Workforce Chair: Republican Policies Help Create Jobs, Keep Taxes Low, and Boost Retirement Savings

Unemployment Rate Drops Again; More Than Two Million Jobs Created in Last Year

WASHINGTON, D.C. – U.S. House Workforce Committee Chairman Howard P. “Buck” McKeon (R-CA) pointed to today’s U.S. Labor Department employment report – which showed the nation’s unemployment rate decreasing yet again, to 4.4 percent – as the latest evidence of a strong economy spurred by Republican tax cuts and economic policies.

The report – released by the Department of Labor this morning – showed that more than two million new jobs have been created in the last year.  With more than 6.8 million new jobs created since August 2003, the U.S. economy has seen 38 straight months of uninterrupted job growth.  McKeon noted the solid jobs report follows this week’s news out of the Labor Department that worker wages and benefits rose in the third quarter at the fastest pace in more than two years.

“More than two million jobs were created in the last year, and unemployment has dropped to 4.4 percent – adding to the mountain of evidence that Republican tax cuts have helped create jobs, spur economic growth, and send the Dow surging,” said McKeon.  “Our economic policies – with tax cuts at their foundation – have sent momentum cascading throughout the economy, with working families feeling the benefits.  Today, their taxes are lower, their wages are higher, and their retirement savings are more valuable because of the policies spearheaded by House Republicans.”

In addition to the strong jobs report and dramatically low unemployment figure, McKeon pointed to a slate of more good economic news: 

• The economy has grown for 19 straight quarters, averaging 3.1 percent over that period;

• The Dow Jones Industrial Average recently crossed 12,000 for the first time in history;

• The fiscal year 2006 federal deficit dropped $71 billion from a year ago and advanced three years ahead of the President’s goal of cutting the deficit in half by 2009;

• Gas prices have continued to fall, dropping by 10 cents over the past month alone;

• Average 401(k) retirement savings plans have increased in value by 65 percent since 2002;

• $5.7 trillion of new shareholder wealth has been created since May 20, 2003, the day Congress agreed on the latest round of tax cuts – a 55 percent increase.