The newest employment figures make it clear that job recovery is occurring at a rate which, if it continues, insures that the unemployment rate will hit below 8 percent by the time of the 2012 Presidential Election a year and a half from now!
The promising news is that private sector job growth is close to a quarter of a million for the past few months, a rate which is required for real job growth to occur, considering the constant growth of people seeking to join the job market. This means, however, that unless the job growth is more rapid that it is now, it will take about five more years to lower unemployment to a rate considered full employment , about six percent!Â Right now, unemployment has dropped one percentage point to 8.8 percent over four months, the fastest drop since 1983!
But certainly very clear is that the unemployment rate for those with a college education, a four year degree or more, is substantially lower than for those who dropped out of college or never attended.
So the message for young people remains one that education is good for your personal intellectual and emotional growth, but also for your potential to gain employment and earn more income! So dropping out, or not taking school seriously, is a tremendous mistake!
House Majority Leader Eric Cantor of Virginia has come across over the years as extremely ambitious, intensely partisan to the extreme, and possessing a great level of arrogance in dealing with opponents, and this showed through this past week, when Mr. Cantor suggested that the House of Representatives, controlled by his Republican Party, pass legislation authorizing the enactment of the House spending bill even if the Senate, controlled by the Democrats, failed to agree to the legislation!
Such a move would be patently unconstitutional, and in any case, could not become law without passage by the Senate and the signing of the law by the President, none of which would happen! So maybe Eric Cantor needs to go back to Government 101, and learn the reality that the House cannot act recklessly on its own!
This suggestion is totally a sign of the impatience and arrogance of the House majority, being pressured by the Tea Party freshmen, who want no compromise on the spending for the rest of the present fiscal year, with the House demanding $61 billion in cuts, as compared to the $33 billion acceptable to Senate Democrats and the President!
It seems more and more likely that the Tea Party activists would love to see a government shutdown, and this includes freshmen Senators Rand Paul of Kentucky and Marco Rubio of Florida among others, who are a literal nightmare to their party and to the nation because of their unreasonable and uncompromising nature!