ronald reagan's budget director david stockman versus austan goolsbee. then, america's debt and deficits going forward will largely be caused by one factor, health care. how do bring these costs down. the great debate we should all be having. steven brill and david goldhill present two very different views. also, anthony bourdain on globalization and food. what does he learn from eating stuff all over the world. >> that's good. >> i'll ask him. >>> and a lesson in ethics from an unlikely source. an emerging markets business titan. ratan tata ran india's biggest conglomerate and how businesses should live by a moral code. >>> i grew up admiring margaret thatcher. it was obvious to many of us in india in 1970s that economics didn't work and her forms were the right course. privatize industry and deregulate have largely been vindicated by history, but that doesn't tell us very much about what to do today. consider the world in 1979 when thatcher came to power. the average britain's life was a series of interactions with government. telephone, gas, electrici

on the other side of the fence we have austan goolsbee professor at the university of chicago's booneof business. thank you for joining us on a very big day. paul, to you first, what does this jobs report tell us about the state of the economy? >> well, i think it's flat on the back. the idea more americans going to work not to celebrate a sterile number at that reflects more americans dropping out of the work force, when you look at the numbers you've recapped, increase in poverty level and increase in food stamp, this type of thing is not a great story today at all. the most troubling thing is the lower of the job participation rate which consistently come down since january. 63.5, 63.4, 63.3. that's not a good sign for someone trying to turn around the country and get more americans working to pay their bills and loans and be more optimistic. stuart: austan goolsbee you had something to do with the creation of president obama's economy, and what do you say about the report now? >> it's definitely not a good report. i think as we talked about last month, stuart, i think the fact tha

chair of the president's council of economic advisors, professor at the university of chicago, austan goolsbee. you weren't invited to the party? >> no, i wasn't. >> sean: eight vacations between the bidens and obamas since the beginning of the year. let's look at this in the bigger picture. i want to run through a list of stuff. i promise i'll leave you plenty of time to respond. let's look at the polls. by the way, cnn, hardly a conservative organization, the president's approval rating on the economy, disapprove, 54%. the federal budget deficit, disapprove, 58%. here are the scary numbers. these all came out last week. u.s. census bureau, 50 million americans living in poverty. 50. children in america living in poverty, one out of five. 20%. food stamp participation increase since obama took office, 48%. number of food stamp participants, nearly 48 million americans. then another 14 million on permanent disability. number of food stamp participants under the age of 18, nearly 20 million. add to this, we have 90 million fewer americans in the labor force. 90 million, and yet he's throwing pa

former obama adviser austan goolsbee said this is a punch to the gut.nd worse, new york magazine tweeted today's jobs number is more disappointing than justin timberlake's new album. >> i like the new album. >> oh! >> that hurts. peter, in all seriousness, give us a prescription. what would one thing that obama should be doing to get these numbers up? >> what do you think of justin timberlake's new album? >> that was going to be my follow-up. >> how about this? where did the host get that bow tie? did he wear that for me today? >> okay. i guess the quickest thing that we could do would be, i think, to drill for oil. off the coast, off the gulf coast and off the pacific coast and so forth and get rid of all these -- >> speaking my language, peter. >> i understand that. did you speck a conservative to say something you like in response to that question? >> no. i like it. i'm into it. >> i would like to drill for more oil. i would like to do something about the trade deficit with china. mr. krugman agrees that we should put some kind of tax in. there i wou

jenna: more on the president's budget with austan goolsbee, former chair of the president's council ofconomic advisors and president of economics at the university of chicago booth cool of business. a lot to respond to karl's response to the president's budget. to sum it up, some are saying the balanced approach the president is putting forward he is not putting forward a balanced budget. some economists don't think that is necessary. where do you fall on it? >> what is important stablizing debt-to-gdp ratio and in simple materials debt-to-income. you don't need to balance the budget in the short run to stablize the debt-to-gdp ratio in the u.s. that is where i come down. hearing karl rove, he had the east german judge at the olympics thing going. it literally doesn't make any difference what the president said, karl rove was going to say, that it wasn't serious and that he hadn't made any compromises. i think the fact that the president's own people on the left are upset about the cuts that he did propose in the budget kind of belie that a little bit. jenna: let's talk a little bit mo

even austan goolsbee called it a punch to the gut. president may be on a fund-raising trip.n people want the answer to the question they have been asking, where are the jobs? martha: that is the issue, doug. everybody understands that fund-raising happens in a campaign context. the big question, he didn't even know about this jobs number when they made these comments yesterday but we have a lot of serious stuff going on. >> well, that's right. it is a traditional exercise, martha but the timing is unfortunate. there is good news. the president did take some steps, maybe baby steps towards the republicans with the leak of his budget propositively. he is going to do entitlement reform. he will reform social security. he wants new revenue but he is moving in the direction that he needs to go. it is just unfortunate he is on the campaign trail, bashing republicans when he needs republicans to get a deal to create the jobs. you're absolutely right to suggest we desperately need. martha: yeah. you know, we're going to get more into the details of that budget issue in a couple of m

>> gretchen: austan goolsbee says that we should be thankful because the president actually is tryingroblem with that analysis. >> it's getting better at a modest rate. it needs to be faster. you and i agree on that. >> where were you when the president gave back $20,000 of his salary? gave back to the taxpayer. >> cry me a river! cry me a river! how about -- forget the $20,000. how about stop taking vacations and playing golf with tiger at $180,000 air force one hour? you're on drugs! you can't be serious! >> brian: he did fly out there, the president, just for a fund-raiser to los angeles and he'll be coming to new york just to raise money. >> steve: yeah. so did the dnc pay 180,000 bucks an hour for air force one? i doubt it. i'm sure he was able to say it was part of my job. >> gretchen: some bit of controversy, an ad over at msnbc has melissa harris per yerkes one of their weekend anchors and a professor at tulane university, she talks about kids growing up in american society today and the fact that they're really part of the community. see what you think about it. is it taking

. >> and yet i hear larry summers and austan goolsbee and i hear paul krugman and joe stiglitz, all ofeagues talking about how we need to stimulate the economy with more government spending. government redistributes sources from the people who produce them to the people who didn't produce them. >> anyone? anyone? >> this is like november 1. you wake up and your stomach hurts from having too much halloween candy. is the result to gorge on more candy? >> i could have had candy apples and gum and spent money on all sorts of things! >> your government created a $16 trillion debt for my generation. i understand you're building an infrastructure for the future. some spending is necessary and good. >> this money is spent and injects demand into the economy and it's jobs created. it creates jobs faster than almost any other initiative you could name. >> ♪ you are my candy, girl and you got me wanting you ♪ >> we've got do something. >> ♪ honey aw, sugar, sugar ♪ >> when we first met angel adams, she was living in a motel room with 12 of her 15 children, ranging from 11 years to 15 months, and