Austan Goolsbee: U.S. Can't 'Stand Pat' Despite Recent Job Growth (VIDEO)

Despite the 2.4 million jobs created in the U.S. over the last 17 months, Austan Goolsbee leaves his post as Chairman of the President's Council of Economic Advisor unsatisfied by the state of the economy.

"The unemployment rate, even though it's down a little today, is still 9.1 percent," he told Bloomberg News. "So we should definitely not stand pat. We've got a long way to go."

On Friday, the Bureau of Labor Statistics released its monthly employment report, showing that the economy had created 117,000 jobs in July, beating expectations and at least temporarily relieving fears of a double-dip recession.

Goolsbee, however, remained cool to the news. While the numbers were "encouraging," he reminded viewers that people "shouldn't make too much out of one month's report."

Goolsbee made similar statements on ABC's The Week in June. "You want to look at a little bit of a [longer-term] trend to get a more accurate barometer," he then said.

To explain what had been a slower than expected few months, Goolsbee cited what he termed "blows" to the economy in the first half of the year. The Japanese earthquake, the European debt crisis and the debt limit debate, which President called a "manufactured crisis" by Congress, were all to blame in the eyes of Goolsbee.

Goolsbee remains committed to constructive policies.

"After what the world has seen, and with the troubles that we've faced the last several months, let's do some things that make people feel better and not make them worried that the US government is not gonna stand up to it's word," he said.

Watch the full interview here:

Comments

[mashtoe]

12:01 AM on 08/08/2011

When someone in DC proposes ending all work visa programs (starting with H-1b hopefully) then we will know they are finally on our side. I mean, these are smart people they know they are creating unemployment and it's very profitable. Profits are record breaking. Offshoring to communist China means production is very cheap. H-1b work visas ensure wages never rise.

One of the last ways our government could keep the transfer of wealth from workers to Wall Street going would be to mandate a privatization of Social Security.

[vippy]

08:46 PM on 08/07/2011

What added jobs, everywhere I look there are layoffs.  Where are the jobs, name one!  I know of 350 layoffs in this small community.  Besides our unemployment is 36% if you take the weekly job claims compared to the workforce and you get 36% and we all know that only few people qualify for unemployment benefits.

[Roy E Pearson]

12:06 AM on 08/08/2011

Yes but there are also places where there are not losses and other places where there are jobs being created. So across the US there was a net gain of 2.4 million jobs. He acknowledged that we need a lot more jobs. That is not to discount the seriousness of the job situation in your area.

You need to contact your Senators and Representative and tell them how you feel and that they need to make their highest priority job creation. That means Government Investment in State and Local projects directly.

We can not cut our way out of debt we need to grow our way out. UI benefits are critical and must also be supported. If you do not tell your elected officials they will think it is not necessary. We as individuals need to fight for our own interests as well.

[Ms Disbelef]

03:28 PM on 08/07/2011

Thanks, Austan,for all you did for the Administration and best wishes for future success at U of C.

[AZreb]

10:48 AM on 08/07/2011

Big whoopee - adding 117,000 jobs is a drop in the bucket - and that bucket has a hole in it. How many of the unemployed are not being counted in that unemployment rate of 9.1%? How many have stopped looking or are still looking after their unemployment benefits have run out? How many are under-employed, working for minimum wage, part-time?

One of the most telling numbers on the economy is the increasing number of families now needing food stamps to feed their families - but we seldom see any mention of those numbers.

[SnapLake]

08:43 AM on 08/07/2011

Where were the jobs added? In mining, in oil, in forestry, in manufacturing? That's where you want all the jobs; it means real growth. Instead the jobs were added in the service sector - "would you like fries with that" "How about a credit card, you know you need one, now go and spend!"

[bealebkk]

07:01 AM on 08/07/2011

When men on the chessboard
Get up and tell you where to go
And you've just had some kind of mushroom
And your mind is moving slow
Go ask Alice
I think she'll know
...Jefferson Airplane

[Dunnage]

12:05 AM on 08/07/2011

He should be fired for even mentioning "standing pat" -- cause of what? Unemployment down a little. Where does a mind like that have to go between breaths.

[gomezrules]

10:33 PM on 08/06/2011

This clown is flat-out delusional. 'Nough said..

[Matt12]

09:04 PM on 08/06/2011

Is he gone yet?

[AlonzoQuijana]

07:00 PM on 08/06/2011

Well, Obama is proposing patent process reform and a vets bill, although well-intentioned, will cover maybe 700,000 people. That will get things going.

[AZreb]

10:49 AM on 08/07/2011

"proposing" is the operative word.

[AlonzoQuijana]

06:56 PM on 08/06/2011

" To explain what had been a slower than expected few months, Goolsbee cited what he termed "blows" to the economy in the first half of the year. The Japanese earthquake, the European debt crisis and the debt limit debate, which President called a "manufactured crisis" by Congress, were all to blame in the eyes of Goolsbee. "

Excuses. Excuses. Imagine a CEO or military leader constantly resorting to excuses when their organizations do not deliver on their promises well into the third year of their jobs. They'd be out in a minute.

[bahkey]

03:38 PM on 08/06/2011

Job growth flatlined in 2006, Bush lost 4.8 mil. jobs in his last ten months.check out how the two different party's voted on tax tariff, on companies shipping jobs overseas. bet you'll find repubs. vote for corps. large corps. are sitting on over 2 Tril. dollars profit they've made in last two year's but won't use it. a report i read recently is that there are about 2.6 mil. jobs in engineering or science field. this man cannot make your or my resume' look better. my mother always told me "choose your career,before it chooses you". so thank's for letting your kids sit around and play video games in their teen years. "Fail to plan,plan to fail".

[Mark Andre]

02:33 PM on 08/06/2011

Created more jobs, since when is counting the people who ran out of unemployment benefits creating jobs, this is like Obama’s jobs saved bull-wacky: once again, all smoke and mirrors!

[srooge]

02:27 PM on 08/06/2011

No help wanted.

[demilieu]

01:13 PM on 08/06/2011

Let's make sure that all the good news of late doesn't make us complacent...