Peter Morici
January 10, 2014

The economy created only 74,000 jobs in December, well below the 2013 average of 188,000. The Labor Department report indicates stronger growth for the coming year predicted by many economists may not materialize.

Growth slipped to 1.9 percent last year, thanks to the $200 billion January tax increase and sequestration spending cuts; this is simply not enough to bring unemployment down to an acceptable level, support strong wage gains, and reduce income inequality.

This report indicates that neither the economy nor the job market have shifted into high gear as the White House preaches and private economists who flack for the Administration have claimed.

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