Video: Austan Goolsbee: Today’s figures “are encouraging news”

posted at 3:30 pm on August 5, 2011 by Tina Korbe

Today marks the last day Austan Goolsbee will serve as the chairman of President Barack Obama’s Council of Economic Advisers, but, fortunately for Goolsbee, he saw in today’s jobs report some “encouraging news.”

“You do not want to take too much out of any one month’s report, but there was at least encouraging news,” Goolsbee said on Bloomberg Television. “This report came in well above expected. I believe that puts us at around 2.4 million jobs created over the last 17 months.”

Goolsbee acknowledged the ugliness of the overall economic picture, but also dismissed ongoing worries about a credit downgrade.

“People putting too much on rating agencies is probably a big mistake,” he said. “I do not need to remind folks about the financial crisis, and the role of the rating agencies for people to recognize what one rating agency says about one country is a lot less important than the overall market.”

With equivalent nonchalance, he dismissed fears of a double-dip recession.

“As I say, it is not a surprise that for the first six months of the year we took heavy blows,” he reiterated. “We did not need statistics to tell us that. People knew that. Even people with jobs have been struggling to get by. If we are growing, adding 2.4 million jobs over 17 months, those are not the things a double-dip recession looks like.”

The economist famous for his misleading whiteboard lessons predictably also blamed Congress — but not the White House — for the drawn-out debt ceiling debate and for “exacerbating” economic problems.

Who does Goolsbee think he’s fooling? As Ed explained earlier this morning, today’s report was encouraging only insofar as it was not discouraging. It was, at best, a sideways step. And to suggest the president bears no responsibility for the present economic situation when spending has skyrocketed at an unprecedented pace under his administration — and when the best the president can do to address the unemployment situation is to take another taxpayer-funded bus tour to “listen” to the needs of job creators and job seekers (i.e. when the president can’t seem to come up with a concrete plan for anything except his campaign!) — is itself irresponsible.

Goolsbee is about as out of touch as Jay Carney, who chalks talk of Tea Party “terrorists” up to “emotion” and “passion,” and David Plouffe, who said “the average American does not view the economy through the prism of GDP or unemployment rates or even monthly jobs numbers.” But at least one thing can be said for Goolsbee that can’t be said for the other two: Come Monday, he will no longer be in D.C. Sorry Chicago.


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…in that they are manipulated and have not been adjusted, yet. The adjustment will come next week, and will be ignored.

The welfare and unemployment pimp will be as neutered in Q3 as he was before. He’ll blame his wife and kids, if he must, to get reelected.

If he does, I’ll actively enlist to punish the people. They deserve no less.

Schadenfreude on August 5, 2011 at 3:33 PM

Goolsbee – and it’sn ot even Halloween, yet.

Schadenfreude on August 5, 2011 at 3:33 PM

Austan doesn’t know the difference between a default and a government spending slowdown.

pedestrian on August 5, 2011 at 3:38 PM

Who does Goolsbee think he’s fooling?

Probably the reporter interviewing him. And anyone on the OfA mailing list.

BKeyser on August 5, 2011 at 3:38 PM

Do you realize that if you remove the “u” out of Austan and rearrange the letters you can spell “Satan”?

milwife88 on August 5, 2011 at 3:39 PM

If it wasn’t so sad and dangerous this administration’s entire disgusting charade would be knee slapping hilarious.

rplat on August 5, 2011 at 3:41 PM

A simple yea or no would suffice.

Kini on August 5, 2011 at 3:41 PM

This is the same logic we get from these people on spending.

Listen bub, if we’ve shed almost three million jobs in the past two years (I forget the exact number) and – taking him at his word, which is crap – that we have in fact added 2.4 million jobs in roughly the same time frame…WE’RE STILL LOSING JOBS YOU BONEHEAD!

You haven’t created anything! You’ve haven’t even improved anything! Which is why the unemployment rate is still so damn high and why – if you read the report – almost nothing has changed for the better in the past year.

catmman on August 5, 2011 at 3:42 PM

I saw this tool on The Daily Show show on Monday. Jon Stewart couldn’t help but notice and make fun of the fact that Goolsbee was positively giddy, like a little girl with a new puppy, presumably to be leaving DC and moving beck to Chicagoland.

He also stated that he would be creating a job (ONE, for himself) in the private sector at the University of Chicago Booth School of Business. Call me crazy, but isn’t the U of Chicago a PUBLIC school?

ornery_independent on August 5, 2011 at 3:42 PM

So which inbred, rent-seeking company is this guy off to again?

MNHawk on August 5, 2011 at 3:43 PM

“…the role of the rating agencies for people to recognize what one rating agency says about one country is a lot less important than the overall market.”

With equivalent nonchalanc

This consistent with Monty, purveyor of DOOM on Ace’s site. The true credit rating will not come from S&P, Moddy’s, etc., It will come from the Market (that assumes the Fed stops buying bonds from effectively themselves).

WashJeff on August 5, 2011 at 3:43 PM

The inmates are running the asylum.

2013 can’t come soon enough…….

UltimateBob on August 5, 2011 at 3:45 PM

Is there something wrong with this guy? Seriously.

50sGuy on August 5, 2011 at 3:46 PM

We all know this figure will be adjusted downward.

A caller on Rush’s show pointed out something interesting: the auto industry lays people off for a couple of weeks at the start of July and hires them back in late July. Perhaps the regime did some slight of hand using this.

bw222 on August 5, 2011 at 3:46 PM

U of Chicago a PUBLIC school?

ornery_independent on August 5, 2011 at 3:42 PM

No it is not. It is a very expensive private school.

WashJeff on August 5, 2011 at 3:47 PM

isn’t the U of Chicago a PUBLIC school?

Nope, it’s private.

DrSteve on August 5, 2011 at 3:48 PM

HA HA HA HA HA!!! This brand of hilarious comedy is why Austan was DC’s Funniest Celebrity 2009! Oh Austan, you wacky nutcase!

Jim Treacher on August 5, 2011 at 3:50 PM

WashJeff on August 5, 2011 at 3:47 PM

Thanks…my bad. I visited both their major websites and did not see Private (or Public, for that matter) listed on their About pages.

ornery_independent on August 5, 2011 at 3:50 PM

Thanks…my bad. I visited both their major websites and did not see Private (or Public, for that matter) listed on their About pages.

ornery_independent on August 5, 2011 at 3:50 PM

Nice looking campus. Near the Lake Shore and Museum of Science and Industry (and near where Obama will live again in 2013). If it was a public school in Chicago, it would not be as good as it is.

WashJeff on August 5, 2011 at 3:52 PM

He also stated that he would be creating a job (ONE, for himself) in the private sector at the University of Chicago Booth School of Business. Call me crazy, but isn’t the U of Chicago a PUBLIC school?

ornery_independent on August 5, 2011 at 3:42 PM

No, it’s private. Only about 5,500 students and tuition is $41K a year. Lots of private colleges have city names: Boston College and Boston University, Dayton, St. Louis, Seattle, Portland and many others are also private.

bw222 on August 5, 2011 at 3:53 PM

Goracle represents these buffoons to perfection.

Schadenfreude on August 5, 2011 at 3:54 PM

Corporate HR sent out an e-mail this morning and quit answering their phones at noon. Not that anyone at work with a 401k was bugging them or anything.

Limerick on August 5, 2011 at 3:56 PM

His remarks no doubt are an early indication of an Obama 2012 campaign tactic: pointing out the foolish perspective of the Bachmann wing of the party that default would have been harmless or even a good thing. Thanks, Michelle! *facepalm*

itsnotaboutme on August 5, 2011 at 3:56 PM

President Barack Obama’s Council of Economic Advisers

Anyone want to put that on your resume…?

Seven Percent Solution on August 5, 2011 at 3:57 PM

How in the heck do you get a name like Austan? Was it the last name of his great, great, great, great grandmama who was old monied and left the family a fortune?

Vince on August 5, 2011 at 3:57 PM

Well I’d be encouraged too, if while drowning, I got one nostril above waterline.

Limerick on August 5, 2011 at 3:59 PM

“This report came in well above expected.

Lets have another look after the number is revised later, shall we? Nobody trusts these initial numbers any more as they appear to be arrived at by “rectal extraction”.

Also, everyone knows that you must create around 200,000 jobs every month just to keep the workforce participation level. About 200,000 new workers come into the workforce every month through population growth and immigration.

People also know that the reason the unemployment number went down is because a large number of people gave up looking for work. Workforce participation actually declined.

crosspatch on August 5, 2011 at 4:02 PM

You really have to have blinders on to spin anything positive out of this one month burp. Where are we if we add back the people who disappeared from the labor force last month?

First time claims are still at 400,000 a week. The GDP is in a stall. Unemployment is a lagging indicator. So the GDP stall is a strong hint that unemployment will get worse, not better.

Anybody have any intel on the birth/death adjustment for startup businesses for July, a fictional creation of the BLS to “adjust” the numbers?

Regs from Obamacare, Dodd-Frank and EPA are killing job creation. And there won’t be a recovery until those are rolled back.

Even Goldman Sachs, a major contributor to the Obama campaign, sees 9% plus unemployment from now through election day.

And even if hiring does pick up, all those “unemployed, unseen and uncounted” workers will be coming back to the labor force, ramping up the denominator on the unemployment equation, keeping it in line with the GS forecast.

Come home, Barack. The sooner you’re unemployed, the better off the country will be.

SleeplessinChicago on August 5, 2011 at 4:06 PM

President Barack Obama’s Council of Economic Advisers
Anyone want to put that on your resume…?

Seven Percent Solution on August 5, 2011 at 3:57 PM

Thread winner right there.

Key West Reader on August 5, 2011 at 4:06 PM

Stopped at 1:42… What a D*ck.
-

RalphyBoy on August 5, 2011 at 4:25 PM

Isn’t it great that all these losers leave DC to go back to teaching jobs & pump out more economic illiterates?

Great googily moogily…

sdm

stvdog on August 5, 2011 at 4:35 PM

NARRATIVE!
NARRATIVE!!
NARRATIVE!!!

HOORAY!!!!!!!!!!!!!!!!!!!!

RedNewEnglander on August 5, 2011 at 4:36 PM

That moron is such a toolbag his name should be Stanley Dewalt. We have hit an all-time low in the percentage of people actually working and not receiving government handouts. Yeah baby, that’s encouraging.

David in ATL on August 5, 2011 at 4:41 PM

“This report came in well above expected. I believe that puts us at around 2.4 million jobs created over the last 17 months.”

REALLY???

Then how come the Total Employment figures released today by the BLS look like this (in thousands):

June 2010: 139,991
June 2011: 139,334

This looks to me like a 657 THOUSAND LOSS in Total Employment over the last 12 months!!!

SARC>

But what do I know? I’m merely an engineer with 24+ hours of advanced math (calculus or beyond) in College, plus another 15 hours or so of statistics. So I may not understand the advanced techniques used by Austan Goolsbee to conclude that 139,334,000 jobs in 2010 is actually 2,400,000 more jobs than 139,991,000 in 2011!!!

/SARC>

This foolishness from Goolsbee (can we call it Goolishness?) is just more proof that the wacky Obamacrat liberals live in an alternate reality.

landlines on August 5, 2011 at 4:49 PM

Damn liars — every last one of them.

hillbillyjim on August 5, 2011 at 4:50 PM

“This report came in well above expected. I believe that puts us at around 2.4 million jobs created over the last 17 months.”

(corrected)

REALLY???

Then how come the Total Employment figures released today by the BLS look like this (in thousands):

June 2010: 139,991
June 2011: 139,334

This looks to me like a 657 THOUSAND LOSS in Total Employment over the last 12 months!!!

SARC>

But what do I know? I’m merely an engineer with 24+ hours of advanced math (calculus or beyond) in College, plus another 15 hours or so of statistics. So I may not understand the advanced techniques used by Austan Goolsbee to conclude that 139,334,000 jobs in 2011 is actually 2,400,000 more jobs than 139,991,000 in 2010!!!

/SARC>

This foolishness from Goolsbee (can we call it Goolishness?) is just more proof that the wacky Obamacrat liberals live in an alternate reality.

landlines on August 5, 2011 at 4:51 PM

If these chuckleheads keep it up, we might just see a Reaganesque landslide in 15 months. Everyone I talk to is sick to death of the lies, the charades, and the arrogance of the whole lot of them.

hillbillyjim on August 5, 2011 at 4:53 PM

People also know that the reason the unemployment number went down is because a large number of people gave up looking for work. Workforce participation actually declined.

crosspatch on August 5, 2011 at 4:02 PM

You are absolutely correct: the BLS Total Employment figures released today (timed to avoid mention in the MSM) confirm this.

landlines on August 5, 2011 at 4:56 PM

He isn’t called ‘Foolsbee’ without reason, you know.

And today proves that he really is just that.

ajacksonian on August 5, 2011 at 5:53 PM

Then he is a dolt. Private jobs growth is one quarter of that needed to sustain the employment rate. The discouraged worker number has now surpassed a million and the jobs inventory is the lowest in decades. That is the number of real jobs in the nation, whether filled or unfilled.

pat on August 5, 2011 at 6:04 PM

Partisan hack and propagandist. Look Failbama had his cronies adjust the size of the US labor force to fake a good unemployment percentage.

They have been manipulating the data like the CRU.

Do we actually have FEWER people looking for work? Um no, the labor force grows with the population.

dogsoldier on August 5, 2011 at 6:56 PM

Goolsbee, another idiot heard from.

GarandFan on August 5, 2011 at 7:09 PM

Goolsbee was also the tool who carried Obama’s reassurances to the Canadians that Obama had no intention of “re-negotiating” NAFTA, and his blather to th effect that he would was just “campaign rhetoric”.

So he is a tool who facilitated Obama’s campaign lies. Someone had better count the silverware the second this crook heads back home.

novaculus on August 5, 2011 at 7:36 PM