Today's Job Numbers: Opinion
NEW YORK (
) -- Terrible!Only 39,000 jobs created in November is awful.
After we back out health care and social services, which are largely government funded, the private sector is not creating permanent jobs -- none, zero, nada.
After health care, social services and temp services are backed out, the private sector lost 24,000 jobs. Ugh!
So much for the gradual recovery.
Meanwhile, Congress and President negotiate extending the tax cuts -- which everyone knows will end in a compromise in the range of $500,000 to $1,000,000 for the cutoff or a temporary extension or both, and extending unemployment benefits, again. Rearranging the chairs on the deck of the Titanic.
The economy must add 13 million private sector jobs by the end of 2013 to bring unemployment down to 6%. President Obama's policies are not creating conditions for businesses to hire those 350,000 workers each month, net of layoffs.
Professor Peter Morici, of the Robert H. Smith School of Business at the University of Maryland, is a recognized expert on economic policy and international economics. Prior to joining the university, he served as director of the Office of Economics at the U.S. International Trade Commission. He is the author of 18 books and monographs and has published widely in leading public policy and business journals, including the Harvard Business Review and Foreign Policy. Morici has lectured and offered executive programs at more than 100 institutions, including Columbia University, the Harvard Business School and Oxford University. His views are frequently featured on CNN, CBS, BBC, FOX, ABC, CNBC, NPR, NPB and national broadcast networks around the world.