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Klobamanomics #FAIL

Press Release

By:
Date:
Location: Bloomington, MN

Three and a half years of failed economic policies is more than enough. It's time to try using real economics to return America back to growth and job creation.

"Dismal. That is the only word I can think of to describe today's jobs report," said Kurt Bills, Republican candidate for US Senate.

"'Unexpected' is the word most often used to describe bad news these days," said Bills. "But these numbers aren't unexpected at all. Any economist worth the name has known for a long time that Klobamanomics doesn't work, and is harming economic growth," Bills added.

Today's jobs report was terrible. Only 80,000 jobs were created last month, which is far fewer than necessary to reduce the unemployment rate.

More jobs than that are necessary to even keep up with increases in the workforce, especially due to young adults graduating from high school and college. Only 54% of young adults are now employed, the lowest rate since 1948, the year the government began taking records. In 2007 62% of young adults were employed.

"When the stimulus was passed, Obama and Klobuchar promised that unemployment would be below 6% by now, and the economy would be humming along. Instead, unemployment is above 8% and has been rising. According to the Minneapolis Fed, this is the worst employment recovery since World War II," Bills said.

"Obviously Washington needs a dose of ECON101 to bring it back to reality," Bills concluded.


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