Americans are well aware of the state of our economy and jobs market, but several benchmarks reached this week have provided concrete evidence of it.
For the first time in American history, our national debt passed the $16 trillion mark. Yesterday marked one year since Solyndra, the failed energy company that received millions in "stimulus" dollars, declared bankruptcy. Third, the jobs report released today showed unemployment above 8 percent for the 43rd straight month in a row.
Of even greater concern than the rate of unemployment is the "participation" rate that represents how many people are currently participating in the workforce. At 63.5 percent, the current participation rate is the lowest in over 31 years. This indicates how much higher actual unemployment is than the 8.1 percent figure which does not include those who have stopped looking for a job. In August, 96,000 jobs were added but nearly four times as many Americans left the workforce.
This week, for the first time in American history, our national debt passed the $16 trillion mark. We are borrowing nearly 40 cents on each dollar and are passing the bill to future generations.
House Republicans have passed a budget that includes responsible reforms to pay down the national debt and promote job creation, while the President and Democrats in the Senate continue to push the same failed policies that have resulted in record high debt.