Congressman Eric Cantor (VA-07) today issued the following statement after the Bureau of Labor Statistics reported Virginia's unemployment rate increased to 7.4 percent in the month of March:
"This continues to be a very tough economy for the hardworking people of Virginia. Families, small businesses, and young workers are struggling with one of the highest unemployment rates in decades and dramatically increased costs, resulting in fewer jobs and unsustainable debt. Washington must stop pretending that the debt incurred from their out-of-control spending programs won't have severe consequences. Massive deficits and Washington bureaucracy impedes job creation and economic growth, creates a permanent dependency on the government, and will leave our children more in debt and worse off unless we change course. Already, 33 states including Virginia have depleted their unemployment funds and must borrow billions more from the federal government.
"While today's report shows Virginia added jobs in March, the increased unemployment rate reflects that long-term unemployment is still a problem and the prospects for future recovery look even worse if the policies pursued by Democrats in charge continue. There is much more that needs to be done to put our Commonwealth and our country back on the path to financial stability. We must focus on creating private sector jobs and encourage economic incentives that will produce return on investment. This means instead of becoming more dependent on the government, we must empower our entrepreneurs and small business people to thrive. Additionally, moving forward on energy development off Virginia's coast will bring thousands of new jobs and millions in new state revenue to the Commonwealth, while helping our nation become more energy independent.
"Virginians want common sense solutions that produce real results, not the tax and spend policies coming out of Washington, including the Democrats' overhaul of health care that will cripple the ability for Virginia's small businesses to hire new workers and a cap-and-trade policy that will impose a massive energy tax upon all Americans. Republicans will continue to put forward a no-cost jobs plan that will spur economic growth, create opportunity for future generations, and grow Virginia's economy."