Video: Cantor has strong words for Obama over jobs report

>>> could the disappointing job numbers mean for the president's re-election efforts? this headline from salon.com reads white house panic alert. it calls the may jobs report one that only mitt romney could love. republican leaders in congress also jumped on the president over the unemployment numbers. the house majority leader eric cantor had some of the strongest words early today .

>> this is terrible. these job numbers are pathetic and i think it just really cries out for us to actually try something new now.

>> in response, democratic leader nancy pelosi came out, of course, defending the president, telling republicans in congress to stop obstructing policies that would create jobs.

>> it's time for the republicans to stop stalling. to stop stalling on the transportation bill which will create jobs.

>> let's bring in "news nation" political panel for this friday. washington bureau chief for the chicago sun time, lynn sweet . contributor jimmy williams and "newsweek" columnist cnbc contributor, zachary , let me start with you. you've talk about the fact that people need to get used to higher unemployment numbers. this has less to do with the president and more in the direction that we are going in as the country as well as the global economy .

>> yeah, look. the spin about reality wouldn't have been any different if there had been 100,000 more jobs or 150,000. it wouldn't change the relatively static job picture. now you have this political hyperbole arena where the republicans in a way that is really, really distressing although utterly predictable are in some sense jumping on the bandwagon, isn't it great that things are this bad so now we can rehash saeft argument that's things would be so much better if we had a different president. that's fantasy land.

>> even the president is wants to put in place, a so-called to do list, he believes would have resulted in job for people out there. particularly in the construction market. you heard pelosi refer to the transportation bill . so those are policies they believe could have made a difference.

>> yeah. and again, i think that that, too, is more wishful thinking than reality. the fact is construction, or manufacturing related construction has been one of the few areas where there have been relatively decent job creation over the past months. nobody gets into an office and says we have a long term, or decade long structural problem that won't get better in the next two years but it would be better to underpromise and overdeliver than this climb for the democrats or pretending if you just cut taxes and spending, imaginally, job creators and businesses would hire a million people.

>> well obviously, governor romney on cnbc, he didn't say it this time around but he said in the past, 4% unemployment rate . if we president here, he also focused in on a lot of the fear factor he claims exists with these jobs creators that we like to refer to in this ominous fashion. and i say that with a little smirk because we hear this. it truly has turned into the constant talking point. that the job creators are afraid, if they don't get a great portion of what they want, which is obviously be to see their taxes increase.

>> i hate to break the news to the job creators, they're sitting on, a, $2 trillion worth of cash. cash. per unadultated cash. green bucks profits. they're sitting on them and not spending them. they're not using it to hire people. secondly, i'm remarkably sure that the taxes are exactly what they were in 2001 , 2002 , and i can keep going but that would waste precious air time . there is not a single corporation, small, medium, large or a small business in this entire country whose tax rate has gone up since the day barack obama took office. and i would like to remind folks, and this is a political statement . but it is a fact. when barack obama took office, we were losing over 700,000 jobs a month. and if we only gained 69,000 this time, i would suggest gaining 69,000 is better than bleeding 700,000.

>> so you just spoke far more passionately than we heard the president speak in minnesota today. he came out saying that obviously, the crisis in europe plays a big role. we had sue herrera, one of the best in the business when it come to following wall street also pointing to the fact that today's numbers are not solely impacted by that 8.2. it is also that crisis i. the president kind of going on to what he said before. better days are ahead of us. he believes in the america worker. did we need a little more from him? not panic as the headline in salon. you go to " huffington post " right now. don't stop watching this show but if do you later, there is a picture of the president grimacing with a sad face with this image on what is absolutely a progressive if not liberal website there.

>> the president -- i'm sorry. go ahead.

>> i want to say the problem today, the political problem today is that obama is on the defensive for whatever reason, china, europe, eurozone and the job rate. his political problem now is that at the end of the week, the conversation is on mitt romney 's court. on his terms. this is the political issue, just having obama say i wish i could have done more but congress won't go along. to have the democratic allies. pelosi, unions say he had a great idea but he couldn't get it done. that's not the presidential message that i think will have the impact for the independent voters.

>> what is the message he needs to have today? we're going to talk about it a little later in the post skrip. the sunday morning programs will be flooded with this topic, rightfully so. it is the topic that matters, not donald trump and the insanity we watched in the beginning of the week. it is people getting back to work.

>> it is. which is why the obama campaign would like it to be about bain capital and the record that mitt romney had as a governor in massachusetts. that's what they're going to try to do on sunday. when you ask what is the answer, i think the answer is, for the moment, until the obama campaign keeps up, thinks of something better. the best answer is it would be worse under mitt romney . romney's challenge is to somehow explain to people how he won't have the same problem with congress that barack obama does, because he surely will if the houses are divided.

>> quickly, zachary , this report also indicated more people are entering the job market . why is that not seen as optimism that may be people see a brighter, what is it? i'm not good with cliches. the tunnel, the light at the en. the bottom line optimism.

>> it is just a .2% increase in the quote/unquote labor force , participation rate . it is not as if there is this massive surge of people going, now is the time to look for work. tame, what you've basically got in this report, i'll say it again. it would not have been a lot different if there had been 100,000 jobs created in so far as there is a big population who have been out of work long material. and college graduates have an unemployment rate less than 4%, around 4%.

>> lynn brought up the president is on the defensive. what does he need to say or have his surrogates if they can stay on talking points here, what do they need to say?

>> the president needs to come out and speak for something. he needs to come you with three things and hammer it home and drill it from now all the way to the debates. one thing he can say. i'm the president of the united states . i'm going to send a bill to congress when they get back from their vacation. i'm going to raise taxes on millionaires. i'm going to take that post money and rebuild every school in the united states that is over 70 years old. and guess what that does? that's a real thing. it creates real jobs and he dares the congress to do it. by the way, every mother and father sitting out there listening to that right now, what are their kids sitting in in their schools? they're sitting in trailers. and little teeny trailers next to the schools that are crumbling.

>> they've tried that. there have been crumbling school initiatives. his problem is that there is not enough time left necessarily to get a major initiative through congress right now.

>> thank you. i love the combination. jimmy, lynn, zachary . great pleasure.

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