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A Double Whammy of Bad Employment News for Americans Living in the Obama Economy

June 20, 2012

The release of two reports today, one from the Business Roundtable and one from the Federal Reserve Board Members, provided Americans with a double dose of bad news for employment prospects in the coming months.  The Business Roundtable’s quarterly survey of America’s CEOs showed that the number of CEOs who expect to increase employment in the next 6 months fell by 6 percentage points compared with the same survey in the first quarter of this year.  In explaining the results of the survey, the Chairman of the Business Roundtable said,

“…the dip in quarterly sentiment reflects concern over increasingly persistent obstacles to a stronger recovery, including uncertainty over year-end U.S. Government tax and spending plans….”

On the heels of this ominous news, the Federal Open Market Committee released their revised economic projections, which are measurably worse than their same projections from April of this year.  The latest projections show that the Board Members expect unemployment to be higher and GDP to be lower than they did just two months ago:

The growing mountain of economic evidence proves that the failure of the President and Democrats to work with Republicans to prevent the largest tax hike in history is causing serious harm to our economy and the job prospects of the almost 13 million unemployed Americans.  It is time to #StopTheTaxHike, reform our tax code and get our economy back on track.