Economic snapshot for July 2009
By Christian E. Weller
We are learning the hard way that Wall Street, the economy, and the labor market are three separate things. While Wall Street enjoyed a bright spring, the economy continues to struggle, and job losses still mount.
The economy may be nearing its bottom, but it hasn’t reached it yet. Job growth won’t resume until the economy has turned the corner for good, no matter what Wall Street hopes for. A strong, sustained economic recovery will take time and public investments in health care, energy independence, public education, and innovation for years to come. These investments will help create and save millions of jobs right now and foster faster productivity growth that can translate into more and better jobs in the future.