The economy added 431,000 jobs last month, dropping the national unemployment rate from 9.9 percent to 9.7 percent, the Department of Labor Statistics announced
Jul 31, 202060.5K Shares3.5M Views
The economy added 431,000 jobs last month, dropping the national unemployment rate from 9.9 percent to 9.7 percent, the Department of Labor Statistics announcedthis morning.
But Republicans, who a month ago were saying that they’d recognize progress when the jobless rate fell, aren’t impressed. Indeed, Republican House Whip Eric Cantor (Va.) just issued a statement blasting the stimulus programs that are propping the numbers up.
“„
[M]uch of what the Administration touts as a ‘jobs recovery’ has caused – and will continue to cause — the deficit to soar. Let me be clear – during challenging times, a job is a job. Yet government jobs that are paid for by taxing small business people and borrowing from the Chinese are not signs of a healthy economic recovery.
He has a point: 411,000 of those 431,000 new jobs are related to the 2010 Census and therefore temporary. Still, any new job creation is good news relative to the hundreds of thousands of jobs the economy was shedding a year ago. And, of course, the idea behind stimulus spending all along has been that the short-term hit to the deficit will be a tiny cost relative to the consequences of federal inaction.
Camilo Wood
Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.