This morning, the Bureau of Labor Statistics released its monthly Employment Situation Summary, and it was truly superb. The headline numbers were a "non-farm payroll employment" increase of 248,000 in September, and a decline in the unemployment rate to 5.9 percent. On the White House blog, Jason Furman of the Council of Economic Advisors put these numbers in perspective: a) "private sector has added 10.3 million jobs over 55 straight months of job growth, extending the longest streak on record"; b) the unemployment rate is now "the lowest since July 2008, and is down 1.3 percentage point over the last year"; and c) "more than 700,000 jobs added" in the manufacturing sector over the course of the economic recovery, with "an increase in the average workweek to levels not seen since World War II."So, while it's not time to be breaking into the song "Happy Days are Here Again," I'd say it's most certainly time to start recognizing that something real - and really good - has been happening. And, of course, it's long past time start allotting credit (and blame) where credit (and blame) is due. The fact is, when President Obama assumed office in late January 2009, the economy he inherited from 8 years of Republican misrule was in freefall, no matter how you want to look at it. Look at that private sector payroll employment graph and you can see it starkly depicted: we've gone from job losses of more than 800,000 per month (!!!) when President Obama was sworn in, to job gains every single month for the past 4 years, 7 months. Why did that happen? Very clearly, it was the result of the various emergency actions and longer-term economic policies that the Obama Administration and the Democratic-led Congress took during 2009. That includes the much-maligned (by Republicans) economic recovery act, which despite the critics' constant carping, has worked as well or even better than intended. Meanwhile, it's now apparent that other policies - like expanding health care access to millions of Americans through the Affordable Care Act -- far from having trashed the economy, as Republicans promised they would, have if anything helped it. In fairness, the Emergency Economic Stabilization Act of 2008, which was proposed by Bush Administration Treasury Secretary Henry Paulson, certainly was important as well. The fact that Republicans were dragged kicking and screaming into doing it speaks volumes, though. Speaking of Republicans, if it weren't for them, the recovery would have happened a lot faster and stronger than it did. First off, the initial economic "stimulus" package could have, and should have, been a lot bigger, with more of the money targeted at infrastructure investments, a lot more help to the states, far more aid to the unemployed, etc. The reason it wasn't bigger/better? Mostly, because Republicans had decided that their #1 goal wasn't to help the country's economy recover, but to try to make President Obama (and along with him, of course, the country) fail. There were also a few "conservadems" to blame, of course, but overwhelmingly it was Republican recklessness, irresponsibility and belief in Herbert Hoover-style "austerity" policies (e.g., "let Detroit go bankrupt"). Crazy.
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