IS THE AMERICAN JOBS MARKET REALLY AS GOOD AS SOME OF THE HEADLINE SUGGESTS? THAT'S HOW WE WILL KICK IT OFF TONIGHT. LET'S BRING IN FORMER LABOR SECRETARY UNDER PRESIDENT CLINTON, ROBERT RICE, FORMER ACTING CHAIR OF THE TRUMP AND FROM THE NATIONAL URBAN LEAGUE MARK MARIO. MARK, LET'S START WITH YOU BECAUSE YOU HAVE BEEN STUDYING THESE ISSUES FOR DECADES. IS THERE ANYTHING THAT YOU SEE IN A HOT HEADLINE NUMBER IN JOBS THAT CONCERNS YOU? >> I AM CONCERNED ABOUT THE SLOWING DOWN OF THE ECONOMY. THE U6 MEASURE TENDS TO BE A BETTER MEASURE. A LOT OF PEOPLE ARE ON THE SIDELINES AND I DO NOT THINK WE CAN RELAX OR SHOULD RELAX WHILE THEY ARE ON THE SIDELINES WHICH IN TURN GETS ME WORRIED ABOUT THE FED RAISING INTEREST RATES FURTHER. THERE IS A LOT OF DISCUSSION AMONG FED OFFICIALS AND A LOT OF SCUTTLEBUTT THAT THE FED IS NOT FINISHED, THEY WANT TO GET INFLATION DOWN TO 2%, THAT IS GOING TO CAUSE MORE OF THIS IN FORMAL UNEMPLOYMENT. IT WILL MEAN THAT THE LABOR MARKET IS EVEN LOOSER, AND THAT IS NOT NECESSARILY A GOOD THING. >> YOU HAVE 5.4 MILLION PEOPLE, ACCORDING TO THE UMBERS THAT WE SAW TODAY, WHO SAY THEY WANT A JOB, BUT THEY ARE NOT LOOKING FOR A JOB. THERE ARE 9.8 MILLION OPEN JOBS. NOTHING SEEMS TO MAKE SENSE HERE. >> SOMETIMES YOU SEE PEOPLE IN TRANSITION THEY ARE BETWEEN JOBS AND THEY ARE CARING FOR FAMILY MEMBERS. YOU HAVE TO DIG DEEPER TO UNDERSTAND WHY PEOPLE ARE SITTING ON THE SIDELINES. ONE THING THAT WAS STRIKING TO ME IS THAT THE LABOR FORCE PARTICIPATION RATE AMONGST 25 TO 54-YEAR-OLDS IS 83%. IT IS THE HIGHEST SINCE 2002. ONCE AGAIN, THESE REPORTS GIVE US SOME GOOD NEWS, CONSISTENT JOB CREATION, SOME CONCERNING NEWS, THE U6 NUMBER AND SOME OF THE THINGS THAT YOU HAVE MENTIONED. I THINK IT IS A GOOD REPORT, BUT IT DOES NOT MEAN THAT THERE IS NOT SIGNIFICANT WORK THAT NEEDS TO BE DONE. I AM CONCERNED THAT THE BLACK UNEMPLOYMENT RATE SPA BIKED BACK UP. >> MARC, I THINK IT WAS NINE OUT OF 10 JOBS LOST WERE IN THE AFRICAN AMERICAN COMMUNITY. >> THAT IS A GREAT CONCERN HAD LAST MONTH PEOPLE SAID THE HEADLINE WAS THE DIFFERENTIAL HAD BEEN REDUCED. I SAID, NO, WE HAVE TO LOOK AT THE LONG-TERM TREND. THERE ARE AREAS OF GREAT CONCERN . ON A OVERALL BASIS, WHEN YOU HAVE 17 MONTHS OF UNEMPLOYMENT RATE BELOW 4%, 3.9 MILLION PEOPLE MORE ARE WORKING TODAY THAN IN 2020, WE HAVE TO LOOK AT THESE NUMBERS ON A COMPARATIVE BASIS BY HAVING A DISCUSSION ABOUT WHAT WE NEED TO DO. >> IF PEOPLE FOLLOW ME ON TWITTER OR SOCIAL MEDIA, THEY KNOW I HAVE BEEN CRITICAL OF THE PRESIDENT WITH HIS CLAIMS ABOUT JOBS, 13.2 MILLION, THAT IS A VERY PANDEMIC BASE AREA AND ONE THING I WILL GIVE THE PRESIDENT CREDIT ON IS THE CONVERSATION AROUND CHILDCARE. I AM WILLING TO BET IF WE PULLED OUR AUDIENCE, PARTICULARLY WORKING FAMILIES, WHEN THEY ADD UP THE COST OF THINGS LIKE CHILDCARE AND COMMUTING, THEN THEY DO TAXES ON TOP OF THAT, YOU KNOW WHAT YOU REALIZE? I AM WILLING TO BET IF YOU LIVE IN NEW JERSEY AND YOU'RE MAKING LESS THAN 60,000, 70,000 A YEAR AND A COUPLE OF KIDS IN CHILDCARE, IT DOES NOT PAY TO WORK. YOU WILL COME HOME WITH ZERO, HOW DO WE FIX THAT? >> ONE WAY TO FIX IT WOULD BE TO INDICATE THAT YOU ARE GOING TO MAKE PERMANENT THE CHILD TAX CREDIT PROVISIONS IN THE 2017 TAX LAW. WE NOT ONLY DOUBLED THE CHILD TAX CREDIT BUT WE ALSO EXTENDED THE REFUND OF MIDDLE FUNGIBILITY , AS LONG AS YOU ARE WORKING YOU CAN CLAIM THE EXPANDED TAX CREDIT. THAT LOWERS THE AFTER- TAX RATE OF RETURN ON WORK FOR PEOPLE FOR WHOM WORK REQUIRES THE INCURRENCE OF CHILDCARE COST .
