10 Reasons the Private Sector Is Not “Doing Fine”
President Obama was widely criticized on Friday for claiming that “the private sector is doing fine,” “suggesting the president’s comments are more proof that he’s ‘out of touch’ with the country’s economic struggles,” ABC News reported. Indeed, three years of President Obama’s failed economic policies are making it harder for small businesses to hire, and have left American families grappling with fewer jobs and higher prices on everything from gas to groceries – though apparently the president hasn’t noticed. Here’s a snapshot of the bleak economy President Obama seems to think is doing “just fine”:
- 40: Number of Consecutive Months the Unemployment Rate Has Been Above Eight Percent. (Bureau of Labor Statistics May 2012 Jobs Report, 6/1/12)
- 9.2 Percent: Average Unemployment Rate Since the ‘Stimulus’ was Signed Into Law. (Bureau of Labor Statistics, Accessed 6/11/12)
- 20.8 Million: Number of Unemployed or Underemployed Americans in the Obama Economy. (Bureau of Labor Statistics May 2012 Jobs Report, 6/1/12)
- 69,000: Number of Jobs Created Last Month, the Fewest Number Added in a Year. (Bloomberg News, 6/1/12)
- 39.7: Average Number of Weeks Unemployed Americans Are Out of Work. (Bureau of Labor Statistics May 2012 Jobs Report, 6/1/12)
- 43: Percent of Unemployed Americans Who Have Been Out of Work for Six Months or More. (Bureau of Labor Statistics May 2012 Jobs Report, 6/1/12)
- $110 Billion: Total Cost of the Obama Administration’s Regulatory Burden for 2012. (The American Action Forum, 6/11/12)
- 106: Number of Major New Regulations Enacted Under President Obama. (The Heritage Foundation, 3/13/12)
- 73 Percent: Number of Small Business Owners Who Say ObamaCare “Is an Obstacle to Hiring More Employees.” (U.S. Chamber of Commerce’s Small Business Outlook Survey, 4/16/12)
- 53 Percent: Number of Recent College Graduates Unable to Find Work in the Obama Economy. (The Associated Press, 4/23/12)
In remarks reacting to the president’s comments on Friday, House Speaker John Boehner highlighted steps that President Obama could take right now to help turn the economy around, including stopping the tax hike on small business job creators that will take effect on January 1st. The House has already passed 30 jobs bills that are being blocked by Senate Democrats, and will vote this summer to stop the tax hikes – which has bipartisan support – and repeal what is left of ObamaCare following the Supreme Court’s ruling.
If President Obama is serious about helping the private sector, he should call on Senate Democrats to act on the House-passed jobs bills waiting on their doorstep, and work with Republicans to give small business owners the certainty they need to put more Americans back to work by extending the current tax rates. Learn more about the Republican Plan for America’s Job Creators at jobs.gop.gov and see what else is on Republicans’ jobs agenda this summer on the Majority Leader’s website here.