The American economy is taking off and not looking back. The Labor Department
reported that 321,000 jobs were added in November and also reported that last month saw the biggest gain in hourly wages since June of 2013. Coupled together, these numbers are a vindication to President Obama's economic policies and should lay to rest any lingering criticisms of his handling of the economic recovery. If only we could be so lucky.
We have not seen these numbers since the boom of the 1990's and it does bring up the obvious question: why does the economy always seem to do better during Democratic administrations? Republicans constantly try to put tell the American people that they know how to handle the economy better, but the numbers don't back their claims up. The economy has consistently performed better under Democratic administrations for the past twenty-five years and that is not some random fluke.
Today's numbers are good news for American workers, businesses, and the economy. We have not had sustained job growth of this magnitude since the 1990's and we have not seen the unemployment rate this low since before the Great Recession began in December of 2007. More Americans are working and that will have a ripple effect across the board. When more people are working then more people are able to afford to spend more. When more people are able to spend more then more money is pumped into the overall economy.
Perhaps more important is the fact that people are taking home more money with the spike in hourly wages. This development shows that employers are feeling more confident that this is a sustained uptick in the economy and are now prepared to loosen up their belts. The fact that employers are ready to start paying their employees more is perhaps the greatest sign that the economic recovery may finally start being felt by the average person. This is great news for everyone.
Don't get me wrong--there are plenty of individuals in this country who continue to feel the pain from the worst recession we have had in 80 years. Wages are far too low for many Americans and we are at risk of creating a permanent lower class that may never be able to dig themselves out of poverty. This is something we will have to work hard to correct and it is my hope we can do so before it becomes too late for these millions of Americans.
Today was a great day for the economy and we should all praise President Obama for his stewardship of the economy. He inherited an economy in shambles due in large part to conservative economic policies that were proven wrong and guided us back into one of the best economies we have had in many years. For that, we should all thank him.