Released by George Rasley with the Office of Congressman Jeb Hensarling:
WASHINGTON, DC - Congressman Jeb Hensarling, Vice Ranking Member of the House Budget Committee and the top Republican on the House Financial Services Subcommittee on Financial Institutions and Consumer Credit issued the following statement after the Department of Labor released September's unemployment data. 263,000 more Americans lost their jobs in September and the United States' unemployment rate has increased to 9.8 %, which is the highest unemployment rate our nation has seen in 26 years.
"Despite the claims of the Obama Administration and Congressional Democrats that these policies would create jobs and an economic recovery, we have an unemployment rate that is 9.8 %, the highest in 26 years, and 3.391 million people have lost their jobs since President Obama took office. Clearly, the policies of 'Obamanomics' have failed. You can't have a jobless recovery. No jobs, no recovery.
"Since being sworn into office on January 20, 2009, the Obama Administration, with its robust Democratic majorities in Congress, have passed a $1.138 trillion big-government stimulus bill costing $9,745 per household, a $410 billion pork-filled omnibus spending bill costing $3,511 per household, and a $3.6 trillion budget costing every household $30,826. On top of these policies, the Obama Administration has proposed several jobs-killing taxes, such as a new national energy tax costing anywhere from $1,600 to $3,000 per American household, and $534 billion in new taxes on businesses to pay for the Democrats' so-called health care reform.
"Instead of the big government stimulus bill, we should have passed legislation like the Republican alternative that used a proven approach to stimulate the economy by providing tax relief and incentives to all families and small businesses.