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.
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.”
- Unemployment rate dips, economy adds 117K jobs (boston.com)
- Jobs Report Better Than Expected: Hiring Picked Up in July (themoderatevoice.com)
- An Extremely Giddy Austan Goolsbee Tells Jon Stewart: I Feel Bad Obama Has To Be Around The Folks In Washington (thenewspundit.com)
- Employers add 117,000 jobs in July, unemployment rate drops (usatoday.com)
- Relief: July report shows jobless rate slips (chron.com)
- Jobs Report Better Than Expected (coydavidson.wordpress.com)
“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.
- Risking ‘the first default in history caused purely by insanity’ (washingtonmonthly.com)
- Obama Names Austan Goolsbee as Chief Economic Adviser (dailyfinance.com)
- 10 Questions for Austan Goolsbee (thecaucus.blogs.nytimes.com)
- Goolsbee backs Obama – Deal was ‘price we had to pay’ (politico.com)
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.
- Austan Goolsbee, tax cuts and “big red balls” (salon.com)
- Think Nobody in the White House Knows How to Explain Economic Policy? (theatlantic.com)