Ex-Obama aide: No, Jack Welch, I don't agree
October 10th, 2012
02:02 PM ET
10 years ago

Ex-Obama aide: No, Jack Welch, I don't agree

New York (CNNMoney) - President Obama's former chief economic adviser takes issue with Jack Welch's assertion that he, like the former General Electric CEO, has accused the government of manipulating the unemployment rate.

Austan Goolsbee responded on Twitter to Welch's op-ed piece in The Wall Street Journal on Wednesday. In the Journal, Welch defended his widely noted Tweet last week questioning the drop in the September jobless rate, citing Goolsbee as saying in 2003 that "the government has cooked the books."


Filed under: 2012 • Austan Goolsbee
soundoff (19 Responses)
  1. cali girl

    Jack Welsh should be in a prison cell with the dirty cheatsfrom Enron.

    October 10, 2012 02:10 pm at 2:10 pm |
  2. myviewis

    Let's just wait a few weeks more for the Obama administration to say that some numbers were left out by Hilda Solis's department or the numbers were entered incorrectly in the system and it turns out the unemployment was higher than 7.8% as all experts had predicted.

    Just like when Hillary Clinton said the FBI was in Benghazi on the premises investigating and it turns out they were not in Benghazi at all.

    October 10, 2012 02:12 pm at 2:12 pm |
  3. Larry L

    The most significant lesson from this discussion is the obvious disappointment the old right-winger has with a positive economic report. Republicans have worked hard to prevent a fast economic recovery to improve their chances of getting their candidates elected. This is about the most dishonorable act possible yet it's happened from Mitch McConnell on down.

    October 10, 2012 02:17 pm at 2:17 pm |
  4. Borderless

    I sincerely doubt the unemployment rate was manipulated. That's a ridiculous, paranoid assertion. However, Obama doesn't exactly have bragging rights, does he. The unemployment rate is now exactly where he found it. Net progress = 0. Another fail, team Obama.

    October 10, 2012 02:31 pm at 2:31 pm |
  5. Thomas

    Where was Jack Welch's expertce during the GW Bush years , and what did he say about the books on Wall St before the crash in 08 ?

    The only real reason Welch is doing this is because off all the money he will loose on his online collage govenment GI contracts , it's a billion dollar a year scam . He and a few other online colleges have been pressured by the Obama administration to play by the rules and stop corrupt recruiting practices.

    Read about it , look at Romney's big money supporters in San Diego .

    Jack is and always be about profits , his !

    October 10, 2012 02:39 pm at 2:39 pm |
  6. demwit

    There was no manipulation of numbers!
    We just changed the questions..., HA HA!!

    October 10, 2012 02:41 pm at 2:41 pm |
  7. Pete

    Mr.Goolsbee is right,you're retired Jack Welch go relax this isn't your fight.And Mr Welch where were you when your buddy Bush was destroying our country,making billions I bet with Bushs hidden government contracts like Cheneys Halliburton right!!Just another republican 1% snob who thinks he's still has an opinion,well you don't at least publicly and I'm being respectful that's all!!

    October 10, 2012 02:45 pm at 2:45 pm |
  8. GI Joe

    Jack Welch is a wealthy old fool. Or has HE used his money to influence numbers in the past???????

    October 10, 2012 02:53 pm at 2:53 pm |
  9. Sniffit

    Were the numbers measured the same as they have been the entirety of Obama's presidency? YES.

    Were the GOPers/Teatrolls happy to trot around like angry Rafalcas for the past 4 years when the numbers were bad and, therefore, they viewed them as favorable to themselves? YES.

    Are they now inventing a demonstrably false and patently ridiculous conspiracy theory because they view the numbers as not as favorable to themselves and not as damaging as they would prefer them to be for Obama? YES.

    Is the MSM helping the GOP/Teatrolls do so by failing to do any factchecking or analysis with respect to just how ridiculous these assertions are? YES.

    But hey, we KNOW there are elephants hiding in the strawberry patch, so the failure to find any is actually proof that they're really hiding in there.

    October 10, 2012 02:55 pm at 2:55 pm |
  10. rosco

    sure, ill close gitmo
    it was because of the movie the embassy got attacked
    no i never said that
    like i believe this guy
    and im sure the #s werent cooked
    there will be a retort after the election that they were off a little

    October 10, 2012 02:59 pm at 2:59 pm |
  11. MrBeenThere

    Who really cares, Mitt's plans for us well destroy the economy as we know it.......... Only the Poor and the Rich nothing in the middle. Enjoy your retirement condo, it well be a box down some dirty alley. Better hope the food banks don't dry up or you'll be eating rat-kabobs........ Mitt might let you wash his car window for a quarter as he drives by..

    October 10, 2012 02:59 pm at 2:59 pm |
  12. Sniffit

    "However, Obama doesn't exactly have bragging rights, does he. The unemployment rate is now exactly where he found it. Net progress = 0. Another fail, team Obama."

    Wrong. He found it at 7.8% and dropping by almost 800K jobs per month. It did so for several months and dug a 4.3M job hole. Obama has not only managed to fill that whole, but overtop it and get us back to an unemployment rate of 7.8% and FALLING. Trajectory matters ALOT here. When Obama took office, the GOP/Bush policies had us in a trjectory that might as well have been striaght down...now it's slightly up and increasing. Any way you slice it, is is mathematically significant progress and the GOP/Teatrolls' substanceless conspiracy theory freak show that Welch is leading is proof that you recognize this fact, even if you won't admit it.

    October 10, 2012 03:00 pm at 3:00 pm |
  13. Bill O

    The Economist (a reputable pro business magazine) has published has recently published articles showing:
    1-Expert economists tend to favor Obama policies (based on a sample of over 300 experts), Google:" The economy: Asking the experts The Economist"
    2-America's stockmarket has gained more under Democratic than Republican presidents, Google:"America's stockmarket has gained more under Democratic than Republican presidents The Economist")

    Folks, this is an important election! Go volunteer, motivate your friends and family (ask them if they have registered/voted), use Facebook. Don't sit this one out, your kid future and yours may depend on it. Republicans have a bad record on governing, but they know how to win elections (and the Supreme Court decision: Citizen United made it even easier for them, Adelson gave 8 millions to conservative PACs so far, that's equivalent to 800000 people giving 10 dollars contributions...). Guys we could be stuck with Romney until 2020, and may be Ryan until 2028!!!

    October 10, 2012 03:03 pm at 3:03 pm |
  14. miami

    Well jcw your word dont matter to american people the economic are pick up thanks to your party who was crash it in the first place .no more tax break to you or your rich friends go away ..

    October 10, 2012 03:03 pm at 3:03 pm |
  15. Al-NY,NY

    I bet if the number jumped higher, the crook Welch wouldn't be opening his maw about "manipulation."

    October 10, 2012 03:06 pm at 3:06 pm |
  16. Dominican mama 4 Obama

    Please. NO ONE agrees with Welch. He's just another member of the GOP Boogeyman Brigade.
    Think about it, unemployment has been measured using certain key elements for eons. Now they want to add other variables to the measure because it doesn't benefit the 1%ers backing Robmey for Obama to have made good on bringing unemployment below 8%.
    This is what this is about. Everybody knows it. To get caught up in the replays, and do-overs, and paranoid theories is the bloodsport of idiots who happen to be rightwingers.
    The Labor Department is so anal in their security of these numbers that if you go to the bathroom you have to lock up data.

    Idiots like Welch, Siegle, the Papa John dummy, Donal Dump et al need to refill their heart medication because Obama is going to win IN SPITE of their ridiculous scare tactics and intimidation. And I hope the pharmacy is closed.

    Obama 2012. Period.

    October 10, 2012 03:11 pm at 3:11 pm |
  17. myviewis

    The unemployment rate is now exactly where he found it. Net progress = 0. Another fail, team Obama.

    You are correct, Obama put the unemployment rate back to 7.8% where President Bush left it. So why did we have to travel the horrible unemployment route of 10.0 just to come back to Bush 7.8%??????? Because Obama doesn't know what he is doing.

    October 10, 2012 03:19 pm at 3:19 pm |
  18. al in memphis

    @ Borderless

    I thought when Obama took office the economy was losing 750,000+ jobs a month. If the economy is exactly where he found it then it still should be losing 750,000+ jobs a month. General motors should still be looking to shut its doors. Housing prices should still be falling.
    You do bring up an interesting point– the real factor is what direction and how fast is unemployment moving. If we were losing 750,000+ jobs a month, maybe unemployment was accelerating to a 20% rate. If we are gaining 150,000+ jobs a month, maybe unemployment is moving to a 7% rate.
    Let me stop myself before I engage in any other rationale conversation.

    October 10, 2012 03:19 pm at 3:19 pm |
  19. Howard

    IMAGINE THAT ... SIX TRILLION HARD EARNED AMERICAN TAX DOLLARS SQUANDERED ... and obama stooge, Austan Goolsbee ... is defending and covering up for the liar and thief, Barack Obama.

    October 10, 2012 03:33 pm at 3:33 pm |