Monday, April 1, 2013

Low Unemployment is Due to Creation of Low Paying Jobs

(CNBC) Too much of the recent growth in employment has been concentrated in low-wage and temporary jobs, leaving the recovery on shaky ground, a top Federal Reserve official said Friday.

Sarah Raskin, a member of the Fed's board of governors, said monetary policymakers are doing all they can to promote stronger economic growth and beef up hiring, and cited improving labor market conditions. But she added interest rates are a blunt tool that cannot help direct the types of jobs that are created, noting one-quarter of U.S. workers are now considered low-wage.

Obama jobs recovery brings no bragging rights when the job numbers are manipulated and the jobs created are low wage positions. This is not the hope and changes the American people expects.