Posted by Tina
The President is doing everything he can to paint a rosy picture on the jobs front but it’s all just rhetoric, possibly designed to pacify the masses. Economists who gathered in Denver had some estimates that are a little more to the point:
“Economists: 288,000 jobs a month needed,” by Aldo Svaldi – Denver Post
Getting the U.S. population employed at pre-recession levels will require adding 20.8 million jobs over the next six years, forecast Northwestern University economist Robert Gordon.
That translates into 288,000 jobs a month on average, a sharp contrast to the 103,000 jobs a month created over the past year during the recovery, he said.
Assuming retirement portfolios recover enough to allow a mass exodus of baby boomers from the workforce during that period, 222,000 jobs a month are needed.
State and local governments, which avoided job reductions during the recession, are now starting to shed workers, adding another headwind, he said.
Given the state of the economy I can’t see boomers retiring in droves on cue but given the state of the economies in California, New York and other liberal enclaves I can see state workers being laid off. I feel for college and high school graduates; their futures certainly don’t seem all that bright right now.
Congress and the President must do everything possible to get government out of the way so that business has the confidence to invest in the future.