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The Five

President Obama and the boomerang generation

This is a rush transcript from "The Five," March 1, 2013. This copy may not be in its final form and may be updated.

GREG GUTFELD, CO-HOST: So in 2011, 47 percent of recent grads were living with their mom and dad, which is 45 percent higher than 10 years ago. The report by a Pew researcher who probably lives with his mother finds that if you expand the age range, it's even worse, about 60 percent more, 18 to 34- year-olds were holed up with their families than 10 years prior.

So, I guess the scientists were right -- 30 is the new 12. Theories about, young people now perceive menial jobs beneath them, thanks to an administration that mocks burger flipping. Far better to drink Keystone than to work on one. Slacking beats fracking says our president.

But sadly, not everyone can find placement as a community organizer. And so, the stigma of leaving at home in your early 30s has been replaced with a stigma far worse, not voting for Obama in your early 20s.

What did that vote get you exactly? Your same old twin bed. Health insurance you don't need. No job. No future and a world of dead? Yes. How little is a college education worth if it can't get you out of the nest? These by which you can get a loan, a lot of colleges jack up tuitions to countless grads, or paying up degrees that taught them nothing more than -- you got it -- community organizing. Just what we need, a million graduates majoring in Sandra Fluke studies, putting off adulthood for another decade.

Well, at least mom and dad have HBO. You can watch 10 episodes of "Girls" in a row. It beats work.

Andrea, were you shocked, shocked, perhaps even outraged to learn how many people are living at home? I had no idea.

ANDREA TANTAROS, CO-HOST: I still can't believe it, Greg. It's amazing. This is so sad. It's really, really sad. I actually can't believe that a lot of them voted for President Obama. I hope it's a wake-up call for them.

But it's not all bad, and I know I'm going to take a lot of heat for saying this. But I wrote a column in New York Daily News about two years ago when young people were beginning to get hit by the recession.

I think this is actually a decent thing. The "everybody gets a trophy" generation now has to go out and get jobs at Quiznos, they are humbled, they can make sandwiches, they can work in movie theaters. It's teaching them responsibility. A lot of them come out of college feeling entitled, brainwashed, as you pointed by weird courses like the history of garbage. That's a real course, by the way.

GUTFELD: Yes.

TANTAROS: And they have to actually work. They are not entitled. They get humbled a little bit. It's good for everybody.

GUTFELD: Bob, I lived at home. I went -- I moved -- I graduated and I worked for is years and came back and lived at home. I really like living at home. Is there something positive and heartwarming about it?

BOB BECKEL, CO-HOST: Well, I mean, I couldn't go back home and (INAUDIBLE). I thought you still did live at home?

GUTFELD: I do. Yes, I live in a home.

DANA PERINO, CO-HOST: And you work from home.

BECKEL: And the idea of blaming Obama for this is outrageous.

GUTFELD: But it's fun.

BECKEL: I know it's fun, you want to do it. Go ahead and do it. But when we took office, we are bleeding 700,000 jobs a month.

TANTAROS: Bob, the unemployment rate is higher than when he took office.

BECKEL: Here's the point. It's true, there are not a lot of good jobs out there. You can't live working at Quiznos.

TANTAROS: I moved home after college because I couldn't find a job and I had to waitress, but I worked really hard to find a job.

BECKEL: Well, good for you.

TANTAROS: You know what? They have to do it, too. It stinks, but you know what? It's life.

BECKEL: You're going to take jobs like that, they're going to have to live at home, because they can't start -- they can't get apartments, they can't do all of that stuff.

TANTAROS: I know, it stinks.

BECKEL: So, it is a rough economy for people coming out of college. And this is the end as a result of it. And, by the way, I'm not so sure it's bad all the way around. I mean, you know, you don't have an empty nest syndrome.

GUTFELD: Yes.

BECKEL: Have a bunch of people out.

GUTFELD: E.B., you know, in other countries, families that stay together are a good thing. Italy, for example, has 16 generations living in one house.

ERIC BOLLING, CO-HOST: Yes. Look, I don't think there is anything wrong with it. If you have to live at home, I think you should live at home. I love my son if he needs to live at home, stay at home.

GUTFELD: But he is only 14.

BOLLING: Right.

But, Bob, you pointed something out in the "A" block. You said, well, personal incomes re down 3.6 percent, largely due to the payroll tax increase.

BECKEL: Right.

BOLLING: So, taxes go up. Personal income goes down. But you said that kids living at home has nothing to do with President Obama. He's the one who instituted or took the payroll tax holiday out and raised taxes. How is this not his fault?

BECKEL: Well, I mean, this is going on for a month ago when those payroll taxes cuts took effect, or two months ago. So, you can't say it just happened.

(CROSSTALK)

BOLLING: Did we not have discussion about trends today? What is the trend?

BECKEL: Well, the trend is obviously up, but isn't it heavy in the last three years?

BOLLING: But the trend, you were going in the wrong direction. If you take more personal, you take more income out of people's pocket, they're going to have to live at home.

BECKEL: Your free market starts to create some jobs, then we'll see it go down.

GUTFELD: Dana, isn't the real problem here is the solution so far is spread the wealth around, tax, tax, tax, as opposed to building -- creating more taxpayers or building wealth?

PERINO: All right. So, there's two ways looking at it. You can say, OK, these young people don't have jobs so let's look at the way that the government could help them more. And there's another way to look at it, to say how is the government holding them back?

And I think that the second question is that's how I would look at it, the growth in this country is 0.1 percent, which is barely keeping up with inflation, as we saw from those numbers. And at some point, if the administration can't have it both ways, that if the recession ended as soon as President Obama came to office or four months later, if the recession ended then, OK, at what point does he take any responsibility for lagging economy? At what point does he have to take responsibility for some unemployment?

You cannot blame Bush for both things --

GUTFELD: Yes.

PERINO: -- for that much longer. And hopefully the tax reform and

Keystone pipeline is pushed forward so that these young kids --

BECKEL: Well, he obviously took responsibility for it before the voters after four years --

TANTAROS: Wait. He didn't take responsibility. He blamed Bush. And now, going forward, he'll blame the sequester.

BECKEL: You are telling me in 2012, the president of the United States did not suffer at the polls because of the economy?

TANTAROS: Let's see. Can we play the tape?

(CROSSTALK)

BECKEL: The shallow, hollow party at yours.

TANTAROS: OK. You don't need to throw insults, Bob. This is what you do when you get on your heels. You sat here --

BECKEL: My heels --

TANTAROS: -- and celebrated the fact that President Obama -- you said every day. He whooped it. We won. Get over it, guys.

OK? Again, you have can't have it both ways.

BECKEL: I'm not trying to have it both ways. The economy was very clearly there and people knew it and they still re-elected the president of the United States.

BOLLING: OK. So, here is the reality, which has nothing to do with President Obama, Bob. Recessions last between 18 to 24 months on average.

This one lasted technically about 30 months.

And if you add in to the almost negative growth last quarter, you can make an argument for four-year recession.

BECKEL: Well, OK.

PERINO: But, see, they'll never say they have responsibility and they don't do anything about it. It's like not our fault. Can we go to Hollywood now?

BECKEL: Just because you say that doesn't mean voters don't perceive it.

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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.