Filed under: Dr. Boyce Money, News, The Economy
The recent jobs report brought both good and bad news to the president. On one hand, the report found that private businesses had increased their hiring last month. On the other hand, the unemployment rate creeped upward to 9.6 percent, primarily due to the loss of temporary government jobs. The higher unemployment rate is likely set to bolster Obama's critics, who blame his economic advisors for our current quandary.
"That's why we need to take further steps to create jobs and keep the economy growing, including extending tax cuts for the middle class and investing in the areas of our economy where the potential for job growth is greatest," Obama said during his speech in the White House Rose Garden. "We are confident that we are moving in the right direction, but we want to keep this recovery moving stronger and accelerate the job growth that's needed so desperately."
An expensive new bill probably won't be passed by Congress, since the deficit is one of the key talking points for Republicans when they critique Obama's presidency. Although the deficit skyrocketed under the Bush Administration, the Republicans seem to argue that the Democrats are the ones most responsible for the nation's financial problems.
Obama's package is expected to include bonds for different cities to begin infrastructure projects and tax breaks for businesses. They are also expected to try to give companies incentives to hire by reducing or eliminating the social security tax companies have to pay on new workers.
One of the good things about Obama's latest set of economic measures is that they are targeted measures, set to support the economy where it needs help the most. Once again, people of color might feel a bit left out, since the measures don't seem to specifically cover the most challenged urban communities, such as Detroit, where the unemployment rate is nearly twice as high as the rest of the United States. The economic problems of Detroit were highlighted in a recent article by Bennett College President, Dr. Julianne Malveaux.
The economy is one the most significant measuring sticks of any presidency. If Obama can't get that sucker moving soon, he's going to have some serious problems in 2012. I'll admit I have faith that the economy will improve, but I wonder if America has the moral courage to elect a black man to the White House twice.
Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action Resident of the Institute for Black Public Policy. To have Dr. Boyce commentary delivered to your email, please click here.