President Barack Obama said the 200,000 jobs added in the U.S. last month shows the economy is mending and he appealed to lawmakers to extend a payroll tax cut through the rest of the year to assure growth continues.
?We're starting to rebound,Obama said today at the offices of the Consumer Financial Protection Bureau in Washington. ?We're creating jobs on a consistent basis.?
The number
cheap p90x of jobs created in December exceeded forecasts and followed a revised 100,000 gain in November that was smaller than initially estimated. The Labor Department reported that the unemployment rate fell to 8.5 percent (USURTOT), the lowest since February 2009, as hours worked and earnings climbed.
After three years of historically high joblessness, the condition of the economy has become the focal point of the 2012 presidential campaign for both Obama and the Republicans seeking to replace him in the White House.
Former Massachusetts Governor Mitt Romney and other Republican candidates have cast Obama as
p90x sale an ineffective steward of the economy and his policies, such as his 2009 stimulus, as failures. Obama has pointed to progress in employment and the challenge of confronting the worst financial crisis since
cheap p90x the Great Depression, while arguing that Republicans would return to the policies of President George W. Bush that preceded the 2008 collapse of financial markets.
Payroll Tax Cut
The president and his top economic aide, Alan Krueger, the chairman of the White House Council of Economic Advisers, argued today that the Labor Department figures show that such measures as cutting the payroll tax for workers and spending on infrastructure projects are the right prescription.
?The president has targeted the right course for the economy,Krueger said on Bloomberg Television.
The next task for Obama is getting Congress to extend the payroll tax cut for the rest of the year. The temporary two- percentage-point cut in the rate was extended for two months before lawmakers left Washington last month for a holiday break under an agreement that they
insanity workout dvds would debate how to pay for a full- year extension when they go back to work.
?When Congress returns, they should extend the middle- class tax cutfor all of 2012, Obama said. ?We should get it done.?
Jobs Lost
Employers added 1.64 million workers in 2011, the most since 2006, after a 940,000 increase in 2010. Still, little headway has been made in recovering the 8.75 million jobs lost as a result of the recession (USRINDEX) that ended in June 2009.
The unemployment rate is the economic indicator most broadly followed by the public and may have a critical impact on Obama's chances for winning re-election.
The administration's own forecast, issued Sept. 1, is for the unemployment rate to remain above 8 percent in 2012. Since World War II, only one U.S. president has been re-elected with a jobless rate above 6 percent: Ronald Reagan won a second term with the rate on Election Day 1984 at 7.2 percent, a drop of almost three percentage points in the previous 18 months.
Today's jobs numbers won't change the advice for Republican presidential candidates, according to Matt Mackowiak, a Republican strategist and president of Potomac Strategy Group LLC in Washington.
?One good jobs number doesn't erase a misery across the country,he said in an interview. ?No one believes that because the numbers were better than expected, that
cheap p90x the economy is in good shape.?
Bureau Visit
Obama stopped to talk with the staff at the consumer protection bureau two days after he defied Senate Republicans by using his authority to make appointments while Congress is in recess to install Richard Cordray as the agency's director. Republican leaders have accused the president of breaking with precedent to circumvent the confirmation process, arguing that Congress was not officially in recess since so-called pro forma sessions were being held every few days.
Obama said that the mission of the CFPB is ?making sure that everybody plays by the same rulesand ?that the
cheap p90x big banks on Wall Street play by the same rules as community banks on Main Street.?
Obama, who is making confrontation with Congress part of his re-election strategy, also appointed three members of the National Labor Relations Board at the same time as he named Cordray. The NLRB has been a Republican target since it sued Boeing Co. in April, arguing the aerospace giant opened a plant in the South Carolina to thwart unions. The case was settled in December.
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