White House – Middle-Class Jobs Deficit to Improve
President Barack Obama’s Chairman of the Council of Economic Advisers, Alan B. Krueger delivered remarks on “Reversing the Middle-Class Jobs Deficit” at the Columbia University in New York City, New York, Thursday.
Krueger discussed the three main jobs crises the country faced when President Obama took office and what his Administration is doing to address these imbalances.
“I will address problems in the U.S. labor market and President Obama’s blueprint to fix them. My theme is that it will take a concerted national effort to reverse the problems that have been building in the job market for decades, and, although much more work needs to be done; we have made progress in the last few years,” said Krueger.
Krueger went on and pointed to what he called “the middle-class jobs deficit.”
“The United States has considerable strengths that should help us to reverse the middle-class jobs deficit. It is imperative for policymakers to develop and promote these strengths to create an expanding middle class and provide more opportunity for more young people, regardless of their family backgrounds. As President Obama has stressed, this is the defining issue of our times. We face a critical moment in which we can pursue a path that leads to a more durable economy and growing opportunities for all Americans, or we can return to the policies that eroded the middle class and tilted an ever-increasing share of income into the hands of a fortunate few, who were allowed to play by their own rules.”
Meanwhile, the US Government and private sector cut back in the first quarter, creating a slow down on the economy. While most analysts were expecting US GDP growth of at least 2.6 percent or higher, the US economy grew at an annual rate of 2.2 percent in the first quarter of the year, down from the previous quarter’s growth rate of 3 percent.
The economy has been growing, slower than expected and sending mixed signals.
The Labor Market released data this week, suggesting a cooling labor market and a slowing in the manufacturing sector, which is likely to add to concerns of an economy that is still stalling.