WASHINGTON, D.C. – Today’s weak jobs report for June, along with a revision to the unemployment report from May which showed even worse figures than previously thought, indicates a stalled economy that has Maryland families, investors and businesses fearful of a possible double dip recession. With the national unemployment rate at 9.2%, and only 18,000 jobs added last month, it’s clear that a new fiscal policy course must be charted.
“It’s clear that job creators are concerned about the tax increases proposed by President Obama and Senator Reid,” said Rep. Andy Harris. “The President’s insistence on taxing and spending our way to prosperity doesn’t work and won’t create jobs.”
Since the passage of President Obama’s cornerstone economic policy, the Stimulus package of 2009, about 1.8 million American jobs have been shed at a cost of $1.1 trillion and the federal debt has risen to $14.3 trillion. According to the Bureau of Labor Statistics, 150,000 new jobs need to be created each month just to keep up with the population growth. The economy is not growing fast enough to employ the nearly 14 million Americans looking for jobs.
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