The U.S. Labor Department reported 379,000 jobs were added to the economy in February and that the unemployment rate came in at 6.2%. It was the best jobs month since October 2020 and higher than the 150,000 jobs that was predicted. The report added: (1) That 4.2 million Americans stopped looking for work and are not counted in the unemployment numbers, which means that the 6.2% rate is actually higher. (2) 9.5 million jobs lost to the recession have not returned to the economy. (3) That 6.4% of Americans are still not participating in the labor force, the highest rates seen since the 1970's,
The report tells us President Biden's $1.9 trillion COVID stimulus is needed now to influence a more rapid growth in the economy and job creation. Consumer spending represents 70% of the economy and the stimulus is designed to help the people and the states meet their financial needs to rehire people and for people to participate in the economy more than they are able to do now. The President also has other plans for the economy and job creation with his plan for rebuilding and repairing the nations infrastructure that will put more Americans to work with good paying jobs.
Creating 379,000 jobs a month would take over 7 months just to put those 9.5 million people back to work who have lost their jobs. It does not take care of those who are new to the job market so the President's plans and policies on the economy are important to moving the country forward with steady growth to meet the challenges that we know exist.
The GOP's obstruction and false rhetoric is well known and will continue. But President Biden knows what it takes to govern and move the country to a more prosperous future for all Americans.
This commentary written by Joe Lorio
