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REP. KINGSTON: JOBS REPORT SIGNALS NEED FOR CHANGE IN COURSE
With anemic job creation in July, unemployment rate ticks up
The U.S. economy created just 163,000 jobs in the month of July according to the latest report by the Department of Labor. With an unemployment rate of 8.3 percent, July is the 42nd consecutive month in which unemployment was at or above 8 percent under President Obama.
Congressman Jack Kingston (R-GA) says the report is another indicator that it is time to abandon the failed economic policies causing the slowest recovery from a recession in modern history.
“Almost as many people gave up looking for work all together last month as were able to find a job,” said Kingston pointing to the 150,000 Americans who left the labor force last month. “If as many people were in the job market today as were when President Obama took office, the unemployment rate would actually be 11.5 percent. Clearly three and a half years of bailouts, crony-capitalism, and stimulus does not lead to an economic recovery. We need to scale back government rather than expand it and unshackle the private sector to let small businesses lead the way to jobs and prosperity.”
The number of jobs created in July was far short of the 250,000 needed to sustain population growth and, while some jobs were created, the number of unemployed people increased 45,000 to 12.8 million. The real unemployment rate which includes those who cannot find a job or full time work as well as those who have given up even trying is a staggering 15 percent.
Kingston believes rapid economic growth will occur when government gets out of the way of small businesses and budding entrepreneurs. Instead, he says the government’s efforts to intervene in the economy and the refusal of the Obama Administration to take a massive tax increase off the table are adding to economic uncertainty plaguing families and businesses.
To encourage more rapid expansion he points to a three-pronged strategy: peeling back overly-burdensome regulations, reforming the tax code to make fairer, flatter, and more conducive to growth, and encouraging American energy development.
“The House has acted to provide leadership in this critical time with more than thirty bipartisan jobs bills which now gather dust in the Senate,” said Kingston. “President Obama’s policies have been unanimously rejected by members of his own party in both houses of Congress. It is time he and Senate Democrats either come to the table with a real plan or start acting on our bipartisan jobs bills.”
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Kingston discusses a new Contract with America