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Anyone motivating anything aside from the american jobs act, which is at the margins of the problem, doing something about that. it s just remarkable to me how much we aren t talking about the pressing need for agate demand. when i was listening to ezra, there could be some, you know, possibilities. i just, some people see the failure as victory. it s something this president did. you know, so are we able to ever find any kind of compromise or any kind of victory or some kind of gift out of this with this current group? can we find any possibility? just because it s obama s supercommittee, it s a victory to some that it failed. anything failing is a victory. i think it s a bit larger in the sense that when obama says i have a clear path to possibly winning because the republican nominees are such a mess. not only does he have to win for ....
There s going to be less and less agate demand. it s going to be harder for any kind of a fiscal boost to emerge. i worry that even by the beginning of 2013, if you want to look ahead beyond the election, the economy is still going to be very bad and there s not going to be any fiscal boost at all. those cuts are frontloaded to 2013. i m just, again, concerned about jobs and the economy. it s not such a big win. let s listen to what john kerry had to say today, blaming grover norquist. unfortunately, you know, this thing about the bush tax cuts and the pledge to grover norquist keeps coming up. grover norquist has been the 13th member of this committee without being there. i can t tell you how many times we hear about the pledge. the pledge. well, all of us took a pledge to uphold the constitution. ....
The clinton administration. he s now professor of public policy at the university of california at berkeley and author of aftershock. thank you both for joining me tonight. bob, i for one am very happy with where this situation has ended up with the supercommittee. how do you see it going from here? lawrence, i agree with you about the tactical brilliance of the president in terms of pulling this off. my only concern is this. the economy is still obviously awful. it needs a fiscal boost, whether you call it a stimulus or call it liverworst. the paralysis we ve seen so far is going to clearly continue right through election day if not beyond which means that the expiration of unemployment extensions, that unemployment benefit extension, and also the expiration of the payroll tax cuts are going to eat into agate demand. ....
This. it seems that this is coming back way, way too slow as your numbers point out. is the problem the ceos are making great profits because they re actually going abroad and hence our middle class here in america is really going to struggle to come back? is that the heart of the problem? well, that s part of the problem, cenk. i heard your discussion before. anybody who s talking about cutting taxes for corporations now, when corporations are sitting on $1.6 trillion of cash. i mean, they don t even know what to do with the money they have right now. they re buying other companies, acquisitions, mergers. they re paying their ceos unbelievable amounts of money. anybody who says corporations need tax cuts now doesn t know what s going on. or is maybe not being completely honest with the public. tt problem in a nutshell is we don t have enough agate demand. ....
aftershock. welcome, good to have you here. good to be here, mika. are you excited for the next economy? excited? should we be? in your book, you talk about the next economy. here s what worries me. economists talk about agate demand. that means the ability tof consumers to buy all the things the economy could produce at or near full employment. the problem is consumers are still coming out from a huge debt load, still left over, consumers cannot buy a lot of things. they are worried about their savings, they re worried about, well, their jobs. also, they can no longer use their homes as atm machines. so all of that together, and then add in the baby boomers who have to start saving because they lost a great deal in terms of housing prices in the market, you can t come up with a very optimistic picture where we are in the next three years. this is systemic. ....