New economic data from the federal government show the economy added a paltry 18,000 jobs in June, pushing the unemployment rate back to 9.2 percent. Dan Gross, columnist and finance editor for Yahoo! Finance, gives his analysis of the numbers.
People are confused about employment in this country. The President doesn't hire people, the White House doesn't "create" jobs. Companies hire people. Right now, most companies are holding their chips, so to speak, because of shakey economic data. Its not about the President or even consumer spending, its about businesses unwilling to take any level of risk due to a poor financial climate created by banks which were "too big to fail". The most the government can do is enact incentives for businesses to hire people, in the hopes that they will finally start moving capitol again and stimulate the economy. But whether or not business do hire people is up to the people running those businesses, not the President.
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