According to the Deartment of Labor, the U.S. economy added 223,000 jobs in April and unemployment fell to 5.4%, down from 5.5% the previous month of March. It was the 62nd. straight month of positive job growth, the best performance since the 1990's during the Clinton administration.
Hourly wages increased 1/10 of 1% for a yearly average gain of 2.2%. Not a great gain for the average American and no where near the gains of corporate America's CEO's and executives. That battle is still being fought and the President still chides congress for their lack of effort to raise the minimum wage. This writer believes when the year is over the gain for the average American will exceed the 2.2% forecast.
The economy still needs more spending by comsumers. Continued job growth and increase in family income will produce that. The latest budget resolution passed by the republican controlled congress is a good example of their lack of knowledge concerning economics and fiscal matters and clearly indicates why President George W. Bush left office with the worst economic and fiscal crissis since the great depression.
Congress still has time to act on several pieces of legislation put forth by the President which would produce more jobs and increase the the buying power of America. The GOP has an opportunity to be a part of the recovery from the record 2008 recession, or they can continue to be remembered as the party who vowed to do nothing that would help the President's policies in moving the country and its people forward.
This commentary written by Joe Lorio
