Flores Statement on October Jobs Report11/02/12
WASHINGTON, D.C. – U.S. Congressman Bill Flores (R-Texas) issued the following statement today regarding the October unemployment report released by the U.S. Bureau of Labor Statistics.
“Once again America has been delivered some disappointing news as the unemployment rate increased to 7.9 percent. It is discouraging to see the unemployment rate rise, but it’s been an all too familiar scenario under the failed policies of the Obama economy.
“The bottom line is that, after almost four years in office, President Obama’s misguided policies have been an abject failure. Adding to those failures are the facts that he wasted almost a trillion dollars on a failed ‘stimulus’ program and he borrowed almost $6 trillion from the economic futures of our children and grandchildren. Looking forward, his policies could cost hard working Americans up to 3.6 million more lost jobs arising from the implementation of Obamacare (800,000 jobs according to the CBO), his proposed tax increases on American job creators (710,000 jobs according to the NFIB), and the implementation of the sequester (2.1 million jobs according to a George Mason University analysis). The House of Representatives has proposed common sense fixes to stop these impending jobs killers and to reverse the damage of the president’s failed economic policies. However, the president and Senate Majority Leader Harry Reid have stopped each of these programs. Our programs would reduce the overwhelming economic uncertainty coming out of Washington and allow our job creators to begin hiring millions of Americans that want to go to work.
"Today’s report shows us that there are over 23 million Americans who are continuing to struggle to find employment, and our labor participation rate continues to stay historically depressed at 63.8 percent. The U-6 unemployment rate was 14.6 percent, which has essentially hovered around the 15 percent range for over three years. This latter high unemployment figure reflects the true economic pains that America’s middle class feels.
“The failed economic solutions put forth by President Obama have strained our economy for far too long. Just last week, the Bureau of Economic Analysis, issued a dismal third quarter estimate showing the economy grew by an anemic 2 percent of GDP. The president's continued reliance on failed solutions has done nothing more than stifle our economy.
“House Republicans have passed 39 bills which would provide job creators with the solutions needed to thrive, flourish and create opportunities to get Americans back to work. It is time that the president and the Democrat-controlled Senate take up the bipartisan House-passed solutions which would restore America’s promise, prosperity and security for future generations”
The following table shows the results of President Obama’s economic policy failures:
|Unemployment Metric||January 2009 Inauguration||Today||Difference|
|U-3 Unemployment %||7.8%||7.9%||0.1% worse|
|U-6 Unemployment %||14.2%||14.6%||0.4% worse|
|Labor Force Participation %||65.7%||63.8%||1.9% worse|
Congressman Bill Flores represents the 17th District of Texas and is an entrepreneur, former energy executive, Certified Public Accountant (CPA) and member of the House Budget, Natural Resources and Veterans’ Affairs Committees.