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What is Needed to End the Jobs Crisis?

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  • Description

    FBN’s Gerri Willis on the state of the job market.

  • Duration 2:28
  • Date

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This transcript is automatically generated

It was hard to drum up excitement over today's jobs report nobody seemed to excited that the jobless rate had risen.

Congress had already left for a five week summer vacation and the president well he -- out campaigning in Ohio.

The markets of course staged a big rally but that's probably had more to do with traders' expectations that the report might encourage more stimulus spending from the Fed.

In short eight point 3% unemployment.

It's become the new norm.

After all we've had 42 months now of joblessness above 8%.

Its routine usual.

Taken for granted.

But it shouldn't be.

Mass unemployment like we have right now should be galvanizing.

Our leaders not putting them to sleep.

You think it's not a problem considered these numbers from the morning's report.

The real unemployment rate what the insiders call -- six rose to 15%.

From fourteen point nine the previous month.

That's approved portion of people who aren't working aren't looking -- can't find a full time job more than one in ten.

Then there's that the market participation rate is stuck -- a thirty year low.

You have to go back in 1982 to find -- with a number of folks working is so low.

In between our population has risen by 34%.

That's not good news in fact it's probably safe to say it's a tragedy.

Even number that grabbed headlines the fact that a 163000.

Jobs were at in July -- -- -- unimpressive.

Look -- 163000.

Jobs is a rounding error in a fifteen trillion dollar economy.

And a country with 310 million people -- -- 63000 isn't easily five hundredths of a percent.

And George Bush's administration.

Unemployment hit a low of four point 4% in May 2007.

I think we complained about that.

And in September 1983 look at this a -- it during the Reagan administration the total jobs added in a single month with over a million.

This -- September of that year.

So far this year we've only added one point 06 million jobs but it took seven months to get their check this out this is astonishing.

This comparison.

We have a jobs crisis in this country crisis to the will set back some Americans for the rest of their lives for some it's a life.

Altering event one that will never be forgotten.

It's not time for campaigning are celebrating it's time for focusing on the problem.

And fixing it and that's --

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