More Americans Working as Labor Day Approaches

More Americans Working as Labor Day Approaches

Congressman Hayworth points to GOP policies as reason for continued economic growth

Congressman J.D. Hayworth (R-Ariz) today welcomed a report released by the Bureau of Labor Statistics (BLS) stating that 129,000 jobs were created in August, dropping unemployment to 4.7 percent, lower than the average of the 1970s, 1980s and 1990s.

Hayworth says the strong pro-growth economic policies he champions as a member of the powerful House Ways and Means Committee are the reason for the good economic news.

"Low unemployment numbers are clear indicators that Republican tax relief and economic policies are spurring growth and helping businesses hire new workers while providing American families with job security," said Hayworth.

"Our growing, robust economy is able to provide the average American citizen access to the best social program there is--a steady job."

Dr. Dan Mitchell, an economist with the Heritage Foundation, says that any nation with 4.7 percent unemployment is the envy of the western world.

"High tax welfare states like France and Germany would kill for an unemployment figure of 4.7 percent," said Mitchell. "The natural rate of unemployment is between 6 and 7 percent. At 4.7 percent pretty much anybody in the country that wants a job can get a job."

"Think about it. When you have a country that can boast that more than 95 percent of its eligible workforce is employed and pumping money back into economy, that's exceptionally good news, especially as we prepare to observe Labor Day," said Hayworth.

This report comes on the heels of more good economic news in which the Bureau of Economic Analysis announced that the real gross domestic product (GDP) grew at a 2.9 percent rate in the second quarter of 2006. This marks the 19th consecutive quarter of economic growth.

http://hayworth.house.gov/cgi-data/news/files/407.shtml