The latest numbers from the U.S. Labor Department for March showed the business community added 162,000 jobs to payroll. That included approximately 40,000 part time workers hired for the ongoing census that is taking place. Both are positive numbers for the country and its people. Unemployment remained at 9.7%. The massive job losses under the previous administration has been reversed on a steady basis during Obama's administration and now the job picture is in positive territory. The 162,000 added jobs is only a bump in the jobless picture but will get better.
The people are spending money again and manufacturing has been up and steady, a great improvement from the past. Average workers salary is still stagnant and the better the economic picture becomes the sooner average workers take home pay will increase. Another positive sign is that job openings rose in several sectors of the economy in February, including retail, manufacturing, transportation, restaurants and hotels the Labor Department reported also. The Obama's economic policies are starting to produce a turnaround and a demanding economy is on the horizon.
The 9.7% unemployment rate is unacceptable to the President and also by the people. Most economist are predicting high unemployment thru 2011 but I do not buy into that. The kicker will be state governors who's states are running in red ink also and who are laying off workers in an effort to cut the budget. So far governors have shown they have little smarts when it comes to innovation.
The NYSE has gained almost 5000 points since Obama took office. That is mainly because 1% of the people own 50% of stocks. Those are the ones who had the money to buy stocks when they were beaten down the last two years and then ran up the prices. Lets look at the latest report from Absolute Return + Alpha magazine as reported by AP Business writer Daniel Wagner on April 4. The 25 highest paid hedge fund managers earned a total of more than
$25 billion in 2009. That is over $1 billion each. They earned $22.3 billion in 2007 before the economy went south and $11.6 billion in 2008. It is obvious those billions of dollars did not trickle down and create jobs or boost the economy. It was part of the problem of transferring wealth from the average American to the wealthy.
President Obama's policies are on the right course for America, the people and the economy. There will be better days ahead and also some set backs but the positives will prevail for America and its people. The President will be engaged and active in the pursuit of economic prosperity for America.
