Blog Post: $16 Trillion Debt, 43rd Straight Month Unemployment over 8%September 7 2012
Americans are well aware of the state of our economy and jobs market, but several benchmarks reached this week have provided concrete evidence of it.
For the first time in American history, our national debt passed the $16 trillion mark. Yesterday marked one year since Solyndra, the failed energy company that received millions in "stimulus" dollars, declared bankruptcy. Third, the jobs report released today showed unemployment above 8 percent for the 43rd straight month in a row.
Of even greater concern than the rate of unemployment is the "participation" rate that represents how many people are currently participating in the workforce. At 63.5 percent, the current participation rate is the lowest in over 31 years. This indicates how much higher actual unemployment is than the 8.1 percent figure which does not include those who have stopped looking for a job. In August, 96,000 jobs were added but nearly four times as many Americans left the workforce.
This week, for the first time in American history, our national debt passed the $16 trillion mark. We are borrowing nearly 40 cents on each dollar and are passing the bill to future generations.
House Republicans have passed a budget that includes responsible reforms to pay down the national debt and promote job creation, while the President and Democrats in the Senate continue to push the same failed policies that have resulted in record high debt. Click here or on the image below to see how the President's rhetoric stands up to reality.
43rd Straight Month of Unemployment Above 8%, Participation Rate at 31-Year Low
When the latest jobs figures were released today, we learned that the unemployment rate remained over 8 percent for the 43rd month in a row. Of even greater concern, the partipation rate fell to 63.5 percent, the lowest since September 1981. In August, 96,000 jobs were added but nearly four times as many Americans left the workforce. You can find these figures and additional information in the Bureau of Labor Statistics report.
The president’s policies continue to fail with more than 20 million Americans struggling for work while our country's small businesses face an environment where regulation and uncertainty make it impossible for many to consider hiring.
House Republicans have passed dozens of jobs bills that continue to be ignored by the Democrat-controlled Senate. The President and Senate Democrats' policies of more taxes and bureaucratic red tape will not promote job creation. It is time the Senate does something to address the jobs crisis and takes up the jobs bills that have passed the House. You can track the progress of those bills on this page of my website.
1 Year Anniversary of Solyndra Bankruptcy
Yesterday, marked one year since Solyndra—the Obama administration’s stimulus "success story”—filed for Chapter 11 bankruptcy. While investors with close ties to the White House cut deals and receive tax breaks, American taxpayers are left footing the bill. Solyndra serves as a stark reminder of the Obama administration’s misguided priorities and failed stimulus economy. Click here to read the statement from the House Energy & Commerce Committee on the anniversary.
You will find more information on these numbers below, as well as links to additional sources of information. Please share this newsletter with your friends by forwarding via email or using the "Tell a Friend" form in the right sidebar. Also, please visit my website at ellmers.house.gov and follow me on Facebook and Twitter. Thank you for your continued interest in our community and government.