peter morici, prossor of economics at university of maryland and bryant ruiz senior staff writer ed washingt business urnal. and this week covering one off our favorite topics, ceo's t that are overprpaid and those who are underpaid. bryant, we shohould point ouout the paper wawas quick to say thahat youu are not saying whether or not the ceo pay in regard to the restst of the people going to work every day, whether it is out of whack. but what you did look at is whwhethea ceo's pay was out of whack with his or her compapany performance. sellers about the methodology. >> we took the 50 largest companies -- publicly traded compies sed in the d.c. area, o by payelative to the company's size, and we looked at different perforormanceetri for the companies and howw much the revenue growth, how m much eaings growth, and the stock performance compared to a pepeer group. we look for mismatches. so someone highly y paid relative to size but global warming would be overpaid. >> let's take look at the ththree most overpaid and landing number one was john welch, from usec in bethesesda. he made $6 milli

> reporter: people like shung make the real unemployment rate feel much higher, says economist peter morici. >> if we counted those folks who are discouraged or working part time because they couldn't get full-time work the unemployment rate is 15%. >> reporter: shung doesn't qualify for jobless benefits. how do you survive? >> well, i live on savings. i live day to day. i don't think of the future too much. i have a very tight budget. i manage. i-- i just-- it's america. so it-- it's-- there are ways. >> reporter: hoping to some day rejoin the workforce, shung is pondering a second graduate degree to become a guidance counselor. ines ferre for cbs news, new york. >> axelrod: a little niement history here. for two years, starting in early 2008, 7.5 million american jobs were lost. then a turnaround. in the last 22 months, some four million jobs were created. cbs money watch editor jack otter is here to help us figure out what to make of all these numbers. thanks for joining us. 163,000 new jobs, good news or bad news? >> it was better than expected so the market rallied on the news but at t

let's talk about it with peter morici, economist at university of maryland. former chief economist for the u.s. international trade commission. you used the "d" word in a recent article, peter, depression. you say that is what is ahead if the president and the congress can't find some common ground? >> absolutely. if we have a second recession, in the as sense of a deal on the fiscal cliff, we'll certainly give us a recession. we're not likely to rebound again. the definition of a depression is when you have a downturn and you can't get back up. it doesn't have any capacity to regenerate the economy. jon: well, this is the greatest nation in the world. why wouldn't we have the ability to pull out of another recession? >> well, this last recession was very deep and severe. and a lot of folks still haven't recovered. they run down the ira's, keough's and savings. they used to use that money to buy cars which got the economy going. this next time around they won't have savings. there are a lot of families with one earner and used to be two and earning a lot less

hear to way weigh in on this is the university of maryland peter morici.e to see you this morning. >> nice to see you. >> you are looking at these numbers on friday morning and we heard what mitt romney had to say there coming out about in this is a hammer down on the middle class and problem for the country. later in the afternoon, the stock market source to 217 soars to 217 points and ignores this. >> you have to ignore the stock market, it will go down again on monday. popping champagne bottles and saying this is great progress. we have seen progress like this before only to fall down. it comes to 35 jobs for every city and county in the united states. think about it. 35 new jobs in manhattan. that's something to pop champagne? >> that's just one mcdonald's down the street. >> he they did say we have too many folks out there looking for work. we have more work to do on their behalf. is it enough to say we are back on the upslope after one uptick there in the job creation number? we need to create bring unemployment down to 6.6%. we are well capable of d