Republican economic policies, particularly the elimination or under-funding of financial regulatory systems, all but destroyed the U.S. economy. Now the jobs picture for March shows modest growth and may be the first sign that Democrats’ efforts to revive the economy and bring the Bush Recession to an end may be working:
Employment in March grew by the most in three years, representing a turning point for the labor market that will help broaden the U.S. economy as it recovers from the deepest recession in seven decades.
Payrolls rose by 162,000 workers, the third gain in the past five months and the most since March 2007, figures from the Labor Department showed yesterday in Washington. The increase included 48,000 temporary workers hired by the government to conduct the census. Unemployment was 9.7 percent for a third month.
Manufacturers, health-care companies, temporary-help service providers and warehouses were among those adding jobs in a sign the expansion is becoming more entrenched. The jobless rate was unchanged even after Americans who had previously dropped out of the workforce decided to resume the job search, pointing to growing confidence that the world’s largest economy will continue to grow.
However, until the financial industry is re-regulated so that the safeguards that were in place before December 1999 are reinstated, the risk of another collapse will remain.
- Section: News & Comment