Peter Morici is a professor at the Smith School of Business, University of Maryland, and former Chief Economist at the U.S. International Trade Commission.
The unemployment rate decreased to 7.8 percent, because the number of self-employed jumped dramatically. With the economy growing so slowly many of these are likely workers laid off during the economic collapse who have established home-based businesses.
With their candidate fading in the polls as the debates approach, party operatives focus on tactical corrections, but fail to grasp that the basic GOP message—lower taxes, deregulation and free trade—is unappealing to voters scarred by the Great Recession and corporate abuses.
Governor Romney is right. The United States must get tough with China to restore growth and good paying jobs.
On Tuesday, the Commerce Department reported the deficit on international trade in goods and services was $42.0 billion in July, up slightly from $41.9 billion in June.
The most effective jobs program appears to be to convince working-aged adults they don’t need a job.
With the economy sputtering, President Obama would like voters to believe he faces tougher challenges than any president since Franklin Roosevelt and needs two terms to turn things around. Sadly, the president's problems are so daunting only because his policies are not up to the task.
Friday, forecasters expect the Labor Department to report the economy added 100,000 jobs in July, not enough to keep pace with growth in the working age population.
Pressure mounts on the Federal Reserve and European Central Bank to avert another recession, but neither can accomplish much without their governments pursuing more competent economic policies.