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CAMP: Unemployment Rate Remains Unacceptably High

July 02, 2010

Washington, DC – Ways and Means Ranking Member Dave Camp (R-MI) today issued the following reaction to today’s jobs report:

“It is clear that too much taxing and deficit spending by Washington Democrats has had a chilling effect on our economy.  Employers simply do not know what to expect next from Washington or how much it will cost them.  The result is an unemployment rate that is unacceptably high.

“The slight dip in the unemployment rate last month was caused by the fact that 652,000 Americans gave up on even looking for work.  If the people who stopped looking for work in just the last two months were counted, the unemployment rate would be back above 10 percent now.  That’s not an improvement and should be a clear signal to everyone that Washington must chart a new course.”

As the chart below shows, the nation’s unemployment rate is now 9.5 percent – 2.2 percentage points higher than President Obama’s economic team predicted it would be with their $1 trillion stimulus bill.