Today, the Department of Labor announced that the economy added 103,000 jobs in September and the unemployment rate remained at 9.1 percent:
With 137,000 jobs added by private businesses, this marks the 19th consecutive month of private sector job growth:
Leader Pelosi on today’s report:
Today’s report makes it clear: we must act now to put people back to work, strengthen our small businesses and grow our economy. Americans cannot afford to wait any longer.
For 276 days in the majority, House Republicans have failed to enact any jobs measures or put forth a clear jobs agenda. And they’ve rejected repeated Democratic proposals to bolster small businesses and entrepreneurs, boost manufacturers through our ‘Make It In America’ initiative, and create good-paying jobs here at home.
It’s time for Republicans to get off the sidelines and take up President Obama’s American Jobs Act – to put people to work rebuilding America, strengthen small businesses so they can grow and hire, and keep teachers, police officers, and firefighters on the job. And we must ensure that the Joint Committee on Deficit Reduction focuses on economic growth because the most effective way to reduce the deficit is through job creation.
Americans are waiting; Democrats have been prepared to act; and Republicans must join us to create jobs now.
While Republicans claim they have have proposals to create jobs, experts disagree:
Mark Zandi, chief economist at Moody’s Analytics, said the Republican proposals “..won’t mean much for the economy and job market in the next year.” He continued: “Given the high odds of another recession in the next few months, it is vital for Congress and the administration to provide some near-term support to the economy.” [New York Times, 10/7/11]
Joel Prakken, chairman of Macroeconomic Advisers, said he believed the [Republican] proposals “would have little immediate effect relative to a plan that stimulates aggregate demand” — that is, a plan like Mr. Obama’s, with tax cuts and spending programs. [New York Times, 10/7/11] In fact, the impact of the GOP ideas could not be measured by the firm’s forecasting model.
Economist Mark Zandi: “I don’t think they [Republican plans] mean much for the economy, though, in the near term, not certainly for the next 6, 12, 18 months. And I think that’s where I’m most concerned and focused. You know, the risks of recession, despite today’s jobs numbers, is still very, very high, given what’s going on in Europe, given the decline in stock prices here, given the foreclosure crisis and the decline in housing values. … but that’s [the Republican agenda] not going to help us quickly in the very near term.” [MSNBC’s Daily Rundown]
That is a far cry from 1.9 million jobs that Moody’s Analytics has estimated the President’s American Jobs Act would add. As Leader Pelosi said, “Americans are waiting; Democrats have been prepared to act; and Republicans must join us to create jobs now.”