Rep. Kevin Brady (R-TX), Chairman of the Joint Economic Committee, today cited the Bureau of Labor Statistics (BLS) report that the economy added 162,000 nonfarm payroll jobs and 161,000 private sector jobs in July as further proof that the administration’s current economic policies are not working.
The BLS also reported an unemployment rate of 7.4% during July. “The primary reason for this month’s decline in the unemployment rate was a decline in labor force participation—a disturbing trend. Had the labor force participation rate not declined since President Obama took office, the unemployment rate would be 10.6%, not 7.4%,” Brady observed.
“Our biggest challenge,” Brady said, “is that a smaller percentage of adult Americans are working today than when the recession ended four years ago. This news will be difficult to tell the American people.”
“This report together with the first estimate of second quarter gross domestic product (GDP) coming in below 2% on Wednesday shows a recovery that’s still on life support. The President claims to want a strong middle class. I agree with him. But since taking office only two million more Americans have found a job while 15 ½ million have gone on food stamps. Putting seven people on food stamps for every person that finds job isn’t the way to strengthen the middle class. Until the President comes down from the White House and begins to work with Congress, our economy will continue the trend of subpar growth and the jobs will still be missing.”