David Goldman, an economic voice we always take seriously, suggests the ongoing growth in healthcare-related employment somehow serves as an asterisk to this morning’s decent jobs report:
There’s some revealing detail behind the headline number. The biggest contributor by far to the 159,000 payroll number was a 53,000 rise in “health and education” services, of which 34,000 is “health care and social assistance.” If the federal government forces the country to spend more on health care, it’s to be expected that more people will be employed.
But, look, healthcare employment has been rocking and rolling since long before Obama came along, and it’s not due to the government. Our society is ageing, and that will require more and more resources devoted to healthcare.
This isn’t politics, and it’s not an asterisk. It’s just a natural reflection of how the economy is changing.
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