Today’s unemployment rate fell to its lowest level since the President took office, and as a nation we’re moving forward. Thanks to the hard work and grit of the American people the economy has added private sector jobs for 31 straight months, for a total of 5.2 million jobs during that period, taking into account last week’s revision (+453,000). But there’s more we can do. As soon as they return from recess, Congress should act on the President’s concrete plans to create jobs and restore middle class security.
· Today’s employment report shows that private sector payrolls increased by 104,000 and overall non-farm payroll employment rose by 114,000 in September. The unemployment rate fell from 8.1 to 7.8 percent, the lowest rate since January 2009.
· The President will continue to fight for middle class families and believes in building this economy from the bottom up, from the middle out. We don’t build the economy from the top down and we certainly can’t double down on the reckless policies that failed us in the past.
· He’s proposed extending the middle class tax cuts for the 98 percent of Americans making less than $250,000 for another year. If Congress refuses to act, the typical middle class family of four will see its taxes go up by $2,200 on January 1st. It would be a big blow to 114 million middle class families, and it would be a major drag on our entire economy.
· Congress should also take action on the President’s proposal to would help millions of responsible homeowners refinance and stay in their homes. This plan builds on action we have already taken to give responsible homeowners the chance to save about $3,000 a year on their mortgage by refinancing at historically low interest rates.
· Their top-down approach would roll back regulations on big banks and polluters; on insurance companies and oil companies; regulations designed to protect consumers and workers. They want to double down on trickle down. We’ve tried trickle-down economics. It doesn’t work. They promise to not only keep all of the Bush tax cuts in place, but add another $5 trillion tax cut on top of that – and it’s skewed to benefit the wealthiest few. That means folks making over $1 million a year would get an average tax cut of about 25%.
· On every issue – from reducing the deficit in a balanced way to paying for investments in education – Republican insistence on cutting taxes for millionaires and billionaires has been the major cause of gridlock in Washington.
· The President believes the economy grows best when hard work and responsibility are rewarded, everyone gets a fair shot, and everyone does their fair share, and everyone plays by the same set of rules.
· The President will continue to work towards an economy that’s built, not from the top down, but from the middle out.