Camp: Continued High Unemployment Demands Congress Block Tax Hikes, Extend 2001 and 2003 Rates
Washington, DC – Following the release of the October jobs report this morning, Rep. Dave Camp (R-MI), the top Republican on the House Ways and Means Committee, issued the following statement.
“The policies of higher taxes, more deficit spending and greater regulation coming out of Washington have failed to produce the jobs Americans need. Today’s unemployment rate is another sign that Washington has been on the wrong course. The gain in payroll employment in October is welcome, but is not nearly enough to bring down the unemployment rate. The number one job of Congress must be getting this economy back on track, and that begins with preventing a massive tax increase on January 1. Americans cannot wait any longer and Congress should act immediately to extend the 2001 and 2003 rates and provide families and employers with the certainty needed to create economic growth and jobs.”
NOTE: As the chart below shows, the 9.6% unemployment rate in October is 2.5 percentage points higher than the Administration predicted it would be under the Democrats’ $1 trillion “stimulus” plan.
Sources: January 2009 Romer/Bernstein Report and actual U.S. Department of Labor data.