Home Budget, Economy Tim Kaine Statement on June Job Growth

Tim Kaine Statement on June Job Growth

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Richmond, VA – Tim Kaine released the following statement regarding today’s announcement that the U.S. economy added 80,000 jobs in June:

“The 80,000 jobs created in June represent 28 consecutive months of private sector job growth following 25 months of job losses, but as I travel across Virginia, it remains clear there is more work to be done. To create jobs now and grow our economy, we cannot go back to the same failed policies that prioritized the economic success of the few special interests at the expense of Virginia families and businesses.

“Instead of going back to the policies my opponent supports of tax breaks for the wealthiest Americans and special interests, we need investments in our infrastructure and our small businesses that will create opportunity for all Americans.  Instead of voting for the largest student loan cuts in U.S. history even as tuition rose by more than 40%, as my opponent did, we need leaders who understand investments in higher education are critical to building a skilled workforce.  Instead of attempting the strategy my opponent advocates of damaging cuts to education, defense, Medicare, Social Security and other critical programs, we have to balance our budget through a combination of significant cuts but also tax reforms that allow for investments.  And, instead of pushing divisive proposals that pit Americans against one another, as my opponent has done throughout his career, we need leaders who can find common ground on our economic challenges.  

“Just this week, we learned the impending sequestration cuts, made necessary because of the disastrous fiscal policies my opponent supported, could cost the nation one million jobs. We simply cannot trust the same fiscal wrecking crew that was handed a balanced budget and turned it into a mess of deficits and runaway spending to rebuild our economy. Now more than ever, we need leaders with the experience and the resolve to make the forward-looking decisions to strengthen our economy and restore fiscal balance.  As Governor during the worst recession since the Great Depression, I balanced Virginia’s budget while making historic investments in education and transportation and recruiting new corporations to our Commonwealth.  That’s the experience I’ll take to Washington.”

  • REACTION TO GOVERNOR ROMNEY’S STATEMENT

    “The President brought us back from the brink of another Depression but he doesn’t believe our work is done – he’s got a plan to restore the middle class and create a million jobs now that Mitt Romney opposes and Republican leaders have blocked.  Mitt Romney says he has a better path, but over the past decade we saw where that took us — to the slowest job growth since World War II, the collapse of our financial system and the deterioration of the middle class.  In fact, independent economists have concluded his plan wouldn’t create one job, wouldn’t reduce the deficit one cent, and could lead to another recession.  Mitt Romney’s economic policies failed before and instead of creating jobs, they would weaken the economy and undermine the middle class.”  — Ben LaBolt, National Press Secretary

  • Statement by Chairman of the Council of Economic Advisers Alan Krueger on the Employment Situation in June

    While the economy is continuing to heal from the worst economic downturn since the Great Depression, much more remains to be done to repair the damage from the financial crisis and deep recession that followed.  It is critical that we continue the policies that build an economy that works for the middle class and makes us stronger and more secure as we dig our way out of the deep hole that was caused by the severe recession.  There are no quick fixes to the problems we face that were more than a decade in the making. President Obama has proposals to create jobs by ending tax breaks for companies to ship jobs overseas and supporting State and local governments to prevent layoffs and rehire hundreds of thousands of teachers.

    Today’s report from the Bureau of Labor Statistics (BLS) shows that private establishments added 84,000 jobs last month, and overall non-farm payroll employment rose by 80,000.  The economy has now added private sector jobs for 28 straight months, for a total of 4.4 million payroll jobs during that period. Employment is growing but it is not growing fast enough given the jobs deficit caused by the deep recession.

    The average work week for private sector workers rose by 0.1 hour in June.  Aggregate private sector work hours posted their largest gain since February, rising by 0.4 percent.  The stronger increase in work hours than in payroll employment suggests that many businesses chose to expand on the intensive margin as opposed to the extensive margin in June.

    The unemployment rate was unchanged at 8.2 percent in June, according to the BLS household survey.   The unemployment rate is 0.9 percentage point below its level a year ago.

    Manufacturing employment continues to expand and manufacturers added 11,000 jobs in June. After losing millions of manufacturing jobs in the years before and during the recession, the economy has added 504,000 manufacturing jobs since January 2010–the strongest growth for any 29-month period since April 1995.  To continue the revival in manufacturing jobs and output, the President has proposed tax incentives for manufacturers, enhanced training for the workforce, and measures to create manufacturing hubs and discourage sending jobs overseas.

    Other sectors with net job increases included temporary help services (+25,200), leisure and hospitality (+13,000), and wholesale trade (+8,800). Retail trade lost 5,400 jobs, government lost 4,000 jobs, and motion pictures and sound recording lost 4,200 jobs.  Local governments shed 14,000 education jobs.  

    As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision.  Therefore, it is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data that are becoming available.

    Alan B. Krueger is Chairman of the Council of Economic Advisers.