Saving Jobs, Creating Jobs

On Wednesday, President Obama signed a $26 billion jobs bill aimed at saving the jobs of teachers and government employees.

While fewer layoffs certainly bode well for the recovery, the bill does not address job creation. Legislation that would provide small business funding, allowing businesses to expand and hire workers, is currently stalled in the Senate.

The approach to igniting a more robust recovery remains a source of debate, but most lawmakers agree that avoiding additional layoffs and stimulating hiring should both be goals.

Make no mistake: Layoffs have slowed and hiring has improved in comparison to a year ago. Nevertheless, for want of a better metaphor, the economic engine seems to be stuck in first gear.