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Congressman Larry Bucshon Comments on the October Jobless Rate

Press Release

By:
Date:
Location: Evansville, IN

Congressman Larry Bucshon (IN-08) released the following comment in regards to the October jobless rate. The rate increased to 7.9 percent, up from 7.8 percent the previous month. The unemployment rate was 7.8 percent when President Obama took office in January 2009.

Congressman Bucshon (IN-08) states:

"Today's jobs report is proof that we are not better off today than we were four years ago. To the 23 million Americans looking for jobs, the unemployment rate has become a painfully constant reminder that the president's policies have failed. We cannot continue down the president's path that burdens the middle class with higher taxes, massive debt, and fewer jobs.

"This past month I have traveled the Eighth District meeting with Hoosiers and business owners. They share with me their stories and struggles and I am convinced this is not what a recovery is supposed to look like. Over the past two years, I have helped the U.S. House pass numerous jobs bills that sit idle in the Senate and I urge them to take action to help all Americans."

Background:

For the U.S. House Republicans Jobs Tracker, please click here.

Real unemployment, a measure that includes discouraged workers and those employed part-time who would rather work full-time, was 14.6 percent. The average weeks unemployed is 40.2.

The labor force participation rate increased to 63.8 percent from 63.6 percent, remaining close to 31 year lows. In January 2009, when President Obama took office, the labor force participation rate was 65.7 percent.

According to the projections in "The Job Impact of the American Recovery and Reinvestment Plan" released on January 9, 2009 by then President-elect Obama's Council on Economic Advisors, the unemployment rate would never exceed 8 percent and would be 5.4 percent for October 2012 after the Stimulus was enacted. Interestingly enough, the report also predicted the unemployment rate would be below 6 percent in October 2012 without the Stimulus.


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