By Bill Wilson — Today’s announcement by the Bureau of Labor Statistics that approximately 240,000 jobs were created by the engine of the U.S. economy, America’s private sector businesses and entrepreneurs. These job creators are moving forward because they trust that the Republican led House of Representatives will stop Obama’s threatened tax increases that would suck the very money that they are using to create jobs out of the economy and into Washington, D.C.
The private sector job creation also vindicates Republicans who are seeking to end the emergency extensions of unemployment benefits from the normal 27 weeks to the current 99 weeks. With jobs being created, there is no longer any excuse to further extend these cuts that are estimated to cost $44 billion for the rest of the federal 2012 fiscal year. It is time for the American taxpayer to get a jobs dividend by ending these extended jobless benefits.
The downside of the unemployment report is that the percentage of working age eligible people who participate in the job market has continued a free fall down to 63.7 percent. Since Obama took office fully 2 percent of Americans who are eligible to work have dropped out of the economy – a stunning 4.7 million people. That loss of hope is Obama’s true jobs legacy.
Bill Wilson is the President of Americans for Limited Government. You can follow him on Twitter at @BillWilsonALG.
