right now, 1 in 7 in this country are unemployed or underemployed.llars in debt, and growth remains at a rock bottom stagnant 2%. bottom line, team obama's economic policies are not working. and they may be hindering economic growth. but to get the other side of this discussion, let us bring in our special guest. all right. we welcome back to the show, former treasury secretary under president clinton and former top economic adviser to president obama, now professor of economics at harvard university larry summers, mr. summers, welcome back to the show. i appreciate your time very much. and i just want to begin, larry, with this. after the big stimulus package several years ago, the $800 billion stimulus package, each and every year the obama administration projects 4% economic growth and an unemployment rate that should be around 5.7%, 5.8%. as you know, the economy's stuck around 2%, unemployment's around 8%, the workforce seems to be vanishing. what's going on here? what's gone wrong? why isn't this working out? >> i think i'm glad to be on your s

and i think for those 23 million americans who are unemployed or underemployed or have left the workforceely, they're not better off. or those people who -- on average their family income declined by $4,300 since president obama took office, they're not better off. or people whose home values if they are still in their home opposed to being foreclosed. the record number of americans living below the poverty line today, they are not better off. >> given all the fury over the anniversary of bin laden's death and you heard the spiking the football issue. tell me this. if it had been a disaster, if bin laden had not been killed or captured and navy s.e.a.l.s had lost their lives and so on, would you guys have launched a campaign using that against the president? >> you know, this speculation from democrats as to what would have happened if things went wrong and governor romney wouldn't have made the same decision, you know, why don't we talk about the facts? the facts are that president obama made the right decision to go after osama bin laden. governor romney applauded him for that at the ti

one out of every six americans is unemployed or underemployed or have given up looking for work because of the obama economy. we talk about these choices for the other side continues to bring this as a choice between oil or seniors or this group for that group. these are false choices. the choice we need to be talked about is a choice where everybody wins, where everybody gets -- is better off. we need to quit talking about a choice between paychecks and food stamps. we need to talk about paychecks for everybody wins. when i took my first economics class, two of the first things i learned was that if you want less of something, attacks it. if you want higher gasoline prices, let's tax the oil companies. that hits the middle class the hardest, it hits seniors on fixed incomes and it's the poor the hardest. if you really care about those groups, you'll quit talking about this guise that you can raise taxes on oil companies. the second thing -- and we can bring up the last chart -- can we bring that up again? the one with the spending-driven debt crisis. the other thing i learned was that

half of all college graduates are jobless or underemployed.nd the mountain of student loan debt topping $1 trillion. and interest rates on the loops are set to double july 1. lawmakers in washington, dc are scrambling to extend the lower rates. but is that enough? we will ask a couple of recent college graduates. welcome to both of you. first, you say college graduates want jobs rather than lower interest rates. >>guest: absolutely. it could be tempting in the short run to support a policy that continues to subsidize or forgive student loans but the truth is, those subsidies will not solve the underliving problems that are affecting the prospects of young people in the united states today. we need jobs. and a robust economy to help us move forward. >> i understand you are actually under significant amount of student loan debt and taking out another round to go to dental school. how do you feel about the situation? would it be a hardship if the rates double? >>guest: it would be. it is something that will have to happen as you said. outstanding

over half of americans under 25 who hold a bachelor's degree are unemployed or underemployed. nearly 25 million adults live at home with their parents, not oust choice but because they can't find work or earn enough to survive on their oafnlt any way you cut it, college graduates are ready to chase the american dream, are having a roadblock awaiting them in this economy. we've got to stop this trend. we've got to work together do this. while giving arkansas students access to the very best education possible at an affordable rate, we must also work to ensure there is a healthy job market awaiting them upon graduation. earlier this week the senate majority brought forth its bill to extend the lower interest rate on federal subsidized stafford loans. i am confident we will find a way to accomplish it before the deadline. but the reason the majority proposal failed is because it is the wrong approach. their proposal funded it by raising taxes on our small businesses. this idea of taxing or spending our way out of the fiscal mess is why the economy is not rebounding. continuing do

symptoms. ( rap music playing from car stereo ) behind e inr-cieighrhoods ll of unemployed and underemployedesidents. in the heart of the roxbury neighborhood is dudley square, still the regional hub for the city bus line, once, only downtown ston had more shoppers. today, it is rundown, according to developer joyce stanley. stanley: dudley's been an area that's been neglected for a long time by the city, by a lot of banks and thstate. and what we want is something to be le to develop soildings, anthe rgngs want is something ate in ouareadevelop narrator: e hope is that large restored buildings might attract new employers to the area. it's a gamble boston needs to make using someone else's money. they desperately need jobs to combat poverty. it's 1994, and theity has just enter a competition. but unlike this friendly street game, the stakes for boston are high, and the clock is ticking. cities across the country are vying for new federal grants for something called an "empowerment zone"-- a special area of the worst poverty. for something called fto spearhead boston's forts, e mayor enlisted

so what's a highly indebted, un- or underemployed grad to do? if there's no jobs, we can't pay those student loans back. >> reporter: the occupy movement tried to organize a mass repudiation of student loan debt. it failed. no wonder, given how firmly the law is on the side of lenders. but it turns out that many of the un or underemployed protestors are probably eligible for substantial relief that they don't even know about. >> once a borrower graduates or leaves school, it's very hard to counsel them on all their options. >> reporter: according to mark kantrowitz, because most student loan debt is federally guaranteed, most is eligible for a federal assistance program, in place since 2009, called income based repayment. but hardly anyone is using it. >> right now, about 2.25% of borrowers are actually taking advantage of income based repayment. >> reporter: 2.25%? that's all? >> 2.25%. so out of 37 million were talking 600,000-700,000. >> reporter: well, why is everybody not taking advantage of it? it would seem like a no-brainer. >> partly, i

that the number of unemployed count about twenty five million in this country that's unemployed underemployed in part time workers. so the u.s. workers definitely need solidarity from their brothers and sisters from around the world. sam where do i live went to school and then is in the center of the union they taught us about the the class consciousness you know what class consciousness is so tell me that if socialism is still the best solution for working class for the american working class why are they voting for republicans or even for the democrats well i don't think it's the case that working people in this country. see socialism as their best solution. class consciousness is changing workers are beginning to understand that their main problem the main obstacle to progress in this country are the the one percent you know those who work work on wall street. but they aren't yet at the point where they're ready to fight for socialism many years especially between one thousand nine hundred five and one nine hundred eighty since then economic conditions have worsened in the working people i

. >> the number of young people unemployed, underemployed with less opportunity, greatly increase in the last year. we are setting up today taskforce to deal with this increasing skiers. will the prime minister commit the active participation of every department in our task force work? >> i certainly will do that because there is vital work to help unemployed people. what we find with all the schemes we have whether it is the work program or the use contract is the most useful thing is the work experience scheme because it brings young people and let up -- has a better work schemes and other schemes. and in that constituency with the help of all the agencies. sir >> since may of 2010 the number of people waiting for an operation has fallen by 50,000. this does not demonstrate our commitment to increasing health funding and health reforms are beginning to go through. >> grateful for the question. we made an important and difficult decision that other budgets being cut we would protect the and h s budget but that was not supported by the party opposite. we have the best performance for

but what opens them to it are things that have to do with social cohesion, whether it's being underemployed, unemployed, not knowing as a secular third generation muslim, if you look at the smalley american community, you've seen examples of this. there's a lot we can do that's no in the national security realm that would go a very long way towards making the country safer. >> i think there's a tactical implication that matthew and mary touched on that i want to highlight here and that is the feature of the core in terms of being able to provide this cadre of very capable bomb makers and trainers and rehearsers. matthew's point about the failure to have the bomb go off is indicative of the fact he was a boy scout camper in the fattia. he didn't have a lot of training and outreach. the fact that far uk mahmoud con get his underwear to go off in the airplane. the the absence of a last-minute visit of a capable bomb maker that caused the bombs to not go off in the south london strike that did in the part of morninon london two weeks before. it's taking something mildly tragic into hugely tragi

nearly 23 million americans are unemployed, underemployed or have stopped looking for work. but the obama campaign has its own video touting accomplishments on jobs. >> over the last 25 months, 4.1 million new private sector jobs. and while there's still more to do, there's been real progress. >> so, gloria, the facts are both of those ads are correct. >> right. >> they're both right. but the man who better convinces voters. >> right. >> is he the one who wins the election? >> i think it's true. i think you've got to convince voters that you're the person who can get us out of the mess we're in. one thing voters seem to agree on when you look at the polling, as i do every day, is that a majority of americans in this country believe that things are going badly. when you compare president obama to mitt romney on the economy, they're about at parity right now. when you ask the question who's better able to get us out of this mess. so it's clear that the opportunity for the romney campaign right now is not on foreign policy. we've been hearing a lot of talk about osama bin laden

. >> the number of young people unemployed, underemployed with less opportunity, greatly increase in the last year. we are setting up today taskforce to deal with this increasing skiers. will the prime minister commit the active participation of every department in our task force work? >> i certainly will do that because there is vital work to help unemployed people. what we find with all the schemes we have whether it is the work program or the use contract is the most useful thing is the work experience scheme because it brings young people and let up -- has a better work schemes and other schemes. and in that constituency with the help of all the agencies. sir >> since may of 2010 the number of people waiting for an operation has fallen by 50,000. this does not demonstrate our commitment to increasing health funding and health reforms are beginning to go through. >> grateful for the question. we made an important and difficult decision that other budgets being cut we would protect the and h s budget but that was not supported by the party opposite. we have the best performance for

age 18 to 29, 32% of those are considered underemployed.you're coming out of school probably with student debt and this economy hasn't given you much to hold on to. this is the part you can try to hold on. for the first time in about four years you're seeing companies hiring kids to start in the fall. a lot of this is happening in marketing, some happening in advertising and information technology and computer sciences. getting you lined up for jobs in the fall. these companies are worried their pipelines will run dry. their pipelines of talent will run dry. baby boomers are starting to retire. more are starting to retire even if they plan to work longer than they thought and want to make sure they have kids on the front end. they're competing with last year's and the year before. we're starting to see loosening there. the job survey turnover. economists have pointed to as a perhaps of a sign of stealth healing. there are now 3.4 job seekers for every job opening. that sounds a little scary. i want the job and there are three others that wa

for dinner like most people i can't make up for the falling demand of the millions of unemployed underemployed americans who can't afford any cars or anything answer to dinner at all. that is so startlingly right nic you recently gave a ted talk on this issue that caused some controversy since ted at first didn't publish it saying that it was too political and it would insult business managers apparently their words what's your reaction to that. well i mean the talk i gave it is very controversial because it attacks an economic orthodoxy that a lot of people and in particular a lot of very wealthy and powerful people have a huge stake in it is a fantastic thing to both believe and have other people. believe that you are a job creator the center of the economic universe and in fact you know when when you make this claim and when people like me make this claim when mitt romney makes this claim what it sounds like is that we're describing how the economy works but actually what's going on is something far more interesting what we're doing is we're making the claim on status and privilege the lang

including cuts to pell grant programs half of our nation's recent college graduates are out of work or underemployed if young people can't find work out of college that a whole generation of entrepreneurs teachers and engineers could be lost and that's why young people all around the world and the occupy movement are leading the march on this may day for a round up of today's action from new york city i'm joined by occupant participant mark bray associate editor alter net sarah seltzer welcome to you both. yes thank you thanks for joining us mark let me start with you if that's ok how is may day in new york city today. it couldn't have gone any better i mean really even from the start of the day when we had our pop up occupation despite a little bit of rain early on we had i would say maybe a peak of a thousand people bryant park on a rainy tuesday morning we had educational events we had workshops we had pickets to local corporations we had a free university down in madison square park and then just now in union square we had i'd say at least fifteen thousand people if not maybe of twenty marching

and gallup says, aaron, one in three, 18 to 29-year-olds in the work force, was underemployed meaningy were doing a job that they were underqualified -- they could be doing something much bigger. president obama is calling for you. your generation to fight for a seat at the table. you know, your generation is seen as generation entitled complaining about debt that should be an investment and kind of waiting for the right job to come around. picking majors that the economy doesn't favor anymore. >> well, you know, we just finished 21-state bus tour hitting over 43 different campuses. we talked to graduates all across the country and absolutely the economy is brutal but the optimism that you said, you suggested is definitely out there. i mean, this is a generation that we've done polling and find they want to work hard. they know education pays off and is the key to success. but i absolutely agree that the college is still a good investment but the question is at what point does the cost really start to work against graduates? we are seeing tuition that's going up. >> right. >> three ti

if we had accessible and affordable health care to those people who may have lost their jobs or underemployed or have just work and don't have health insurance. so those costs are borne into the medicare system. the medicare system needs to bear the brunt of those costs are go what we tried to do in the affordable care act is say those people should have access to affordable health care even if we have to help them with this, because then we will be able to get to problems that they have sooner so that they don't get as expensive into the medicare program. that is just one way of doing it, and making sure they get access to preventative care. is a little more complicated. it takes a little bit more activity on our part to try to deal with that but if not it's going to cost the medicare program a lot more money. and the idea that has been presented here in congress for us to give these folks a voucher and i know the chairman will say no, it's premium support but it's not remy him support like our premium support that we get as members of congress which is 75% of the cost of health care that we

currently nearly half of college graduates in america are unemployed or underemployed and they are all drowning in a trillion dollars of student loan debt studies have shown that college graduates entering the job market in a stronger economy will earn far more and wages over the course of their life than graduates entering the job market during poor economic times like right now unfortunately instead of directing economic stimulus toward the next generation of leaders innovators and entrepreneurs the student loan debt relief program jobs programs or lower education costs republicans here are pushing more austerity along with a three trillion dollar tax cut for the romney level super rich so where is the sort of austerity drive in europe in the united states what's the endgame and how do we get out of this economic death spiral joining me now is professor william black associate professor of economics and law at the university of missouri kansas city school of law professor black welcome to our program thank you let's start in europe for several years now greece has pursued austerity t

whether it is being underemployed or unemployed or not knowing if they fit, you have seen examples in the somali-american community. >> there is an implication that mary and matthew have touched on. the feature of the corps in terms of providing this cadre of capable bomb makers and trainers and reversers. matthew's point about the failure to have the bomb go off is indicative of the fact he was a boy scout camp are in -- camper in fatah. these guys were refered to as nitwits. the difference between 77 north and south. there is something to a core, taking something that could be, cool, mild lead tragic into huge lead tragic that we have to be -- mildly tragic into hugely tragic. and how you find someone who is disgruntled. this seems to me where most groups want to go, a mumbai- style attack. that does not mean complacency but those kinds of attacks, those are the ones we should fear because they require less of a high-tech, high-ability mindset. >> not xm free only to that, more in terms of the long term. if i may say about bin laden, every single person has wanted since the death of

don't take vacation time and then the people that work you have people that are unemployed or underemployed then you have people that work like animals and the people that work like animals just burn out and get replaced by any number of those unemployed americans who are not efficient they're not good the job one is you decrease the value of the product you create burned out workforce unhappy people. that is being ruled by technocrats in brussels and washington and then you get this bubble of inequality and disequilibrium and explosions lots of explosions and well it's obviously working so i have to kind of overhear this leandra shamed into that because the system yeah you know you haven't they're going to be shamed by the herd anyway you take lots of occasions lower and a lot of guys they get a vacation ok all right are on the ground we're going out of the way i'm being defamed let's move on i have not we hear a lot about some symbols what we do know is the deficit deal that didn't really go anywhere in congress officially but it was it was aimed at reining in the u.s. deficit what we don

again, whether it's being underemployed or unemployed or not knowing as a second or third generation muslim whether they fit in my husband limb or my american -- as we see in europe, if you look at the sew monthlyian-american community, it's not something that would go a long way towards making the country safer. >> i think there is a tactical implication that both mary and matthew touched on that i want to highlight here. and that is the feature of the core, in terms of being able to provide this cadre of very capable bomb-makers and trainers and rehearsers. and matthew's point about, you know, the failure of faisal sha sad to have the bomb go off is indicative of the fact he was a boy scout camper in the fatah. he didn't have a lot of training or route reach. the fact that mahmud couldn't get his underwear to go off in the plane mean

market is terrible that something like half of all recent college grads are either unemployed or underemployed you know. we're seeing the fallacy of that story which is that you can go to school and you will get a good job and it doesn't matter how much debt you took. i mean for the first time being up on us here for the first time more and more of those unemployed or college graduates the not i mean so what is the solution here other than of course alleviating the expunging you know offering for you to be able to declare bankruptcy on all these things i mean should people start looking at alternatives other than going to college. i am a big fan of education master's degree i learned it i did i went to school as an undergrad i was an english major which was certainly not going to get me a great job but i did it and i loved it and i don't want to be the person who is telling people not to go to school however i would say that if you are going to take out a massive amount of debt you should think about where you're going to school how much it's going to cost you why you need to take out that muc

result of the president's job-killing policies and 23 million americans who are unemployed or underemployed or out of the workforce entirely. these are a result of failed policies and a lot of americans who put hope in the president and his promises because the promisy haven't panned out and his policies are resulting in economic stagnation and stagnant growth rates and a pro-growth agenda that would foster job creation as he did in massachusetts with the record of strong leadership as we saw in the olympics. when people look at the contrasting policies between the pro-growth agenda of governor romney versus what we have now as a result of president obama's policies. the choice is very clear in november. we're confidence that the majority of americans will flult higher jobs and higher wages and lower gasoline policies. >> the president of the united states and the former governor of massachusetts. ed gillespie, thanks for coming in. >> thank you for having me, wolf. >> toxic chemicals and the risks they pose to children. >> when you sit down you release this fine spray of toxic chemicals ri

that is why there are 23 million americans today who are either unemployed or underemployed or left the work force entirely and why millions of people have lost their home and ended up in food stamps and poverty because this president is hostile to job creators, in his policies and in his rhetoric if you look at the obama care bill he passed the congressional budget says it cost our country 800,000 jobs if you look at the punitive taxes he wants to impose on small business owners that generates two out of every three new jobs in our country historically and on the keystone pipeline to keep that from going forward, thousands of jobs almost immediately that is the problem that i think mayor booker and rendell were trying to warn us about. >> schieffer: isn't ate fair thing to say that governor romney is the one who started this? i mean, he is the one who came and started talking about all of these jobs he had created. when, in fact, i mean, venture capitalists don't sit down at the table and say let's think about some plan to see how we can create a bunch of jobs. they sit down and say, l

another plant thying today, but on the ordinary iowanss among the 23 million americans unemployed, underemployeddeparted from the workforce. >> that is the problem. a lot of people were around here. everyone believed, everyone had hope. they all thought, this guy will get something done. now it seems like nothing will get done. >> he harkened back to era of big government is over. >> this is enough to make you wonder maybe it was personal beef with the clintons but probably it runs deeper than that. >> in a rare public appearance and rare return to the capital, former president bush endorsed governor romney today. he said he welcomed support as welcomed his father. this leaves laura bush in doubt. >> thank you. >> jobs and the economy will certainly be the pivot points in the november election. tonight, senior white house foreign affairs correspondent wendell goler reports on where the president stands with the public right now. >> it will be decided on issue he wishes were stronger. >> whether people feel america is the continued land of opportunity. >> there was bad news for him in a poll that

this 22.5 million people are unemployed or underemployed.you are playing a baseball game or football game. football game, a quarterback makes a great play. -- the cornerback makes a great play. >> dana: what is a corner back. >> eric: defensive player. >> dana: i'm kidding. >> he jumps up and gives his bud day high-five and they do a victory dance but they don't realize they're still down by 30 points. look at the scoreboard. obama has a scoreboard. losing on the scoreboard. >> dana: bring in leslie, glad to have you here today, replacing bob to give us a break from bob. >> putting the white space in front of my face >> dana: he has learned. he got that down now. what is said years ago in a church might not be as relevant now as what president obama said and in the record he has to run on now. from a democratic perspective, what would they rather fight on? wright or the economy? >> a lot of people will say i can't believe you're saying this. i agree with romney. i'll tell you why. romney wants to win a presidency. not a popularity contest. h

we continue with high unemployment, we continue with people out of work, unemployed, underemployed, and the promise both from the president of new jobs and of nancy pelosi of 4 million jobs is another broken promise. instead of creating jobs, this new law is destroying jobs all across the country. they say, how is it that they can actually be destroying jobs in well, that's exactly what we're seeing as a result of the health care law. recently columnist george will wrote about how the president's law will impact cook medical. it's the world's largest family-owned medical devices company. he explained in his company that the democratic congress "included in the legislation" -- then all the people on that side of the aisle voted for this -- "included in the legislation a 2.3% tax on gross revenue." not profits. we're talking gross revenue. "which generally amounts to about a 15% tax on most manufacturing profits. from u.s. sales and medical devices beginning in 2013." so it's something that happening very, very soon. this will be piled, as he says," on top of the 35% corporate tax plus st

of president obama's disastrous economic policies, americans are struggling with unemployment, underemployed or have given up looking for a job. >> this is a time for new answers and a new direction. it's the only way our future can be better than the past and as this new direction creates new jobs, it will also create the increasing demand for workers. that produces higher wages and better benefits. with the right direction and the right leadership, america can be reinvigorated as an economic powerhouse and families can depend once again on stable jobs and rising home values and more opportunities for their children. this can be more than our hope. it can be our future. >> governor romney added he'll describe policies of that new direction throughout his campaign. next wednesday we'll take another one of your questions this time to president obama. join me next week for middle class talk back. >>> police are still searching for adam mayes wanted in killing of a tennessee woman and her teenage daughter. right now police are expanding their search for the woman's two young girls, alexandria a