Growing Job Losses Show Dismal Failure of So-called Stimulus
Statement
Growing Job Losses Show Dismal Failure of So-called Stimulus
Increasing Number of Americans Dropping Completely Out of Labor Market
Congressman Tom Price issued the following statement in response to the news that the number of unemployed grew by 247,000 in July. The unemployment rate dropped 0.1% on data that fewer Americans are actively seeking work.
"While the White House loudly proclaims its so-called stimulus is working, once again, growing jobs losses is separating fact from fiction," said Congressman Price. "Six months after they were promised immediate relief, the over 2 million more Americans out of work are still struggling to see the success. The Democrats chose to spend hundreds of billions of dollars through glacial bureaucratic processes, rather than crafting a real stimulus package that would encourage job creation. It's no surprise that today workers are exiting the labor force as work becomes increasingly scarce. The record deficits and bloated unemployment numbers created by this administration serve to remind us that their big spending policies are no way to create a stable and prosperous economy.
"It doesn't have to be this way, however. There is still time to change course and pursue policies that will provide a real boost to the economy. The Republican Study Committee has introduced legislation to put an end to the President's reckless spending package, as well as a real stimulus package that will put Americans back to work and grow the private sector, rather than the government. Only by returning to a system that rewards productivity and hard work will we restore the American prosperity we have known."
NOTE: The Republican Study Committee has introduced the Reducing Barack Obama's Unsustainable Deficit Act. Also known as the REBOUND Act, the legislation:1) Repeals the unspent portion of the President's "stimulus" package; 2) Prohibits the Treasury Secretary from obligating any further TARP funds; and 3) Requires all repayments of TARP money to go exclusively to debt reduction. A summary can be found here.
Also, the Republican Study Committee has introduced the Economic Recovery Act, legislation based on three main themes: 1) Support Families through Tax Relief; 2) Provide Economic Relief for American Businesses and Entrepreneurs; and 3) Save Future Generations from a Crushing Debt Burden.
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