USAToday.com posted an article reporting that most see the addition of 155,000 jobs in December as a sign the meltdown of 2008 is beginning to cool. Economist Timothy Day notes that while unemployment has not changed, any spike in jobs is a plus for the country.
Though the economy of the United States may not completely be out of the hot water caused by the 2008 economic meltdown, positive job growth numbers for December show many believe the tides are turning.
USAToday.com posted an article stating 155,000 jobs were added in December. Alan Krueger, President Barack Obama’s chairman for his council of economic advisers, stated that while everyone knows the United States isn’t completely back on track, progress is being made. He said the positive numbers from the report shows a step of healing the wounds created by the worst economic collapse since the Great Depression.
The Labor Department officially released the report of the 155,000 additional jobs in the final month of 2012. Timothy Day, a noted economist, said the fact that unemployment rates remained at 7.8 percent entering the new year is a downside, but any job growth at all is a positive for the United States.
Krueger also promoted Obama’s policies, saying it is crucial to continue those policies as they are rebuilding the economy after falling into a deep hole in December 2007. He inserted the typical Democratic party line of fixing an economy that works for the hurting middle class of America. Republicans, of course, stated not enough was happening and that the economy should already be doing better than it already is. They also cited the fact that the United States still has a debt of more than $16 trillion.
Eric Cantor, a republican from Virginia and the House majority leader, applauded the creation of jobs but said the focus needs to remain on finding jobs that match the skills of those graduating from school instead of worrying about more debt that’s piled on top of their ever-increasing student loans.
The real work will come when the two sides come together to hammer out a deal on a new federal budget. After avoiding going over the fiscal cliff less than a week ago, the Obama administration is looking for ways to sway the Republicans into increasing the nation’s debt ceiling, which currently sits at $16.4 trillion.
Timothy Day has filled many roles in the financial and economic world. He has instructed at multiple universities and also acted as an expert witness.