Today, the Department of Labor released its unemployment report for the month of September which showed that our economy gained a net total of 114,000 jobs and the unemployment rate decreased to 7.8 percent. While any sign of job creation is welcomed news, far too many Americans are still looking for work or have stopped trying. President Obama told us that his economic "stimulus" plan would get unemployment down as low as 5.6 percent by now, but instead we have seen almost four years of unemployment above 8 percent.
According to the Bureau of Labor Statistics, the jobs added last month were 36,000 short of the number needed each month just to keep pace with population growth. Additionally, just like the month of August, September's report showed that 14.7 percent of the labor force is either unemployed or without adequate work. Clearly, the Administration's tax-and-spend policies aren't working and have stalled much-needed economic growth.
This month, the U.S. Chamber of Commerce released its Small Business Outlook Study for this quarter. One particularly troubling finding of the survey is that uncertainty in the small business community is growing, and is at its highest level since last year (see chart below). At a time when our nation has experienced such high jobless rates and low business confidence, President Obama and Washington Democrats support tax hikes that are estimated to cost our economy 700,000 jobs. Instead of further eroding small businesses' confidence through higher taxes, we should focus on policies that encourage job creators to invest and grow.
Source: US Chamber of Commerce, Small Business Outlook Study
North Texans, and all Americans, deserve better than the status quo and I believe it's time for a new path. That is why I support the House Republican Plan for America's Job Creators, a pro-growth plan to reenergize the free enterprise system. This Congress, the House has passed 39 bipartisan bills that would help get our economy back on track, and I strongly urge the Senate and Administration to join us so we can see real growth and job creation across the country.