Since January, 2007, when Democrats took control of the House and elected Speaker Pelosi, approximately 9 million more Americans have found themselves out of work. House Republican Whip Eric Cantor (R-VA) today issued the following statement after the Bureau of Labor Statistics reported that the U.S. economy shed another 20,000 jobs in January, bringing the unemplyment rate to 9.7 percent:
"Hiring grows from investment, and businesses and investors need clarity. Instead, the President, Speaker Pelosi, and Leader Reid perpetuate an environment of uncertainty with the threat of even more mandates and red tape, skyrocketing deficits, and tax increases that prevent job creation. Democrat controlled Washington's ideological pursuits -- like cap and trade, tax increases, the push for government health care and card check -- have created such great uncertainty that hiring is simply not a reality for businesses and entrepreneurs. The President's budget fails to focus on jobs.
"I've noticed that President Obama and Speaker Pelosi have recently started talking a lot about small business, a welcome sign for Republicans who've been focused on small businesses for the past year. Unfortunately, the President's plan, in the context of his overall agenda, doesn't actually encourage small businesses to invest, hire or expand. The reality is that small businesses will not add jobs while they are worried about paying higher taxes next year. Who is going to invest or take risks, with what they see and hear coming out of Washington lately?
"If the President and Speaker Pelosi are serious about creating jobs, then they must take a serious look at the impediments to jobs their agenda threatens small businesses with every day. Until they do, then their proposals will not be taken seriously by small business owners, and the job market will continue to struggle.
NOTE: It is generally estimated that the economy needs to add approximately 127,000 jobs a month just to keep up with population growth. That is not even taking into consideration the new job creation that is needed to restore the millions of jobs lost during this recession.
To return to full employment (5% unemployment), the economy will need to produce over 250,000 jobs per month over the next 5 years.