Plouffe on Meet the Press Sept. 5 Video

Erin Burnett is spot on. The stimulus worked but the recession is the recession. It's the greatest downturn in the economy since the Great Depression. It's going to be a slow recovery. Therefore, Obama isn't going to win re-election on jobs.

We're not going to have the economy we used to. Home equity lines of credit are gone. People are saving and paying down debt. Structurally, our economy is transitioning from one that depends on consumers buying stuff on credit into another.

David Plouffe also is spot on. He's got great instincts.

Visit msnbc.com for breaking news, world news, and news about the economy