Last Friday, the unemployment rate crept up to 7.9 percent.
Ironically, this news came a day after members of the Council on Jobs and Competitiveness received their pink slips. On Thursday, the council’s charter expired and the committee was disbanded. In January 2011, when unemployment had surpassed 9 percent, President Obama appointed business leaders to the council, which was founded to help create jobs. According to the Council’s website, its mission was to:
Develop realistic, achievable ideas that business and government can put into practice starting now. The best ideas for investing in America, getting our economy back on track and creating jobs.
When Jeffrey Immelt, CEO of General Electric, was appointed to chair the Council, he acknowledged job creation and economic growth would be a slow and arduous process. He stated,
There’s no easy button to push to make the economy better, but every day we see more signs of life.