On the recordAugust 10, 2010
Last Friday we learned the unemployment rate is still at 9 rac{1}{2} percent, and it would be much higher if the official calculations also looked at the fast-growing number of Americans who have become so discouraged that they have given up looking for work. So while Congress should be here trying to find ways to get Americans back to work, we're here instead to complete action on another extension of stimulus that will also do nothing to reduce the unemployment rate in this country. In fact, this bill and the tax increases in it will hurt job creation. According to the methodology of Dr. Christina Romer, the President's chief economic adviser, the tax increases in this bill alone will destroy over 140,000 American jobs. In an open letter to Congress this week, the National Association of Manufacturers warned that 'imposing $9.6 billion in tax increases on these companies will jeopardize the jobs of American manufacturing employees and stifle our fragile economy.' Similarly, the U.S. Chamber of Commerce warned they would 'impose draconian tax increases on American worldwide companies that would hinder job creation, decrease the competitiveness of American businesses, and deter economic growth.' These tax increases are a mistake, and, as I noted during the debate 2 weeks ago, most of these have never been the subject of any committee hearing or markup.
