The June jobs report reveals a much more serious job creation problem in this country than most policy makers realized. Over the past two months, job creation has essentially ground to a halt, with 25,000 jobs added in May and 18,000 in June. The unemployment rate, now 9.2%, is climbing.
Washington needs to quickly and aggressively shift from its long-term debt obsession to the much more immediate jobs problem.
To do otherwise at this point would be deeply irresponsible.
Much more to come throughout the day, including Chad Stone’s detailed analysis, at cbpp.org.