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Friday report from the Labor Dept.: Jobs up higher than expected…

According to Reuters, U.S. job growth accelerated more than expected in July as private employers stepped up hiring, easing fears the economy was sliding into a fresh recession.

It was originally expected that the number of new jobs would b3 85,000… less than the 100,000 minimum necessary to start correcting the unemployment burden. In reality, the new estimate is that the number is 117,000 which brings the unemployment rate from 9.2% to 9.1%.

How much better the situation gets in the next six months is unknown. A stand-off between Democrats and Republicans over raising the country’s debt ceiling poisoned the atmosphere for employers and consumers. Whether this new report helps them to bounce back is questionable.

Austan Goolsbee

Commenting from the White House, Council of Economic Advisers Chairman Austan Goolsbee said:

“While the better than expected report is welcome news, the unemployment rate remains unacceptably high and faster growth is needed to replace the jobs lost in the downturn.” 

Quote of the Day – Why I love Austan Goolsbee…

“Well, look, it pains me that we would even be talking about this. This is not a game. You know, the debt ceiling is not something to toy with. If we hit the debt ceiling, that’s essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic. That would be a worst financial economic crisis than anything we saw in 2008.

As I say that’s not a game. I don’t see why anybody’s talking about playing chicken with the debt ceiling. If we get to the point where you’ve damaged the full faith and credit of the United States, that would be the first default in history caused purely by insanity.”

– Austan Goolsbee, the chairman of the Council of Economic Advisers, on ABC’s This Week, commenting on Tea Party insistence that the country’s debt ceiling not be raised.

Austan Goolsbee Explains The Tax Cut Fight…

Introducing White House Whiteboard

In this first edition, Austan Goolsbee, Chair of the Council of Economic Advisers at the White House, tackles the tax cut fight and what it means that Congressional Republicans are “holding middle class tax cuts hostage” as the President has said:

That makes it pretty clear, doesn’t it. While the candidates are off now running for their seats, please remember to bring this up to the Republicans who are saying that Obama’s Administration is doing nothing to fix our economy.