The U.S. Labor Department today reported 162,000 jobs were added to the nation’s payrolls in July, while the jobless rate fell to 7.4 percent, the lowest in nearly five years.
But still, despite that, the news is being received with a shrug and a “so what?” even from those who detest President Obama and his economic policies.
It honestly puzzles me. Then again, I don’t get paid to analyze this data. I’m watching all this unfold from the peanut gallery, like most Americans – and that includes the TV talk show chatterboxes who purport to be the know-it-alls of everything that’s supposed to matter.
This administration took office with the nation in free fall. We were losing – depending on who’s counting – 700,000 to 800,000 jobs each month. Banks were crashing. Housing markets all across the country were cratering. A member of my family – a well-educated architect – personified the agony of what happened when he lost his job as the housing market disintegrated all along the West Coast.
What’s happened since then? The government added rules that added accountability to lenders who were loaning money to people who couldn’t repay their loans. Rules for banks were tightened. The government pumped money into state and local economies – such as Texas and Amarillo, where officials were more than happy to take it. Jobs have been added at a slow, but reasonably steady rate.
Is the economy growing fast enough? No. Considering where we were at the start of 2009 and where we’ve gone since then, though, I’d rate the policies a success.
Yes, some individuals disagree with that. Let ‘em disagree. I’ll stand by what I’ve witnessed from the cheap seats.
Oh, and my family member who lost job in 2009? He’s back to work … as an architect.