President Obama says that financial crisis is not over


President Obama was in Cincinnati yesterday, where he spoke to a group of union members at a picnic. While he was on his way here, the White House released a statement noting that "working Americans will help our nation emerge from this crisis." Nevertheless, the President believes that the country still faces a "vast and complex" economic crisis. Here is the problem, with a dwindling American workforce, President Obama says that it will be the working Americans that pull the nation out of the economic crisis. Last time we checked (and that was last week), the jobless rate was 9.7%.

President Obama is correct. It is the working Americans that will pull us out of the economic doldrums, because they are the only ones that will be able to spend money or give it to those not working. Yes, Labor Secretary Hilda Solis told NBC's "Today" show that the current administration is using "everything in our toolbox" to try and stabilize the labor markets, but it is not working. I understand that we need to give the administration time to implement its strategies, but I am not sure that advanced job-training efforts in the fall will be enough.

Solis encouraged people to "visit our offices" and figure out if you need a new educational direction. That is great, but how are unemployed Americans supposed to afford further higher education? What's more, where are these new jobs going to be created? What if someone has an advanced degree (Master's or a Doctorate), doesn't that price some candidates out of the job market? There just aren't enough jobs right now, and we have to find a way to create new jobs. Unfortunately, some people believe that we will have to spend other peoples' money to get out of the economic crisis, and I just don't think that it will work. It could work, but it hasn't in the past. The bottom line is that unemployed Americans are becoming discouraged and many are running out of their unemployment benefits. Let's hope that the current political regime can find a way to create some jobs and help the economy claw its way higher. I may not agree with the administration on a lot of points, but I agree when Labor Secretary Solis says that the 9.7% jobless rate is "very unacceptable."
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Last updated: February 13, 2012: 09:27 AM

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