Congressman Larry Bucshon (IN-08) released the following comment in regards to the July jobless rate. The rate increased to 8.3 percent, up from 8.2 percent the previous two months.
Congressman Bucshon (IN-08) states:
"The July unemployment numbers are another clear sign that the economy is struggling to improve under the failed leadership of President Obama. Our nation is not reaching its potential job growth due to the constant barrage of new taxes and new regulations on hardworking Americans and job creators.
"With "real unemployment' at 15 percent and 5.2 million Americans facing long-term unemployment, I urge the Senate to take up the more than 30 jobs bills the U.S. House has passed this Congress. Just this week the U.S. Housed passed a one-year extension of the current tax rates to provide certainty to small businesses and families that continue to struggle during the current climate. With 42 months of unemployment above 8 percent, we can do better and the American people deserve a President and Senate that are willing to work with House Republicans to create opportunities for success."
July marked the 42nd consecutive month of the unemployment rate above 8 percent, the longest stretch of high unemployment since 1948.
The U.S. economy added 163,000 jobs in the month of July. The number of unemployed persons was 12.8 million in July. The labor force participation rate was 63.7 percent.
A recent report released by the accounting firm Ernst & Young finds that letting the 2001/2003 tax cuts expire will cost more than 710,000 American jobs.