• With: Herman Cain, former presidential candidate

    This is a rush transcript from "Your World," January 5, 2012. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST OF “YOUR WORLD”: Ahead of the big jobs report tomorrow, some big news for job seekers today.

    ADP -- that’s a company that keeps track of hiring’s and firing largely in the private sector -- says that companies added more than a quarter of a million jobs last month. By the way, that would be the biggest bump in a year.

    Does that mean the good news on jobs are going to be good for the president keeping his job?

    Herman Cain here.

    Herman, what do you think?

    HERMAN CAIN, CEO, THE NEW VOICE: No. And here is why.

    I have this bad habit of answering your questions.

    CAVUTO: Yes, that annoys me.

    (CROSSTALK)

    CAIN: Look at the asterisk in that report -- 273,000 were service sector jobs in December, when service industries like the restaurant industry add more people because of the holiday rush.

    Wait until we get the report in February about January. And that will be a better indication.

    CAVUTO: You might be right. And that is a big factor in this.

    CAIN: Yes.

    CAVUTO: But the administration has been arguing -- and you and I have chatted about this before -- that we are seeing a steady pickup in these numbers, hardly robust, and hardly much to write home about.

    And, by the way, if you are writing home about it, your own home is not exactly...

    (CROSSTALK)

    CAIN: Right.

    CAVUTO: But the administration’s argument has been -- and Gene Sperling and others from the White House have said, looking better, looking better, months and months of this looking better, looking better will have the president will look better.

    What do you think?

    CAIN: First of all, I don’t believe all of this spin about looking better, looking better, looking better.

    Now, I am not calling anyone a liar, but there is an old saying. Numbers don’t lie, but liars use numbers. Let’s look at this number. If you look at unemployment plus underemployed, the rate is 18 percent. You don’t hear about that.

    We hear this 8.5 or 8.6 percent number and that...

    (CROSSTALK)

    CAVUTO: Well, then they’re lying. The administration is lying.

    CAIN: Exactly.

    CAVUTO: You just called them a liar.

    CAIN: Whoever put the number out; they are not being truthful, as you would say politically -- 18 percent, 18 percent.

    (CROSSTALK)

    CAVUTO: OK. Let’s see if I can embarrass you.

    Newt Gingrich called Mitt Romney a liar lying about his record that is Newt Gingrich’s record. Now, when you were in the race, Newt Gingrich was Mr. Positive. He was the -- Reagan 11th Commandant, thou shall not speak ill of fellow Republicans. You tried to practice that yourself.

    CAIN: I tried to practice that.

    CAVUTO: Well, see how far that got you.

    (LAUGHTER)

    CAVUTO: Now, what do you think of this dustup between those two?

    CAIN: I believe Newt Gingrich was pushed into calling it like he sees it. But here’s the report that we don’t hear. Who is right? Mitt is saying that the commercials that he ran were correct.

    Newt Gingrich is saying that is disingenuous and it’s not factual. And, yes, he is saying that the information is wrong.

    (CROSSTALK)

    CAVUTO: Newt went so far as to call him a liar.