As Unemployment Falls, ‘Biggest Risk’ To Job Growth Is ‘Self-Inflicted Damage From Bad Policy Decisions’

Despite steady job growth in November, policies like those being debated as part of the so-called “fiscal cliff” negotiations in Washington could damage further employment gains, progressive economists and analysts say. The U.S. economy added 146,000 jobs last month, and the national unemployment rate fell to 7.7 percent, its lowest level since December 2008, the time of the financial crash, according to data released Friday by the federal government. “Despite the devastation from Hurricane Sandy, the U.S. economy showed remarkable resilience adding 146,000 jobs in November. The economy continues heading in the right direction, though still not fast enough. The biggest risk to a stronger labor market remains the potential for self-inflicted damage from bad policy decisions,” says Adam Hersh, … Continue reading

‘The Supercommittee Must Fail,’ Congress Is Told

By focusing on deficit reduction, not job creation, the so-called congressional supercommittee is focused entirely on the wrong problems and therefore, the nation would be better off it were to fail to come up with a deal, progressive members of Congress were told Wednesday. Indeed, the sorts of budget-cutting likely to be recommended by the supercommittee, known formally as the Joint Committee on Deficit Reduction, likely would only worsen the already-bleak U.S. unemployment situation, according to Robert Borosage, co-director of the Campaign for America’s Future, a progressive policy organization. “For this nation to succeed, the supercommittee must fail,” Borosage says. Borosage was one of those invited to testify Wednesday at a hearing called by the Congressional Progressive Caucus focusing on … Continue reading