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Pink slips for Obama's jobs council

This is a rush transcript from "The Five," January 31, 2013. This copy may not be in its final form and may be updated.

DANA PERINO, CO-HOST: Remember when President Obama said this in 2011 --

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: Keeping the economy going and making sure jobs are available is the first thing I think about when I wake up in the morning and the last thing I think about when I go to bed each night. I will not be satisfied until every American who wants a good job can find one and every American gets a shot at the American dream.

(END VIDEO CLIP)

PERINO: Then, we woke up this morning to learn the White House shut down the jobs council that got all sorts of praise at the time and it only met four times in the last two years.

So, Eric, do you think the economy is at a point now we can abandon this great idea that was the jobs council?

ERIC BOLLING, CO-HOST: You know, I'm trying to figure out is it that the job situation getting so much better, that the economy is better or the fact that he is 11 days after inauguration and he doesn't have to worry about that stuff anymore? So, they let them break up.

PERINO: They had a two-year charter, Greg, when it was first created. And they met four times in two years.

GREG GUTFELD, CO-HOST: Yes.

PERINO: A very rigorous schedule in Washington.

GUTFELD: Right.

PERINO: They had an option to renew. But after the election, they decided not to.

GUTFELD: Dana, they met as often as parallel lines.

(LAUGHTER)

GUTFELD: Anyway, here is the thing that drives me crazy. I don't think the administration likes real jobs. They actually, I think look down on jobs like, whether it's working on a pipeline or fracking. That's beneath them.

In a perfect world for President Obama, the ideal job would be running LG -- lesbian, gay, bisexual transgendered bookstore in Portland, Oregon, that also sells biodegradable bicycles.

PERINO: And tofu.

GUTFELD: And tofu.

ANDREA TANTAROS, CO-HOST: And shaved ice.

GUTFELD: But anything working for industry or the man is wrong.

BOLLING: You lied, though.

PERINO: This is what I believe --

GUTFELD: You think I lied?

BOLLING: Yes, parallel lines never meet and they met four times.

GUTFELD: That's a joke.

TANTAROS: You said he doesn't like job. It's obvious. They don't even like doing their own job.

PERINO: Bob, this is what I thought was amazing, is that, OK, so, in the press office, I don't know if they heard about it last night or what point they did. But yesterday, the GDP numbers came out. There was a surprise contraction of the fourth quarter, which can be explained away, but a lot of different ways. But still, there was a contraction.

If I had heard about that, I would have poured gasoline on my head and threat on the light a match if they didn't cancel the announcement that we were shutting down the jobs council the next day.

BECKEL: I think the timing of it was regrettable. Just remember that this a two-year deal and has to be funded by the Congress. If they were going to re-up it, they have to put it --

PERINO: Why do you need funding to meet four times a year?

BECKEL: Well, you have to have -- the council has to be funded, to have funding.

But the other thing to make a point about this group is they gave 60 proposals to the White House. Most of which are adopted. They gave 30 proposals for creating jobs to the Congress and not one moved in the House of Representatives. Classic Republican. Let's not do anything that --

PERINO: I love it. That was the excuse today was blaming the Republicans for fact they only met four times.

BECKEL: Why didn't they act on the proposals?

TANTAROS: OK. First of all, if anyone thinks that a council or a summit or a task force is going to do anything, can this be the evidence -- Greg, can you please ban task force summit and council?

(CROSSTALK)

BECKEL: They had slated proposals.

TANTAROS: You brought up funding for a jobs council. There are so many people in the government now, why do you need funding? There are so many people working for Barack Obama like he needs a special jobs council?

BECKEL: Can you answer why 30 legislative proposals were sent to Capitol Hill and not one of them --

PERINO: Why didn't the Senate Democrats pass any of those?

BECKEL: That's a question.

PERINO: That is a question -- that is a great question.

(CROSSTALK)

BECKEL: All jobs bill start in the House. That's where --

PERINO: I also think that this release today, the timing of it, was a pre-distraction strategy to take away from Chuck Hagel's testimony today, in front of the Senate.

GUTFELD: Because it was horrible. Hagel was horrible.

PERINO: Maybe somebody had a premonition and they said shutter jobs council because that will get us attention that we would rather have than on the defense nominee.

BOLLING: Can I just throw in there very quickly? Yesterday, we had the first contraction in the economy in 3-1/2 years. What did NBC do on their "Nightly News"? They didn't even mention it. ABC kind of mentioned it in a very, very quick comment.

But Scott Pelley took the cake. He mentioned it and he said, but don't worry, that number will likely be revised.

Scott Pelley is now an economist? Figuring out when the economy is going to contract or expand? Wow!

TANTAROS: My favorite was the DNC communications director Brad Woodhouse tweeting out, "But this is the best looking contraction we have ever seen." That's like the best case of diarrhea we've ever seen.

PERINO: Worst recovery in history.

BECKEL: Can I ask you why -- you don't think they're economist. Why The Wall Street Journal -- who I assume you like a lot -- said most was attributed to Sandy?

PERINO: No. Did you read that editorial today?

BECKEL: I did.

GUTFELD: You mean Sandy Duncan?

BOLLING: Perino, we're having a deja vu.

(CROSSTALK)

TANTAROS: What do you think the contraction was caused by?

BECKEL: I think it was caused by Sandy and I think it was caused by a disruption in the Christmas season. I think it was that --

PERINO: Wait. What about the -- yesterday --

(CROSSTALK)

PERINO: Can I make a point? Can I make a point? I want to make one point? They said it was defense cuts.

BOLLING: Of course it was.

PERINO: But the thing is, the defense cuts, the defense spending went down in Q3, not Q4. Then the defense cut was actually the White House's idea in the first place, the sequestration. And they've said they want more of the same.

So I don't understand how you blame Republicans for defense cuts that haven't happened yet.

BECKEL: What is wrong for defense cuts?

PERINO: I am not for defense cuts.

BOLLING: She is not saying there is anything wrong with defense cuts, it's that Nancy Pelosi, Harry Reid and someone else, third lawmaker said the reason why we contracted in the fourth quarter was because of government spending going down. But the reason government spending went down is because of the defense cuts. And the defense cuts were part of sequestration which started --

BECKEL: The $700 hammers, remember?

TANTAROS: And, Bob, spending actually didn't go down in the fourth quarter. It actually increased in the fourth quarter.

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The Five, hosted by Bob Beckel, Eric Bolling, Kimberly Guilfoyle, Greg Gutfeld, Dana Perino, Juan Williams, and Andrea Tantaros, airs on Weekdays at 5PM ET on Fox News Channel.