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The jobs report on Friday brought great news, new jobs are being created and Americans are going back to work and that is great news.
But (there is always a but right)
For now, though, it may be best to leave the champagne chilling.
What did the report really tells us?
Employers added some 243,000 non-farm jobs last month, the US Bureau of Labor Statistics reported; unemployment fell by 0.2 percentage points, to 8.3 percent.
What was the reaction to this news?
President Obama was of course quick to broadcast the good news. “The economy is growing stronger,” he said. “The recovery is speeding up, and we have got to do everything in our power to keep it going.”
Three separate points here in my opinion (1) The economy is growing; (2) The recovery is speeding up, and (3) we must do everything in our power to keep it (the recovery) going
Few would argue with #1 and #3 seems to be a no-brainer (though there are differences of opinion as what should be done), but it is #2 where there are significant differences of opinion.
We know what the president’s message was concerning this jobs report, but what are others saying about it. Well opposition points include:
Nearly 13 million Americans remain unemployed — and that doesn’t even count the tens of millions who aren’t looking for work and thus are not counted as jobless (a number that grew by more than a million last year).
The Labor Department reported last month that some 5.5 million had been out of work for a half year or more, and the Pew Fiscal Analysis Initiative found that about one in every three jobless Americans hasn’t worked in more than a year.
There’s more: Some 46 million Americans, nearly one in six, use food stamps — a record high.
Consider, for example, that the nationwide housing market remains in shambles — with prices still falling last year, even after five years of turmoil.
Meanwhile, Europe’s debt situation — and its overall economy — continue to send danger signals for America.
It’s a devastating economic picture
The jobs report, in and of itself, is good news and we should welcome the news and hope for even better news in the future, but we must realize that the problem has not been solved and there is must work to be done as we continue to search for the recovery strategy that will best serve the nation.
Your comments, counter points and remarks are welcome.
