11%Posted by chris on May 4, 2012
Today, the Department of Labor released the April 2012 Employment Situation Summary, and the disappointing results were more of the same under the Obama Economy. Though the unemployment rate fell from 8.2% to 8.1%, the drop was almost entirely driven by another exodus of job seekers from the labor pool. In fact, as another 522,000 Americans left the workforce altogether, the civilian labor force participation rate declined to 63.6% in April – a new 30-year low.
James Pethokoukis of the American Enterprise Institute points out that if the U.S. labor force were the same size as the day that Barack Obama took office, the current unemployment rate would be 11%!
Speaker of the House John Boehner released a statement this morning in response to Obama’s latest jobs report, saying:
“Today’s report is more evidence President Obama’s policies aren’t working for families and small businesses, and aren’t creating enough jobs to get our economy back on track. Where are the jobs? Families are stuck: the wages of those fortunate enough to have a job are stagnant, but they’re paying more for everything from gasoline to groceries. And those looking for work can’t find it because ObamaCare, our spending-driven debt, and the threat of tax hikes are making it harder for small businesses to hire. Nearly half of college graduates are unemployed or underemployed in President Obama’s economy.
“But rather than address these challenges, President Obama has wasted time trying to distract the American people with gimmicks like the Buffett tax hike and fake fights over noncontroversial issues. Election-year gimmicks might win the president some votes but they won’t create American jobs.”
The fact of the matter is that under the Obama Economy, Americans are unquestionably not better off than they were just four years ago. Instead of focusing on economic recovery and fiscal responsibility, the Obama Administration has driven our national debt into uncharted and dangerous territory, saddling our future generations with nearly-insurmountable debt. We need a president who will address the real issue facing our country – lingering unemployment, ballooning debt and a hostile business environment – not a Campaigner-in-Chief that views each move through the politically-tinted glasses of reelection.
In November, we will take our America back and right our country’s ship back on a course of economic prosperity and fiscal responsibility.