ALG - Obama's jobless 'recovery' continues as unemployed jumps by 164,000

Jan. 4, 2013, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement responding to today's unemployment report:

"With the number of people unemployed jumping by 164,000, it is clear that the economy under Obama's stewardship continues to struggle. Supposedly the recession ended in June 2009, but more than three years later, the economy is still shedding jobs, with 22.4 million who cannot full-time work, and another 5 million who have given up looking all together.

"Moreover, labor force participation remains very low at 63.6 percent, as Baby Boomers engage in early retirement and young people fail to enter the workforce. If the labor force participation rate had remained steady at the 65.7 percent level when Obama entered office, today's unemployment rate would have come in at 10.7 percent, and the underemployed rate at 17 percent. This is a depression. We're still dead in the water.

"This, despite trillions of dollars fiscal and monetary 'stimulus' by the government that was supposed to get the economy back on track.

"The American people have every right to be outraged at this pathetic performance, and now it is time for Congress to chart a new course. With the highest corporate tax rate in the developed world, a sinking dollar, and a regulatory environment that would make Soviet Russia blush, the U.S. is rapidly becoming a terrible place to do business.

"Unless the cost of doing business here can be reduced, through lower taxation, reining in new health care, labor, and environmental regulations, and sound money, a robust economic recovery will continue to allude policy makers."

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