From the Floor: Discussing the latest unemplyment, underemployment figures; need for economic reforms
"Mr. Speaker, Last Friday, the Department of Labor released figures suggesting that unemployment decreased to 7.3 percent in August, the lowest rate in over 4 1/2 years.
While seemingly good news, if you actually look below the surface, labor-force participation fell to its lowest level in 35 years – with only 63.2 % of working-age Americans being employed.
While the unemployment rate declined, it can be attributed to a growing share of individuals giving up on trying to find a job.
Mr. /Madame Speaker, it’s not that American workers are lazy or reliant upon hand-outs. Over 12 million Americans are struggling to make ends meet, with tens of millions more struggling with under employment.
The solution to our national employment crisis is straightforward. We must get a handle on out of control debt, a cumbersome and out of date tax code, and limit bloated regulations.
As we continue our work here in the House, I encourage all of my colleagues to focus their work on breaking down these barriers to employment. Our constituents deserve as much.
Thank you, Mr. Speaker. I yield back."