Cheney: Economy Will Be a 'Major Problem' for Obama's Re-Election Campaign

This is a rush transcript from "Hannity," September 1, 2011. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: And welcome back to this special edition of "Hannity." We continue now with the former Vice President of the United States Dick Cheney.

All right, I want to stay on Barack Obama. In this sense, you said, "As I look at Barack Obama, I think he will be a one term president."

Why?

DICK CHENEY, FORMER VICE PRESIDENT: I think the economy is clearly going to be a major problem for him going into this election campaign. I think the American people recognize that the policies that he promoted when he first came to office, the idea of a stimulus package and so forth, clearly haven't -- haven't produced any significant results and we've got a high rate of unemployment and we've got millions of Americans out of work who badly need to find jobs. We need, I think, to adopt an aggressive growth policy that promotes the expansion of the private sector and the creation of wealth, creation of jobs, creations of opportunities for people. And, so far, he hasn't been able to provide that.

HANNITY: What do you think every time that you hear the president blame the Bush administration, blame his predecessor, I inherited. The latest blame game is about the Arab Spring is a big cause of the economy not turning around and the tsunami and the earthquake in Japan. He blames an awful lot and -- and you and President Bush seem to be the target a lot. As you hear that, what are you thinking?

CHENEY: It sounds like sort of politics as usual and I -- I think it doesn't wear well over time. And certainly there's room when you're running for office to make charges against the incumbent, that's the way we often do business. But it's been nearly three years now and whatever you can say about this economy, it's increasingly his economy, his responsibility, and if it's not producing the results that he says he wants, and I think most Americans want, then you have to look to the current occupant in the White House, not the last one.

HANNITY: You know, we found a clip last week that we played on this program, it was July 3, 2008. It was then candidate Obama and he said George Bush on his lonesome in eight years accumulated $4 trillion in debt and he actually used the word that he said it was unpatriotic. And now he's been President 2-1/2 years and lo and behold he hit that $4 trillion in Obama debt in that short period of time.

Do you think -- do you think he's in over his head? Do you think he was ready for this job? Do you think he understands the economy as you watch him make decisions? You've been there. You've been there, you know, since your 30s in Washington, and you've held many, many positions, chief of staff, vice president, secretary of defense. When you look at the President and watch him make his moves, what do you think about him?

CHENEY: Well, I was surprised. I remember going out to campaign for his opponent when he first ran for the Senate and he -- his opponent withdrew from the race but I don't think because I campaigned for him --

HANNITY: That was Jack.

CHENEY: Ryan.

HANNITY: Jack Ryan, yes.

CHENEY: Jack Ryan I think. But, he ended up virtually unopposed in that first Senate race. Alan Keyes, I guess, ran against him.

HANNITY: Came in late.

CHENEY: Token -- token opposition. Then came down and I swore him in. That's one of the jobs of the vice president, to swear in new senators and the next thing I knew he was running for president. He had not served very long, not even a term in the U.S. Senate. His experience before that was focused primarily on the state legislature in Illinois and I didn't see the kind of executive experience or national level experience that I would have expected in somebody I was comfortable supporting for president. Obviously, I supported John McCain, I didn't support Barack Obama.

But, I -- I think my assessment of it, as I look at it today, is that he didn't bring to office the kind of experience that I would have hoped to have seen in a new president.

HANNITY: Do you think he's failed? Do you think in his job as president, what grade would you give him? Do you think he's failed in his job?

CHENEY: Well, I think, you know, in fairness, the jury's still out until he's gotten closer to the election. He's got another year to run in terms of his current assessment.

HANNITY: Do you give him a mid-term grade up to this point?

CHENEY: Well, I think -- I sort of think of it as whether or not he's going to end up like Ronald Reagan did with a masterful performance and implementing a very successful growth policy, things looked tough in his third year but by the fourth year he won an overwhelming victory. Or like Jimmy Carter who never quite got his act together to put in place an effective economic program for the country and -- and when he was faced with competition four years out after his first term he obviously didn't do very well.

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