Mr. President: The Private Sector is Not 'Doing Fine'

Statement

By:  Bob Goodlatte
Date: June 15, 2012
Location: Unknown

Proving just how out of touch he is with the American people, President Obama recently said during a press conference that "the private sector is doing fine." Really, Mr. President? The truth of the matter is that the private sector is not "doing fine."

"Doing fine" is not 8 percent unemployment for 40 consecutive months or the 20.8 million Americans who are unemployed or underemployed. "Doing fine" is not adding just 69,000 jobs to the economy in May -- the fewest number added in a year. A new report from the Federal Reserve shows that the median net worth of American families fell nearly 40 percent in just three years and the average income fell 11.1 percent. In addition, small businesses are facing an onslaught of regulations, mandates, and taxes. A survey by the U.S. Chamber of Commerce found that 74 percent of small business owners say "the recent health care law makes it harder for their businesses to hire more employees." And the Congressional Budget Office projects that the federal budget deficit will exceed $1 trillion for the fourth year in a row.

No, Mr. President, I don't think that's the definition of "doing fine." I know many hard working families and small business owners in the Sixth District would have a hard time agreeing that lost jobs, a decline in income, and a massive budget deficit is "doing fine."

It's clear that the president's policies are barriers to job growth and a stronger economy. We know that a government cannot spend and tax its way back to economic prosperity. If President Obama is out of ideas for growing the economy and helping the private sector without piling more debt onto the next generation or taxing job creators out of business, he doesn't need to look very far for suggestions.

House Republicans have a Plan for America's Job Creators, including nearly 30 bipartisan jobs bills that are sitting idle in the Senate. From investing in America's energy resources to repealing onerous regulations, these bills will help lay the foundation for job creation. If President Obama is serious about helping the private sector and the entire economy, he should support these jobs bill and also call on the Senate to take action.

My colleagues and I in the House of Representatives know that more spending, borrowing, and taxing is not the solution. We are listening to you and working to pass common sense solutions to help get the economy back on the track to truly "doing fine." If Washington helps create a pro-growth economic environment, I know that job creators in the Sixth District and across the nation are ready and able to propel America's economy back to the top.