From Friday’s Fox News All-Stars.
On the drop in the unemployment rate to 10 percent:
Well, it looks like the jobs summit worked. In one day! Maybe I was wrong about Obama. Perhaps he is a bit of a god.
Look, these numbers are good, but they are to be looked at skeptically. We were going to have a plateau of unemployment at some point. The good news is we might have
achieved a plateau a year, a year and a half ahead of when we thought it would happen.
But the caveats are these:
These numbers have a lot of noise in them. We had a large readjustment of the numbers in September and October. We will likely have a readjustment of today’s numbers in a month or two, so we aren’t sure.
Secondly, these [unemployment] rates … exclude people that are so discouraged that they drop out of the labor force, so that artificially it depresses the [unemployment] number. …
And lastly, if you look inside the numbers, the main increase in growth in jobs was in health care, education, and government work. The last two of those are essentially all government work, which means that we haven’t seen a real sharp recovery at all in the private sector.
On the possibility of a second stimulus or “jobs bill”:
It is a travesty, but it’s an act of political genius because, as you say, there is no money anywhere. We are absolutely out of cash, except all of a sudden it looks as if there is going to be some left over in TARP.
Now, the way that Democrats will sell it is to say: Well, this is money that the Bush administration had said ends up in the pockets of the bankers, the rich fat cats on Wall Street, and we, the Democrats, will redirect it to Main Street. It will be an unbelievably easy sell. It will be astonishingly cynical, and it will be successful politically. They will get the money and it will look good.