Washington, DC – Ways and Means Ranking Member Dave Camp (R-MI) today issued the following reaction to the July jobs report:
“This economy is still very fragile and far too many Americans are still out of work. If Democrats raise taxes on small businesses, which is what the White House and most Democrats in Washington want to do, we are all but guaranteed more job losses and a rougher road ahead. The looming tax increases, totaling nearly $4 trillion, are the last thing this economy needs right now.”
As the chart below shows, the nation’s unemployment rate remains stuck at 9.5 percent – the 15th consecutive month above 9 percent – and a level that is 2.3 percentage points higher than President Obama’s economic team predicted it would be with their $1 trillion stimulus bill.