WASHINGTON – Congressman Jeb Hensarling (R-Texas), a leading conservative and chairman of the House Financial Services Committee, issued the following statement today regarding the latest unemployment report released by the Bureau of Labor Statistics which found that the unemployment rate increased to 7.9 percent.
“Even with 157,000 of our fellow citizens finding employment last month, America still is experiencing an economic deficit due to President Obama’s failed economic policies. Historically, our nation's economy has grown around three percent annually, but under President Obama, the new normal has become around two percent. In fact, just this week we learned that the U.S. economy shrank during the fourth quarter of last year for the first time since 2009.
“Even while the unemployment rate has not fallen below what it was when he took office, the president has announced he's calling it a day on his so called “jobs council” after only four meetings in two years. President Obama and Senate Democrats may think this is what an economic recovery looks like, but this is not what one looks like to the men and women of East Texas who either want a job and can’t find one, or are struggling to make ends meet because of shrinking paychecks.
“Our economic deficit does not exist because the federal government has not spent enough money, has taxed too little, or hasn’t issued enough regulations. It exists because Washington is spending our nation into a debt crisis, our nation’s tax code is too complex and anti-growth, and our nation’s job creators are drowning in a sea of red tape.
“To get our nation’s economy healthy and growing and creating jobs, we must enact pro-growth policies. That means we must stop spending money we don’t have; enact fundamental tax reform to make our tax code fairer, flatter, simpler, and more competitive; and remove the burden of excessive and unnecessary Washington red tape that is currently holding back economic growth and job creation.”