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Press Release: A Dozen Economists Comment on Today’s Disappointing Employment Report

September 7, 2012 by econsforromney

For Immediate Release                                              Contact: James Carter
September  7,2012                                    economistsforromney@gmail.com

Washington, D.C.:  In the wake of today’s disappointing employment report, twelve economists associated with Economists for Romney (E4R) had the following to say for the record:

 

  • “If this labor market were a horse they’d send it to the glue factory.  Lucky for the horse, the factory is closed, too.” – Andrew G. Biggs, American Enterprise Institute

 

  • “A declining unemployment rate caused by people giving up on finding work is not a sign of recovery. ” – Timothy Mathews, Kennesaw State University

 

  • “Surprise, surprise, both the June and July payroll numbers were revised downward by a combined 41,000 jobs.  That alone offsets over 40% of the reported August job gains.” – Dustin Chambers, Salisbury University

 

  • “We learned today that half a million people have dropped out of the labor force since June.  Something tells me that was not the change they had hoped for.” – James Carter, former chief economist, U.S. Senate Budget Committee

 

  • “No matter how you slice it millions more Americans are unemployed, underemployed, discouraged and depending on welfare and food stamps than when the President took office but he just doesn’t get it.  The country is on the wrong track and does not have to stay there.  We can do better and Americans deserve better. ” – Marie-Josée Kravis, Hudson Institute

 

  • “Apparently 8% has become this administration’s definition of full employment.” – Don Chance, Louisiana State University

 

  • “Private sector job creation continues to be anemic.  This is not surprising, given the Obama administration’s stubborn insistence on raising taxes and imposing new regulations and mandates on job creators.” – Donald S. Siegel, University at Albany, SUNY

 

  • “With today’s sub-par jobs report, and the significant downward revisions of the June and July employment numbers, the trends aren’t good.  The economy isn’t even creating enough jobs to absorb new entrants to the labor force due to population growth, speak nothing of the job losses that occurred three years ago.” – Timothy F. Slaper, Indiana Business Research Center

 

  • “If deficit spending was the key to economic growth, wouldn’t the economy be booming right now?  Four more years of this will only make matters worse.” – Garry Fleming, Roanoke College

 

  • “The labor force participation rate is at its lowest level since the severe 1981-1982 recession, indicating an erosion of efficiency.  If not reversed, our country faces a future of lower living standards.” – Derek Stimel, Menlo College

 

  • “During long periods of unemployment, not only do a person’s skills decay but also business knowledge becomes outdated substantially reducing his or her chances of ever again obtaining a well paid job.  While there has been some improvement in the percentage of long term unemployed, 40% of the August unemployed are still reported to have been without jobs for 27 weeks or longer.  This is almost double the percentage of long-term unemployed when President Obama was elected (21% in November 2008).” – Frank Gunter, Lehigh University

 

  • “President Obama’s willful ignorance on establishing a fiscal environment that includes low and permanent marginal tax rates continues to harm millions of unemployed and discouraged workers.” –  James Fackler, University of Kentucky

 

To date, 645 economists—including six Nobel laureates— from all fifty states have signed E4R’s statement in support of Governor Romney’s economic plan.

E4R’s statement and its signatories are available at www.EconomistsforRomney.com. The statement begins, “We enthusiastically endorse Governor Mitt Romney’s economic plan to create jobs and restore economic growth while returning America to its tradition of economic freedom.”

The Economists for Romney statement concludes, “In sum, Governor Romney’s economic plan is far superior for creating economic growth and jobs than the actions and interventions President Obama has taken or plans to take in the future. This November, voters will make a fundamental choice between differing visions of America’s economic future.”

Economists for Romney is an independent, voluntary association of economists who support Governor Romney’s economic plan for America. Economists for Romney is not an official arm of the 2012 Mitt Romney campaign, nor does it accept dues, fees, donations, or contributions.

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