Responding to the latest employment report, that 163,000 jobs were created in June 2012, the White House noted correctly that major areas of job weakness — including positions in construction and teaching — are precisely those that would have been the subject of the jobs bill proposed in 2011 by President Obama. That legislation was blocked by Congressional Republicans.
Mitt Romney responded to the July report by saying that the numbers reflect the failure of Mr. Obama’s policies when, in reality, they reflect the success of the Republican obstructionism.
That leaves the Federal Reserve to try to boost the economy. But what’s needed is direct intervention in the form of more federal spending on education, infrastructure, clean energy, basic research and job training. Until then, we’re stuck.