"Christina Romer, chairwoman of White House Council of economic advisors, said that last month's economic news, showing job growth of 162,000, was positive but it's only the beginning and that "we will be creating a lot of jobs." (source:Politico.com)
Here is the real story on jobs growth by a fine American with a lot more experience in the job that is currently held by Bagdad Roemer:
Via Robert Reich.org
April 2, 2010
The US economy added 162,000 jobs in March. Great news until you look more closely. In March, the federal government began hiring census takers big time. These are six-month temp jobs, and they tell us nothing about underlying trends in the labor market. It’s hard to gauge precisely how many were hired — probably between 100,000 and 140,000, although some estimates put the hiring as low as 48,000. Almost a million census workers will need to be hired over the next few months. Subtract these, and today’s job numbers are good but nothing to write home about.
There are some positive signs. Manufacturing payrolls expanded a bit, heath care employers added 27,000 jobs, and about 40,000 private-sector temp jobs were added. But payrolls continue to be slashed in financial services and the information industry.
Two big things to bear in mind:
First, government spending on last year’s giant stimulus is still near its peak, and the Fed continues to hold down interest rates. Without these props, it’s far from clear we’d have any job growth at all.
Second, since the start of the Great Recession, the economy has lost 8.4 million jobs and failed to create another 2.7 million needed just to keep up with population growth. That means we’re more than 11 million in the hole right now. And that hole keeps deepening every month we fail to add at least 150,000 new jobs, again reflecting population growth.
A census-taking job is better than no job, but it’s no substitute for the real thing.
Bottom line: This is no jobs recovery.
Is Robert Reich one of those Republican critics that the Detroit Freep says is one of 'other Obama critics are trying to minimize the growth'?
Robert Reich biography Via Wikipedia:
Robert Bernard Reich (pronounced /ˈraɪʃ/; born June 24, 1946) is an American politician, academic, writer, and political commentator. He served as the 22nd United States Secretary of Labor under President Bill Clinton, from 1993 to 1997.
A summa cum laude graduate of Dartmouth College, Reich is a former Harvard University professor and the former Maurice B. Hexter Professor of Social and Economic Policy at the Heller School for Social Policy and Management at Brandeis University. He is currently Professor of Public Policy at the Goldman School of Public Policy at the University of California, Berkeley.
Reich is an occasional political commentator on programs including Hardball with Chris Matthews, This Week with George Stephanopoulos, CNBC's Kudlow & Company, and Marketplace. In 2008, Time Magazine named him one of the Ten Most Successful Cabinet Members of the century, and The Wall Street Journal placed him among America's Top Ten Business Thinkers. On November 7, 2008, he was selected by President-elect Barack Obama to be a member of the President-elect's economic transition advisory board
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