Here are the numbers: U.S. Adds a Modest 80,000 Jobs; Rate Drops to 9%
Yes, we are happy that the unemployment rate dropped to 9% but 80,000 jobs is a major disappointment.
We need about 150,000 new jobs every month just to take care of the new people looking for work.
Our biggest problem is that the US economy is just not growing. It is a problem here but also around the world.
What would the European problems look like if we had 4 or 5% GDP growth?
What would our federal budget deficit be if we had 5 or 6% unemployment?
The answer to both is that our economy needs growth and lots of it!
Unfortunately, the economic projections for the next year are not every encouraging:
"The Federal Reserve has already projected that the unemployment rate will be at least 8.5 percent at the end of next year, meaning the next presidential term would start with a higher rate than the 7.3 percent Mr. Obama inherited when he took office." (NYTimes)
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