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With china. we need to start producing all of that oil and gas that america is capable of producing so we're not shoveling so many dollars out the door. >> jim, what do you make of it? the president is touting these figures. >> look -- you sort of allude to that sort of shrunken workforce, all of the people that the government doesn't count anymore. if this workforce, the labor force is as big as it was prerecession, the unemployment rate would not be 8.9%, it would be 12% worse than the great depression. at this pace -- at this pace of job growth, we're likely to have another recession before...

Below eight, he has a better chance. it's a pickup situation at this point. >> peter, the white house is going to try to make a kind of reag reagan, 1984-stay the course-it's morning in america. he wasn't running close, 8.5% unemployment. can obama get re-elected with unemployment that high? >> he can get re-elected. it's not morning in america, it's midnight. it depends on what the republican message is. they're going to offer the way out. and say tax and deregulate will not resonate from these voters. it won't because they have too many memories of what wall street has done. the candidate wi...

>> you have to be fiscally responsible. bring in energy and consumption taxes in the long term. >> why? >> because let me hear from peter. >> why do we need those taxes. the government is spending $3.6 trillion a year. but $1.1 trillion is in new spending in the last four years. what did we get for it? not a whole lot. >> we're going to disagree on that, peter. but it shows why i'm not benevolent dictator. unemployment is still 8.9, right? that's good news in washington. but take us forward to september/october of 2012. if unemployment is still 8.5, 8.6, i think most people think you're still ...

Despite the white house breast beating we're nowhere close to seeing. is the ongoing jobs crisis something we have to accept? is it a hangover from the financial bubbles? or is washington still just thinking too small. joining us with answers is peter marissey, professor of the maryland school of business. he's the chief economist at the international trade commission, and the columnist for reuter's breaking views, so, peter, let me start with you. which is it? is it something we have to be used to from the debt hangover? or is washington thinking way too small? >> washington is thinking way t...