Sen. Cornyn Statement On 26-Year High Unemployment Rate

Press Release

After Administration pledged so-called stimulus would prevent unemployment rate from exceeding 8 percent

U.S. Sen. John Cornyn, a member of the Senate Finance and Budget Committees, released the following statement regarding the U.S. unemployment rate reaching 9.8 percent, its highest in 26 years.

"Today's announcement that the unemployment rate continues to climb closer to double digits reiterates our need to focus our efforts on job creation, not on spending massive amounts of borrowed money to create giant new entitlement programs."

Background

In addition, the economy lost 263,000 jobs, which is more than what was expected and up from 201,000 jobs lost last month. More than 15 million people are unemployed.

According to the Associated Press, "If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994." (Christopher S. Rugaber, "Jobless Rate Reaches 9.8 Percent In September," Associated Press, 10/2/09)

This is all happening after President Obama and Democrats said numerous times that the unemployment wouldn't exceed eight percent with their so-called stimulus bill. (Christina Romer & Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan," P.4, 1/9/09)

Source