Despite the recently averted debt crisis, the United States continues to show signs that we are slowly climbing out of the doldrums that have plagued the nation’s economy in recent years.
Last week, the U.S. Department of Labor released employment figures for the month of July. This report showed an addition of 154,000 private sector jobs. Although still very high, the nation’s unemployment rate was knocked down slightly to 9.1 percent.
Labor Secretary Hilda Solis said this is encouraging news, but noted that there is still a big fight ahead to rebound from this tough period in American history.
The most recent struggle in the fight centers around government cuts. While federal and state legislators work to control spending, cuts abound. This includes job cuts. In July, 37,000 government jobs were lost. Over the last 12 months, budget cuts on the state and local levels have resulted in a loss of 340,000 jobs so far.
Regardless of consumer confidence or rays of hope on the economic front, the key to recovery lies in job creation. Legislators need to focus on all efforts to help stimulate job growth. Those who lost their jobs through the recession need to be put back to work, and those working hard through the recession need to fight for living-wage positions.
The number of private sector jobs is growing, but corporate CEOs need to find the courage to invest in the future and create more jobs that can be sustained in the future.
Many companies have downsized and are doing everything possible to operate more effectively and efficiently with reduced staffing. This trend has took hold in the private sector long before the government entities woke up and decided that they too have to live within their means.
Tax cuts for the middle class can help working families put more money back into the economy, according to Solis. Those same tax cuts that were extended to the wealthiest Americans can help, too, only if it leads to job creation – as legislators expect – instead of inflated corporate greed by those controlling the bankrolls.