Statement of Labor Secretary Hilda L. Solis on June Employment Numbers tells there was a total gain of 18,000 non-farm jobs last month. Jobless Agonistes tells it more bluntly. The U-6 unemployment rate which includes those unemployed for more than 6 months or those part timers who want full time work is up to 16.2 percent. Because of population growth and immigration, the U.S. must increase between 125,000 and 150,000 jobs a month, and to make meaningful gains against unemployment, over 200,000 jobs a month must be created.
Former President Bill Clinton, whom I have come to respect more and more, describes some ideas on putting Americans back to work in It's Still the Economy, Stupid. Although he proposes 14 ideas in the Newsweek article, he explains that the U.S. lost manufacturing jobs in every one of the eight years after his presidency. He attributes part of the loss because of non-enforcement of trade laws. He advocates smart government policy in energy - make smart deals and laws to encourage domestic energy. He also considers it was a smart move to save the U.S. automobile industry - possibly 1 million jobs.
Something that I consider telling, although economics is not a hard science. The Economist has been maintaining an open debate for the past month on "This house believes that an economy cannot succeed with a big manufacturing base." 76 percent of those responding agreed with statement/strategy.
The Economist's review of Bill Clinton's job ideas suggests the nation needs an industrial policy. A very pertinent counter argument is that it did not work for the Soviet Union. But moderation is a key to living, isn't it? Too much medicine will kill the patient, but the right prescription results in a cure.