10 People Abandon Job Search for Every 1 New Hire

Did you know that for every one new job in the Obama economy, 10 people simply gave up looking and dropped out of the workforce?

Or that two million more people have been out of work for longer than six months (“long-term unemployed”) than when President Obama took office? Or how about that the Obama administration predicted the unemployment rate would be 5.5 percent by now if the ‘stimulus’ became law?

The House Ways & Means Committee compiled these and other depressing facts about the Obama economy using data from the most recent unemployment report. You can read them all here.

According to the Ways & Means Committee, there are more unemployed workers now than when the Obama administration said “we were in economic free-fall.” And a new survey of small business owners by the National Federation of Independent Business underscores the fact that the administration’s policies are making things worse:

  • “Confidence among U.S. small businesses cooled in September,” and “fewer companies said they planned to hire or invest in new equipment.” (Bloomberg News)
  • “[F]uture health-care costs and uncertainty surrounding the fiscal cliff” tax hikes are “deterring confidence and hiring.” (Wall Street Journal)

“We know what we need to do to get our economy moving,” says Speaker John Boehner. Under the Republican Plan for America’s Job Creators, the House has sent 39 jobs bills to the Democratic-controlled Senate; passed a bipartisan bill to stop all of the president’s “fiscal cliff” tax hikes; and more. But Senate Democrats haven’t acted, and President Obama is more interested in gimmicks than governing.

“We can strengthen our economy and help get the American people back to work,” says Speaker Boehner. “But it’s going to take leadership from the White House. And today, we’re just not seeing any.”

Read the “10 Key Facts on Jobs and Unemployment” compiled by the Ways & Means Committee here.