Unemployment Remains Sky High As Democrats Threaten “Fiscal Cliff”

December 7, 2012

Unemployment Remains Sky High As Democrats Threaten “Fiscal Cliff”

Democrats Cling to Job Destroying Tax Hikes Rather Than Proposing the Serious Solution Needed to Create Jobs

While Democrats continue their relentless efforts to impose new job-destroying tax hikes, far too many Americans remain without jobs. The November jobs report released today shows unemployment remains unacceptably high as 12 million Americans continue struggling to find work.
The Democrat economy continues taking its toll on the middle class, with uncertainty destroying the confidence that small businesses need to hire new workers and create jobs.
Yet, rather than proposing a credible plan, President Obama and Democrats have failed to lead and have chosen to threaten nine percent unemployment and another recession if they don’t get their way.

While Democrats continue their relentless efforts to impose new job-destroying tax hikes, far too many Americans remain without jobs. The November jobs report released today shows unemployment remains unacceptably high as 12 million Americans continue struggling to find work.

UNEMPLOYMENT STILL UNACCEPTABLY HIGH AT 7.7%: (U.S. Bureau of Labor Statistics, Accessed 12/7/2012)

12 MILLION AMERICANS REMAIN OUT OF WORK COMPLETELY: (U.S. Bureau of Labor Statistics, Accessed 12/7/2012)

350,000 WORKERS EXIT THE LABOR FORCE: (U.S. Bureau of Labor Statistics, Accessed 12/7/2012)

UNDEREMPLOYMENT RATE AT 14.6%: (U.S. Bureau of Labor Statistics, Accessed 12/7/2012)

40% OF THOSE UNEMPLOYED HAVE BEEN JOBLESS FOR 27 WEEKS OR MORE: (U.S. Bureau of Labor Statistics, Accessed 12/7/2012)

5.2%: WHAT OBAMA PREDICTED NOVEMBER 2012 UNEMPLOYMENT WOULD BE IF CONGRESS PASSED STIMULUS: (Tweet from Jim Pathokoukis, American Enterprise Institute, 12/7/2012)

PRICE TAG FOR FAILED STIMULUS: $833 BILLION: (Congressional Budget Office, 8/23/2012)

BEFORE GREAT RECESSION, CBO PREDICTED 2012 LABOR FORCE PARTICIPATION WOULD DROP TO 65.4% DUE TO AGING WORKFORCE. IF THAT HAPPENED, U-3 RATE WOULD BE 10.3%: (Tweet from Jim Pathokoukis, American Enterprise Institute, 12/7/2012)

The Democrat economy continues taking its toll on the middle class, with uncertainty destroying the confidence that small businesses need to hire new workers and create jobs.

FINANCIAL UNCERTAINTY OVER FISCAL CLIFF HURTING CONSUMERS, WON’T SPEND MORE THIS HOLIDAY SEASON: “Despite the public being more upbeat on the economy than it was a year ago, the CNBC All-America Economic Survey found holiday spending will be virtually flat as uncertainty and ‘fiscal cliff’ concerns weigh on consumers. Americans plan to spend $742 on average buying gifts, compared with actual spending of $740 in 2011 reported by the National Retail Federation.” (Steve Liesman, “Why Many Americans Aren’t Spending More This Holiday Season,” CNBC, 12/6/2012)

U.S. SMALL BUSINESS INTEND TO HIRE LESS WORKERS THAN ANY TIME SINCE THE DEPTH OF THE RECESSION: “U.S. small-business owners expect to add fewer net new jobs over the next 12 months than at any time since the depths of the 2008-2009 recession, according to this November’s Wells Fargo/Gallup Small Business Index survey. Small-business owners’ net hiring intentions for the next 12 months plunged to -4 in November, down from +10 in July and matching the previous record low recorded by the Wells Fargo/Small Business Index of -4 in November 2008.” (Dennis Jacobe, “U.S. Small-Business Owners’ Hiring Intentions Plunge,” Gallup, 12/6/2012)

47.1 MILLION AMERICANS ON FOOD STAMPS, UP FROM 32 MILLION WHEN OBAMA TOOK OFFICE: (“Supplemental Nutrition Assistance Program,” U.S. Department of Agriculture, 11/9/2012)

49.7 MILLION PEOPLE LIVING IN POVERTY UNDER NEW CENSUS BUREAU MEASUREMENT: (Kathleen Short, Supplemental Poverty Measure, U.S. Census Bureau, 11/2012)

AVERAGE FAMILY HEALTHCARE PREMIUM TO INCREASE $720 A YEAR: “Insurance premiums could increase by thousands of dollars because of a new tax in President Obama’s healthcare law, according to a study commissioned by the insurance industry … Premium increases will vary from state to state, Oliver Wyman said. But on average, the cost of a family plan sold through a large employer could cost about $7,200 more over 10 years — about $720 per year.” (Sam Baker, “Study: Healthcare Law’s Insurance Tax Will Raise Premium Costs,” The Hill, 12/5/2012)

Yet, rather than proposing a credible plan, President Obama and Democrats have failed to lead and have chosen to threaten nine percent unemployment and another recession if they don’t get their way.

GEITHNER: DEMOCRATS “ABSOLUTELY” WILLING TO GO OVER THE CLIFF IF THEY DON’T GET THEIR WAY: “The White House is ‘absolutely’ prepared to go over the ‘fiscal cliff’ if Republicans do not agree to raise tax rates on the wealthy, according to Treasury Secretary Timothy Geithner. The president’s top economic adviser was resolute in a Wednesday interview, saying the administration would not budge and was willing to let the components of the fiscal cliff — expiring tax cuts and automatic spending cuts — take effect if Republicans refuse to concede on taxes.” (Peter Schroeder, “Geithner: White House ‘Absolutely’ Willing To Scuttle Deficit Deal Over Tax Rates,” The Hill, 12/5/2012)

WHITE HOUSE COMMS DIRECTOR: OBAMA WILLING TO GO OVER “FISCAL CLIFF” IN ORDER TO RAISE TAXES: “If they [Republicans] are willing to do higher rates on the wealthy, there’s a lot we can talk about. And if they are not, then they’ll push us over the cliff.’” (Julie Pace, “Obama Could Risk Going Over Cliff,” Associated Press, 12/5/2012)

OBAMA: NO DEAL UNLESS TAX RATES INCREASE: “’I don’t think the issue right now has to do with sitting in a room,’ Obama said in an interview with Bloomberg TV. ‘The issue right now that is relevant is the acknowledgement that … we’re going to have to see the rates on top two percent go up and we’re not going to be able get a deal without it. It is not me being stubborn, not me being partisan. It has to do with the math.’” (Carrie Budoff Brown, “Fiscal Cliff: Obama Rejects Republicans Proposal,” Politico, 12/4/2012)

OBAMA REJECTS REPUBLICAN PROPOSAL TO AVOID “FISCAL CLIFF:” “President Barack Obama on Tuesday dismissed a House Republican deficit reduction offer as ‘still out of balance,’ saying there will be no agreement until the GOP drops its opposition to income tax hikes. Obama even suggested that one-on-one negotiations with House Speaker John Boehner (R-Ohio) won’t make difference until Republicans change their position.” (Carrie Budoff Brown, “Fiscal Cliff: Obama Rejects Republicans Proposal,” Politico, 12/4/2012)

WHITE HOUSE DIRECTS PENTAGON TO BEGIN PLANNING FOR AUTOMATIC DEFENSE CUTS: “The White House Office of Management and Budget has directed the Pentagon to start initial planning for billions of dollars in automatic cuts that may start taking effect on Jan. 2, the Pentagon’s chief spokesman said today. ‘We don’t have all the specifics yet,’ spokesman George Little told reporters. ‘This really just has begun. We don’t have specifics on programs or personnel actions.’ Defense Department officials have said for months that they weren’t doing formal planning for how to implement the $500 billion in cuts over a decade, including $52.3 billion this fiscal year.” (Tony Capaccio, “White House Tells Pentagon to Begin Planning For Cuts,” Bloomberg, 12/5/2012)

CBO: GOING OVER “FISCAL CLIFF” WILL SEND 2013 ECONOMY BACK INTO RECESSION: (“Economic Effects of Reducing the Fiscal Restraint That Is Scheduled to Occur in 2013”, Congressional Budget Office, 5/2012)

CBO: DRIVING OFF THE “CLIFF” WILL SKYROCKET UNEMPLOYMENT BACK TO 9 PERCENT: (“Economic Effects of Reducing the Fiscal Restraint That Is Scheduled to Occur in 2013,” Congressional Budget Office, 5/2012)

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