WASHINGTON, D.C. – U.S. Senator Bob Casey (D-PA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement on the Bureau of Labor Statistics’ March 2012 jobs report showing that 120,000 total nonfarm jobs were added and the unemployment rate fell to 8.2 percent:
“This month’s jobs report marks the 25th consecutive month of private-sector job gains. However, jobs need to be added in larger numbers and at a faster speed in order to lower unemployment rates to pre-recession levels. Congress must continue to promote policies that will help more Americans feel our economic progress.
“Based on the ADP survey of businesses released earlier this week, small businesses accounted for about half of all private-sector job gains this month. Small businesses are the backbone of our economy and this is why I have championed small business tax incentives, such as the Small Business Job Creation Tax Credit Act (S. 1330), which I introduced last year to encourage businesses to add jobs and reverse cuts in salaries and worker hours.
“With households and businesses still struggling to navigate uncertain economic times, I was pleased that Majority Leader Reid and Senator Chuck Schumer unveiled a $26 billion tax-cut bill on March 26. The Small Business Jobs and Tax Relief Act of 2012 is similar to my legislation and would give small businesses a 10-percent income tax credit on new payroll for hiring new workers or increasing employee wages. It will also allow businesses to fully deduct the cost of significant investments made this year.
“Our economy continues to make good progress. However, Washington cannot lose sight of the fact that the recovery is fragile. We must stay focused on job creation and Congress must make sure businesses have the support they need to contribute to our economic recovery.”
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