On Friday, the U.S. Bureau of Labor Statistics issued its jobs report for the month of August. For 43 consecutive months, the unemployment rate has stayed above 8%, and the real unemployment is a staggering 14.7%. In other words, almost 1 out of every 6 employable Americans is out of work. The labor participation rate dropped to 63.5% which continues to remain near a 30 year low. This drop in participation shrinks the labor force to bring about a false positive of a lower unemployment rate (8.1% for August vs. 8.3% for July). The fact remains there are over 23 million Americans struggling to find employment, who are looking for leadership to turn our economy around and put Americans back to work. Americans continue to worry about the future, and they continue to ask "where are the jobs?"
As a CPA and an entrepreneur who has helped create hundreds of jobs, I have firsthand experience as to what will put Americans to work and grow our economy. That is why I am pleased to have supported the over 30 bills that House Republicans have passed as part of the Plan for America's Job Creators. These bills would quickly stop the approaching recession that we have described in previous e-newsletters (CLICK HERE and CLICK HERE to read these) and get Americans working again. Unfortunately, the president and the Senate have yet to even consider these bills or offer a credible plan to put Americans to work. While the president and Senate Majority Leader Harry Reid continue to focus on big government solutions that are merely rehashed versions of their failed $800 billion 2009 stimulus program, the Senate continues to exhibit irresponsible behavior by refusing to pass a budget for well over three years. It is time that they act upon the common-sense, House-passed bills built on "Main Street" solutions, so that we can reduce uncertainty for job creators and enable them to invest in new American jobs.