at technology it is a double-edged sword. raised efficiency here in the united states and also in addition to what you said moved jobs overseas but also allowed us to create new industries within the united states . twitter, google, et cetera . how do we capitalize on that and alluding to the research and development industry is not high here in the u.s.

>> we need to invest more in research and development . r&d is what we call the five-part formula for economic success that goes back to the founding fathers and we need to upgrade our system of education so that we will produce people capable of taking advantage of the new technology and we have to adjust our regulatory system to encourage innovation to make use of the new technology. the new technologies is inevitable. it is not going to away but speeds up change ever faster. our task as americans and this is the subject of "that used to be us" is take best advantage of the inevitable changes.

>> tom, you have a fan in pop culture . on " morning joe " this morning, sting has to say about what you said in the past.

>> we are not doing great. i think the world is in a bit of a mess and i'm not sure quite how to get out of it. we the people are having an economic crisis . you the politicians are having an election.

>> you're very well read in many places and sting writing what you're writing in the past and alluding to crippling partisanship and need to go to camp david and hammer out a solution, a grand bargain of a different sort than the president talked about in the past.

>> richard , i have always been a huge sting fan so let's start there.

>> there you go.

>> secondly, what i was saying is that basically we have a choice before us today, richard . we can have a hard decade or a bad century. we can roll up our sleeves, do what we need to do to overcome our challenges and all the resources are here. we just need a hybrid plan. not simple. the idea's simple but the execution will be hard where republicans and democrats come together around a plan for cutting spending, raising revenue and investing in the economy. it may be our politics is so broken we can't get that plan and not just going to have a hard decade but a bad century so, you know, that's really my appeal here to the political class. you know, i think the president, you know, is ready for a compromise. are the republicans? i think that they really have to ask whether they're ready to meet the president in the middle.

>> maybe if they got sting to go to the meeting they would come to together on this.

>> i'm a huge sting fan.

>> might work. again, the book "that used to be us." we appreciate it. tom friedman