Obama Pulled Economy From the Brink: NYU's Henry

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Aug. 25 (Bloomberg) -- Peter Henry, dean of NYU's Stern School of Business, discusses President Barack Obama's legacy on "Bloomberg Surveillance." (Source: Bloomberg)

The president.

You are on the 2008 transition team.

How do you think obama will be remembered?

I think the key which is not gotten a lot of recognition is pulling the u.s. economy back from the brink.

It is hard for people to say, thank you, things could have been a lot worse.

Would you rather be living in the united states or western europe?

United states economy is growing and 2% per year.

We are creating jobs.

We are debating whether the fed should raise interest rates because there is not enough slack in the economy.

Europe is in a different situation.

It is hard for him to take a victory lap with so many people feeling as if the economy has not gotten better and wages not increasing.

If we are talking about legacy, we're talking about long-term.

In the short run, there are still a lot of things.

I agree.

The fiscal deficit is so improved.

On a relative basis, we have done so much better than a lot of people with comparisons to.

Why is he struggling?

Communication is a very difficult thing.

It is difficult to get people to appreciate.

We are getting better in relative terms.

We are not doing very well in absolute terms.

Is his white house to insular?

It is always a challenge to communicate.

You have somebody problems coming at you.

I think presidents are often best evaluated in the long run.

In the short term, there are so many issues coming out.

It is hard to separate the news from the noise.

The real contribution is going to be pulling the economy back from the brink and i think the future is going to show the janet yellen was an excellent share.

I get worried when i hear presidents talking about history will prove.

That means it is not working in the present.

I was wondering if i could get you to react to a quote from over the weekend.

Cornell west and he is channeling the liberal id on this one.

He acted as if he was both progressive and concerned about the issues of serious and justice and equality and it turned out he is just another neil liberal -- neo-liberal centrist with a smile.

Professor west is a very bright man, but i would characterize things differently.

Did you see how delicately he did that?

No was his answer.

[laughter] i have no idea what he said.

He did say cornel west was bright.

The united states is facing rising into many quality.

That is the major issue that came out of jackson hole.

One of the things that we need is a more targeted policy.

How do we create more high skilled workers?

That is the key to generating prosperity going forward.

You can have a debate about redistribution.

Or you can have a serious conversation about upgrading the u.s. workforce.

With your wonderful success in economics and experience, i think of the "new york times" piece about a migration making the nation more democrat party.

Does the president, do the red states become more purple?

I think a part of what is happening is you see this migration and a sort of natural turning of the country that is correlated with that.

I think the key issue for the democratic party is going to be, what is going to be their legacy on issues of inequality?

Are they going to take a populist approach or are they going to push an agenda to recognize that the enormous wage gap we see in the country, if you're a high school graduate, you make roughly what a 60% of what a college graduate makes.

We have had a significant widening.

Peter henry with the answer being education.

He is at nyu stern.

We will discuss the value of an mba.

Lots of question marks.

We want to bring in our twitter

This text has been automatically generated. It may not be 100% accurate.

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