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

WASHINGTON – Nearly four years ago, President Barack Obama and former Democrat National Committee (DNC) Chairman Tim Kaine rammed an $825 billion stimulus into law that was supposed to “create or save” 3.5 million jobs, 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 Kaine 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 former DNC Chairman Tim Kaine and today’s report is just further proof that their tax-and-spend agenda is not working,” said National Republican Senatorial Committee spokesman Brian Walsh. “Virginians simply cannot afford Tim Kaine’s failed economic leadership and it’s time to send a true reformer like George Allen to the Senate.”

BACKGROUND….

President Obama & Chairman Kaine Promised The Stimulus Would ‘Create Or Save’ 3.5 Million Jobs  

ASSOCIATED PRESS:  The Obama administration is defending its claim that the $787 billion economic stimulus plan will save or create 3.5 million jobs before 2011 even while conceding that unemployment will likely continue to rise beyond its earlier predictions.  (Stimulus plan will create or save 3.5 million jobs, White House says, Associated Press, 05/11/09)

Kaine Promised The Stimulus Would Create “Millions” Of New Jobs

Kaine: “This [Stimulus] Bill Is What’s Needed To Put Americans Back To Work.”(MSNBC’s “1600 Pennsylvania Avenue,” 2/6/09)

Kaine Said The Stimulus Would Create Or Save Over 3 Million Jobs. Kaine:“. . . The stimulus bill does three things, Gretchen. It has tax cuts for working Americans — those that make — their families make less than $150,000 a year so they can pay bills, put food on the table, help their kids go to college and start spending again. It has infrastructure spending — roads, bridges, alternative energy projects — that will put people to work and then build a platform for greater economic growth. And then it has an important piece of relief as we take care of rising Medicaid and unemployment rolls for Americans that have been hit so hard by 1.8 million job losses in the last three months. This is exactly what we ought to do. We’ll create or save more than 3 million jobs — 90 percent of them in the private sector.” (Fox News, “Fox And Friends,” 2/10/09)

When Discussing Jobs In February 2010, Kaine Said “We’re In A Much Better Place Because Of The Stimulus Package.” Kaine: “We all know, David, the economy was in a free-fall, shedding 700,000 plus jobs a month. We were in losing GDP. A year later, the job losses have been shaved down to a fraction of that. GDP is growing now for two quarters in a row, which has to happen to get jobs growing again. We’re not where we want to be yet, but we are in a much better place because of the stimulus package that Senator Bayh and others were willing to go out and do the tough work to support.”(MSNBC, 2/16/10)

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