Congressman Larry Bucshon on President Obama’s Plan to Increase Taxes
(Washington, D.C.) – Congressman Larry Bucshon (IN-08) released the following comment in response to President Obama’s plan to increase taxes.
Congressman Bucshon (IN-08) states:
“This proposal to raise taxes is a blatant attack on hardworking taxpayers who are trying to provide jobs to millions of Americans and helping to create a healthier economy. We are currently experiencing the slowest economic recovery since the Great Depression and President Obama has the misguided approach to increase taxes in order to pay for more failed government stimulus spending. Raising taxes on families and job creators is not the way to grow the real economy. President Obama has said himself that raising taxes during tough economic times is the ‘last thing you want to do.’ I encourage President Obama and his allies to heed their own advice and put an end to the divisive, political rhetoric.”
President Obama and Secretary Geithner said the following statements in regards to extending the Bush tax cuts in their entirety:
President Obama: "The last thing you want to do is raise taxes in the middle of a recession." (President Obama, Remarks During An Interview With NBC, Elkhart, IN, 8/5/09)
Treasury Secretary Timothy Geithner: "This legislation is good for growth, good for jobs, good for working and middle class families, and good for businesses looking to invest and expand their work force.” (Fox News, 12/17/10)
If the labor force participation rate was the same today as it was when the recession began, the unemployment rate would be 11.3 percent. The labor force participation rate is a percentage of individuals over the age of 16 who are either employed or unemployed (actively looking for a job). The labor force participation rate hit a 30 year low in April 2012 at 63.6 percent and is currently 63.8 percent. When President Obama signed the extension in December 2010, the labor force participation rate was 64.3 percent. (Bureau of Labor Statistics, U.S. Department of Labor, Accessed 7/9/12)
The second quarter of 2012 was the weakest job adding quarter in two years, with an average of only 75,000 jobs added each month.
Since President Obama took office, the number of unemployed persons has increased from 11.6 million to 12.7 million and the unemployment rate has increased from 7.6 percent to 8.2 percent. (Numbers are from January 2009 and June 2012 - Bureau of Labor Statistics, Accessed 7/6/12)
While the economy has created 2.6 million jobs since June 2009, fully 3.1 million workers signed up for disability benefits. The number of new disability enrollees has climbed 19% faster than the number of new jobs created during the recovery.