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After coming out of the polls. bill: all right, we re hearing about a possible compromise, too, on the bush-era tax cuts, set to expire the first of the year, the white house said to be working on on this on all of this. stu varney, anchor of varney & company, how you doing? doing well. bill: what is the compromise? it s very simple, bill: make the middle tax cuts permanent, extend tax cuts for the rich by two years. that s the compromise. now, if it happens, bill, that would remove the uncertainty about what tax rate all of us will be paying next year and it means there will be nobody paying extra in federal income taxes next year, which is good for the economy in a rough, tough economic time. bill: so just so our viewers understand this, we ll put the words into numbers. if you re making $50,000 a year for an american family, the difference is about $2900. right? yes. bill: if you re making $100,000 a year, the difference is $4500. ....
In the last couple of weeks. brand-new data coming in from gallop shows jobless claims took a dip in august but then went soaring and we do mean soar inch pushing the unemployment rate to above 10% in the latter part of september. that is gallop s number not the labor department s. the polling company predicts that the government when it has to file its next report will file the worst jobs report in months. that comes out on november 5th which is just 48 hours after election day. stu varney, anchor of varney & company is my guest now. they have been saying 9.6 and gallop comes out and says brace yourself folks it isn t 9.6 it s much, much worse. reporter: gallop has seen a surge in late september extending into mid october from the mid 9 s to 10%. that is an arresting number 10%. that s gallop of course that is not the official labor ....
Women, they re not in suits and ties, they ve got their shirt sleeves rolled up and are ready to get down to business. they want this to be a different rollout. they say a lot of the ideas are parallel from 1994 but they say this time they listened to the american people, they say these ideas come from the people, their just rolling them out. bill: we re in standby for that event to begin. thank you, shannon. president obama has weighed in on this, taking on the pledge to america, a fund-raiser last night in new york city, slamming the republicans, calling it more of the same, quote, they might be announcing some new details but the chair of one of their campaign committees already told us their intentions. he said that if the other party takes control of congress, they plan to pursue, i m quoting now, the exact same agendas they did during the last administration. end quote. last night, new york city, martha. martha: just what are they pledging to do? take spending back to 08 level ....
And chicago recently had its credit rating cut, and we re told that the outgoing mayor richard daley is not leaving a lot of options for whoever his replacement might be. join me with more is stu varney. anchor of varney & company on the fox news network. reporter: john daly is leaving office next year leaving the city in dire straits and his successor facing really tough choices. he s going to have maybe two weeks worth of operating money left, $21 million, that is a couple of weeks worth of cash when the new mayor takes office. he will be faced with the following choices. radical cuts in services delivered. big increases in taxes, or go for a bail out. the problem with a bail out is ....
Will be watching it closely, of course, he s the anchor of varney and company on the network network and joins us now, stuart. boy, when i looked up at the screen and saw 1.6, that is a pretty lame number, when you look at the economy. the economy is extremely weak, and it is getting weaker. these are bad numbers, and they confirm a down trend. the trend is that the economy is spiraling down, 5% growth, late last year and 3% this past winter, 1% growth in the spring and if that down trend continues, into the summer, don t have the numbers yet, but if the down trend continues into july through september period you could see the economy contracting, that is why the word recession is back, firmly on the table this morning. martha: when you look at it, originally they thought december was 2.4%, and, these numbers always get revised as we know and what accounts, to you think for the drop from 2.4% growth, which was anemic but not awful ....