Rep. Greg Walden: Debt and deficits only slow economic recovery

by In the news Wednesday, May 23. 2012

by Rep. Greg Walden

Here is yet another reason why the coming election is so important: The average number of weeks for a job seeker to find employment has skyrocketed over the last three years, as you can see from the chart below. In April 2012, unemployed Americans waited on average 39.1 weeks before landing employment.

Of course, ebbs and flows in the economy and the job market are natural. But the average length of time it takes an unemployed worker to find a job is at heights unseen since the?Bureau of Labor Statistics?started tracking that data in 1948. Prior to the great recession, the record high was 21.2 weeks, set in July 1983. That mark was broken in April 2009, and we?ve been above it for 37 straight months.

We find ourselves at levels today that would have been literally off the charts three years ago.

Obviously, the only way to turn this around is to create more jobs and opportunities for small businesses to grow and invest. Unfortunately, the President?s budget promises more of the same. The latest economic analysis from the non-partisan Congressional Budget Office says that his plan for more debt and more deficits will only slow down the economic recovery even further.

?For the 2018-2022 period, CBO estimates that the President?s proposals would reduce real output, on average, by between 0.5 percent and 2.2 percent compared with what would occur under current law,??according to their report.

It?s time for government to tighten its belt and balance its budget just like families and small businesses do every month. We can?t afford more of the same. If you need proof of that, just look once more at the charts above.

To visit Congressmen Walden?s web site, click here

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