The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) - Friday, forecasters expect the Labor Department to report the economy added only 65,000 jobs in September -- my estimate is 80,000. Either would be much less than the 130,000 needed for the economy to stay even with adult population growth. Overall, GDP and employment are growing more slowly than the adult population, and the private sector is much smaller than before the Great Recession -- even with big boosts in federal subsidies for private health care and federal mandates for large health care spending by the states. Employment grew in the second and third quarters despite very slow GDP growth, because labor productivity fell the first half of 2011. Consequently, real wages, per capita income and living standards are dropping -- all exacerbated by hungry state and local tax collectors who refuse to tighten belts as quickly as households and businesses.
|Obama's upcoming jobs speech is to expected to push for a national infrastructure bank providing construction jobs and improving the nation's roads and bridges.|