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Rate in america fell from 7.9% to 7.7%. that's actually the lowest level we've seen in four years. rosier than even the rosiest of forecasts. so we're on the up and up, right? all this stuff about forced spending cuts was just a bunch of b.s.? well, remember when president obama issued this warning a few weeks ago? >> people will lose their jobs. the unemployment rate might tick up again. >> all right, today's report, and this is important, is based on data from last month, before the cuts went into effect. so the president could still be right. and even white house deputy press secretary jos ...

This year. >> but that's -- no one's talking about balancing the budget this year, i'm talking about balancing it at all president the president's put out four budgets that lead to a debt spiral. name-dropping nobel laureates is not going to change that. they'd say, if you don't obey the fact that debt can't explode, you're going to harm the economy. that's fundamentals. >> we're not worried about interest rates the way you are. >> i'm not worried about interest rates, i'm worried about the fundamental unsustainability of the physical call position. >> the only reason it's unsustainable is you...

Nyu, and doug ekens, former director of cbo. daniel, you cited numbers on this show when you said job losses from the forced spending cuts could be 700,000 to 1 million jobs. that is the complete opposite of what we just saw, do you think it could still happen? >> it could happen. it has to happen over a period of time. even with today's great jobs report we still had a reduction of jobs in the public sector, federal employment. that's been the big drag on the economy the last couple of years. the private sector's been creating jobs for several years now, every month, month after month, but th...

0 earlier this year "burning lights" emerged on billboard as the best-selling album in america. >> i remember seeing when garth brooks was billboard number one. heck, that must be the coolest thing in the history of the world. >> reporter: you really didn't think that could happen to your muse nick. >> no, no, never. >> reporter: his tunes are successful by most accounts because they are simple, straightforward, and they speak to religious listeners. >> how can i form this song that they can sing it, that it's singable? i strive for trying to write something that people can sing, that people w...

At the bottom, it's job creation. one headed north, the other one a lot flatter. "outfront" tonight, daniel altman, economics professor at nyu and doug aiken, former director of the congressional budget office. gentlemen, thanks very much for being with us. daniel, let's start with you. that's the question i've had all day from people. how is it in this economy that doesn't feel like it's really pushing, is really firing on all cylinders, that the dow has hit an all-time high? >> well, the thing is that stock prices are based on expectations, because owning a share of stock gives you the right...