Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Monday, May 08, 2017

Private Sector Job Growth

In February 2009, employers slashed 651,000 jobs.  The unemployment rate hit a 25-year high, with 12.5 million Americans were out of work.  The unemployment rate was at 8.1 percent, and eventually went down to 10.2 percent.

Less than a month after Obama took office, the American Recovery and Reinvestment Act passed, because both Houses of Congress were controlled by the Democrats.  Not a single Republican member of the House voted for the $787 billion economic stimulus package.  

In it’s first year, the Recovery Act saved or created at least 2 million jobs, cut taxes for 95 percent of working families, and made loans to over 42,000 small businesses.  It also provided critical relief for state governments facing record budget shortfalls.  The stimulus included infrastructure investment, and assistance to the unemployed. 

On March 9, 2009, the Dow closed at 6,547, but by September 2012 the Dow had closed at 16,157.  Economists estimated that the stimulus had created up to 3.6 million jobs, and had boosted America’s annual economic output by $400 billion. 

Americans were experiencing the lowest unemployment rate in over five years; a rebounding housing market; a manufacturing sector that was adding jobs for the first time since the 1990; more oil produced at home than we purchased from the rest of the world.

The last jobs report before President Obama left office was that our country had already experienced 75 straight months of private sector job growth. 

According to the Bureau of Labor Statistics, the Obama administration turned over a significantly improved economy to president- elect Trump.  And, he has inherited an economy that added 80 consecutive months of private sector job growth, and an unemployment rate of 4.6 percent. 

Recently, President Trump signed an executive orders to start doing away with the Dodd-Frank Act. 


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