The U.S. Department of Labor has announced the unemployment rate for October rose to 7.9 percent, up from 7.8 percent in September.
During October, 171,000 jobs were created, but unfortunately 170,000 new people filed for unemployment. Approximately 12 million Americans remain unemployed and millions more are underemployed or have given up looking. In fact, those dropping out of the labor force outnumber new employees almost seven to one. Since President Obama took office, the number of unemployed Americans has risen overall by 209,000.
“Today’s announcement is just one more example that President Obama’s economic policies have failed the American people. While any job creation is something to celebrate, we can all agree we are nowhere near where we should be. Month after month, we see our economy sit idle – when we know if Washington would just get out the way, the American people can rebuild this economy through hard work and determination just like generations before us have done.
“But President Obama wants to keep us on his path of failed recovery that’s filled with higher spending, higher taxes, and more regulations. You see, he believes that government creates jobs. Not me. I was a small business owner myself and I know all government really does is just get in the way.
“House Republicans know that the best way to create jobs is to create an economic environment that encourages American companies to expand and hire new people. And we’ve done just that through dozens of bills to cut burdensome regulations, flatten the tax code, stop the sequestration, and expand the production of American-made energy. Unfortunately, nearly 40 of those bills are being blocked by Harry Reid and the Democratic-controlled Senate. Just like President Obama, Harry Reid thinks he can tax and spend our way out of this mess – no matter how many times their plans have failed,” stated Westmoreland.
The House Ways and Means Committee has two charts outlining the failed economic policies of the Obama Administration when it comes to unemployment.