The numbers are out for job creation and it looks pretty good. The unemployment rate went down to 8.5% from 8.7% and 200,000 jobs were created.
Here is the hidden gem. While looking into the different sectors, I found that the healthcare sector added 23K jobs in December and a total of 315K jobs in 2011. But if we listened to the right wing meme, the Obamacare law should have caused layoffs. Especially considering Obamacare DIRECTLY regulates the health insurance and healthcare industries.
The healthcare industry has seen their profits increase dramatically in 2011 according to bloomberg, “..profit margins at the companies widened to levels not seen since before the recession, a Bloomberg Government study shows.” So much for the talking point, that this law is bad for business.
I understand that the reason for the increase in healthcare employment is due directly to an increasing elderly population. That is what progressives, Democrats and others have been arguing is wrong with this economy. The problem is demand not regulations or taxes.
The point is if regulations killed industry, the healthcare industry would be the FIRST to feel it under this law.
The other industry that showed a positive turn is manufacturing. After months of stagnant growth, the manufacturing industry also added 23,000 jobs. This is especially positive in my view because this is where real wealth is created.
Unfortunately, we are still seeing layoffs in the public sector. In 2011 30% of ALL, total layoffs were in the public sector. If the Republicans would have passed the President’s jobs bill, it would have saved those public sector jobs. That is the main reason why unemployment remained high in 2011.
It wasn’t the oppressive policies of this administration, it was the austerity of the local and state governments, mostly led by Republicans.