Job Creation (June 2009)

Everyone has an opinion on how to fix the economy and stimulate job creation. As secretary of Labor, I have outlined a vision for creating good jobs for everyone. Good jobs means safe jobs, secure jobs, with good benefits and livable wages.

With our economy inching its way toward recovery, there has been some discussion about the need for a second stimulus package. I can think of none better than the Employee Free Choice Act. This legislation would allow workers to join a union freely and fairly. Dozens of prominent economists, including three Nobel Prize laureates, recently signed a statement in support of enacting the Employee Free Choice Act, calling it “a critically important step in rebuilding our economy.”

It is anticipated that in 2010 nearly one-third of the workforce will be unemployed or underemployed at some point. In my home state of Michigan, more than one in 10 individuals are currently out of work and it is expected by the end of this decade Michigan will have lost one million jobs.

On Oct. 3, 2008, the Troubled Asset Relief Program (TARP) was signed into law. At $700 billion, this bank bailout was unprecedented. Perhaps more striking at the time, however, was the complete lack of meaningful guidelines, measurable benchmarks, and strings attached to the bailout money. In essence, the only restriction placed on the secretary of the Treasury was that he had to spend the money on financial institutions or financial instruments.

Jobs. They’re the heart of our economic engine, transforming to meet the new realities of a changing global marketplace. They’re also a trusted barometer of economic health, and judging by employment figures, our economy remains far from healthy.