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Hispanic Unemployment Rate Rises Again
Serious Economic Problems Must be Addressed
(Washington, D.C.) – According to today's monthly employment report from the Bureau of Labor Statistics, the national unemployment rate for the month of May remained unchanged, even as the economy added an estimated 217,000 new jobs. Among Latinos, the unemployment rate jumped – from 7.3 percent to 7.7 percent – and remains significantly higher than among all Americans.
These mediocre job numbers come despite more than $800 billion in deficit spending on the 2009 'stimulus' bill, and years of low-interest rate policies from the Federal Reserve. They also come despite the trillions added to the debt in the last 5 years, which Americans were told would help spur economic growth.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
"Today's jobs report is a reminder that the weak economic growth we have seen in recent years is still leaving too many behind. The unemployment rate nationally is unchanged, but has increased for Hispanics. Millions have given up on finding work, and millions more have fallen into the ranks of the long-term unemployed – with little hope of gainful employment in the near future. Too many families are subsisting paycheck-to-paycheck, worried how they will fare during the next economic downturn.
The American people deserve so much more. They were asked to be patient, to believe the administration's promises of an economic turnaround based on more government spending, borrowing and reckless printing of trillions of dollars. Now – six years later, president Obama must recognize his approach has failed, and many Americans are having to pay a heavy price.
There are fundamental problems in the economy – problems which require presidential leadership. Debt, high taxes, and excess regulation are stifling economic opportunity. Businesses are failing at a growing rate, and new startups are at historic lows. This situation has to change, and the president should work with Congress to change it. American workers depend on it."