Released by the office of Congressman Jeb Hensarling
DALLAS, TEXAS - Congressman Jeb Hensarling, the second ranking Republican on the House Budget Committee and a member of the National Commission on Fiscal Responsibility and Reform, released the following statement in reaction to today's jobs report:
"Despite the recession being declared ‘officially' over, today's jobs report showing the unemployment rate mired at a near double-digit level confirms that for many Americans the recession continues."
The Department of Labor announced today that the unemployment rate for September was 9.6%, and 95,000 Americans lost jobs. This marks the 17th straight month that the unemployment rate has been above 9%.
"The Obama Administration and Congressional Democrats have attempted to spend, borrow, and bailout our way to economic prosperity. What do the American people have to show for it? Instead of sustained job creation, the American people have gotten sustained growth in the federal debt.
Our economy is not suffering from a capital crisis; it is suffering from a confidence crisis. According to the Federal Reserve, there is almost $2 trillion in capital sitting on the sidelines that could be used to create jobs and economic growth. I've talked to Fortune 50 CEO's in Dallas and Main Street small business owners in Mineola, TX, and they've all told me that policies created in Washington, such as failure to deal with the impending tax increases at the end of the year, the new health care law, a threatened national energy tax, and the Dodd-Frank permanent bailout bill, have made job creators uncertain about the future and hesitant to invest in expanding their businesses and hiring employees. I have no doubt that if we remove the uncertainty in the economy that our economy will come roaring back."