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President Obama Doesn't Get Job Creation; Must Be Replaced to Get America Working Again

Press Release

By:
Date:
Location: Austin, TX

At a news conference today, President Obama again signaled unwavering belief that a bigger, more intrusive federal government can jump-start the faltering U.S. economy. That blind commitment to government-based solutions is why America's recovery depends on replacing the President.

While President Obama's failed big-government liberalism is prolonging national economic misery, two new reports show that positive job and economic growth continues in Texas. Since the national recession began in late 2007, Texas has responded by passing two balanced budgets, reducing spending, and cutting taxes 23 times for a total of $742 million in savings. [1]

As a result, Texas is home to nearly 40 percent of the net new jobs in America since June 2009.

"Every day it is clearer that for the United States economy to grow and succeed, we need a new President," said Texas Gov. Rick Perry. "At his news conference today, President Obama again showed his blind commitment to the same pro-tax, pro-government, pro-regulation policies that have failed our nation.

"America needs new a new leader with a proven record of job creation and sound economic policies. Texas is not immune to the effects of the national economic environment, but recent reports show that low, flat and fair taxes, fair and predictable regulations, and restrained government spending is a proven recipe for job creation."

The Associated Press is reporting today, "Texas tax revenues have bounced back to levels nearly equal to pre-recession levels indicating that the economy is in recovery, the state's chief revenue estimator said Wednesday." [2]

In its Oct. 2011 report released yesterday, the Federal Reserve Bank of Dallas said, "The Texas economy grew at a modest pace, with employment expanding at a 1.6 percent annual rate in August. Texas home sales rose in August along with single-family permits and housing starts. Texas exports inched up in July, and manufacturing activity increased in August, according to the Texas Manufacturing Outlook Survey's production index." [3]

While the Texas economy grows, the national economy falters. Federal Reserve Chairman Ben Bernanke said Tuesday that the economic recovery "is close to faltering." Bernanke said that the economy is growing more slowly than the Federal Reserve had expected, and that the biggest factor depressing consumer confidence is poor job growth. [4]

The AP is also reporting today, "The number of people who applied for unemployment benefits rose slightly last week, a sign that the job market remains weak." [4]

Sources:
[1] Rick Perry Tax Cuts, http://www.rickperry.org/content/uploads/2011/09/Tax-Cuts.pdf

[2] Texas state tax revenues bounce back, Associated Press, 10/6/11, http://news.yahoo.com/texas-state-tax-revenues-bounce-back-194253474.html

[3] Texas Economic Indicators, Federal Reserve Bank of Dallas, Oct. 2011, http://dallasfed.org/research/indicators/2011/tei1110.pdf

[4] Employment still weak: Jobless claims rise by 6,000, USA Today, 10/6/11, http://www.usatoday.com/money/economy/story/2011-10-06/jobless-claims-rise/50676556/1


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