Today, the Department of Labor reported that 570,000 Americans filed initial claims for jobless benefits last week. This follows news from ADP Employer Services on Wednesday that private employers cut 298,000 jobs last month. As bad as these numbers sound (and they are bad) the real threat facing our nation’s economy is that, as Gallup’s Chief Economist Dennis Jacobe puts it: “job creation in August is just not taking place in the U.S. economy.” Why is job creation more important than job loss numbers? Heritage fellow James Sherk explains: The …
In a discussion about the economy and the stimulus package President Obama signed into law earlier in the year, Vice President Joe Biden last Sunday said, “Jobs are being created that would not have been there before. Can I claim credit that all that’s due to the recovery package? No. But it clearly has had an impact.” The Department of Labor today released its monthly jobs report. Does it validate the Vice President’s remarks? No. The jobs report provides no evidence that the stimulus is working. If anything, it suggests …
