Less Than 100,000 Jobs Created For The Month Of August, Labor Force Participation Rate Falls To Lowest Point In 31 Years

Nearly four years ago, President Barack Obama and Cong. Joe Donnelly rammed an $825 billion stimulus into law that was supposed to “create and save much needed jobs and help get our economy back on track,” yet today’s jobs report reiterates that their failed economic policies are not working.

As the Wall Street Journal reports:

JOB GROWTH SLOWS SHARPLY IN AUGUST: Job growth slowed sharply in August, the Labor Department said Friday. Total nonfarm payrolls increased by 96,000, lower than the 125,000 gain expected by Wall Street economists.  Adding to the sense of weakness, job growth in the past two months were revised down by 41,000.  The unemployment rate declined to 8.1% in August from 8.3% in the previous month but the drop was due to a smaller labor force.  Economists forecast the unemployment rate to hold steady at 8.3%.  Average hourly earnings were flat at $23.52.  Earnings are up 1.7% in the past year. The average workweek was unchanged at 34.3 hours. (Greg Robb, Job growth slows sharply in August, Wall Street Journal’s Market Watch, 9/7/12)

Notably, according to Donnelly and his fellow Democrats if their policies actually worked, the national unemployment rate would be well below 6 percent by now.

“We’ve tried the failed policies of President Obama and Joe Donnelly and today’s report is just further proof that their tax-and-spend agenda is not working,” said National Republican Senatorial Committee spokesman Lance Trover.  “Hoosiers simply cannot afford six more years of Joe Donnelly’s failed economic leadership and it’s time to send a true reformer like Richard Mourdock to Washington.”

BACKGROUND….

Donnelly Promised The Stimulus Would Create and Save Jobs

Donnelly Said He Was “Pleased” That The Stimulus Passed And Said The Bill Would “Create And Save Much-Needed Jobs And Help Get Our Economy Back On Track.” “‘I was pleased that The American Recovery and Reinvestment Act passed in the House of Representatives today,’ Donnelly said. ‘I voted for this legislation because it will create and save much-needed jobs and help get our economy back on track. Our current economic situation is too dire to do nothing, and I believe this stimulus plan is one of the answers to getting our economy back on the path to recovery.’” (Rep. Joe Donnelly Press Release, “Rep. Donnelly Lauds Passage Of Recovery And Reinvestment Plan,” 2/14/09)

And That The Unemployment Rate Today Would Be Less Than 6%