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New employment figures released amidst Sequester debate
The United Stated economy 236,000 jobs in February newly released figures reveal. When combined with 157,000 jobs created in January the US employment rate now stands at 7.7%, the lowest figure since President Obama took office in January 2009.
Welcoming the figures Alan Krueger, chairman of the White House Council of Economic Advisers, commented that whilst “more work remains to be done, today’s employment report provides evidence that the recovery that began in mid-2009 is gaining traction”.
Unemployment in the United States though still remains a dominant political issue with the total number people of out of work now totalling 12 million with long-term unemployment left unchanged at 4.8 million.
The White House though was keen to stress that the Obama administration would not meet them with complacency, with Mr Krueger warning that it was possible “reading too much into any one monthly report” and reiterated the administration’s call for “Congress to move toward a sustainable Federal budget”.
President Obama warned last week that the continued inability of Congress to reach agreement on federal spending limits will lead to unemployment.
Whilst the Republican Speaker of the House John Boehner welcomed the figures, saying that “Any job creation is positive news” he tempered his remarks by arguing that the fact is unemployment in America is still way above the levels the Obama White House projected when the trillion-dollar stimulus spending bill was enacted, and the federal government’s on-going spending binge has resulted in a debt that exceeds the size of our entire economy”.
Addressing the Obama administration’s targets Mr Boehner criticised the President by highlighting “the fact is unemployment in America is still way above the levels the Obama White House projected when the trillion-dollar stimulus spending bill was enacted, and the federal government’s on-going spending binge has resulted in a debt that exceeds the size of our entire economy.”
“Without a plan to control spending and balance the budget, our national debt will keep piling up on the backs of our children and grandchildren; our most important safety net programs will grow weaker and weaker; and the prospects for long-term economic growth will dim”.
