Jobs Report Shows Need for New Approach on the Economy
(Washington, D.C.)- According to the U.S. Department of Labor, the nation’s economy added just 38,000 new jobs in the month of May. At the same time, the percentage of Americans in the labor force fell to 62.6 percent, and hourly earnings barely increased. Jobs numbers for previous months were revised downward as well, indicating that these disappointing numbers are not an anomaly. Nearly 460,000 more Americans were forced into part-time work in May, due to either their hours being cut back, or because they could not find full-time work. Some analysts have identified the growth of government regulations as one factor discouraging employers from hiring more full-time workers.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“This is a shockingly poor employment report – this past month, the economy added almost 100,000 fewer jobs than expected, making this the worst month for job creation in over five years. Young Hispanics saw the unemployment rate rise above 6.6 percent. Wages are not growing as they should. And the participation rate of Hispanics in the workforce decreased to 65.4 percent.
All this comes despite more than $8 trillion in new federal debt added over the last 7 years. Just the other day, President Obama criticized those who say that “big government” is a problem for the economy. But if big government isn’t the problem, then the last 7 years show that it clearly is not the solution. Too many are falling behind, while the burden of taxes and debt on this generation, our children, and grandchildren grows heavier and heavier. We need a new approach.”
For Interviews with a representative from The LIBRE Initiative, please contact Brian Faughnan, 703-678-4581