While the unemployment dropped in April, with 800,000 people leaving the workforce, it went down for the wrong reasons, says Rep. Kevin Brady, chairman of the Joint Economic Committee.
The unemployment report
that came out Friday showed that there was a 288,000 gain in jobs in April, and the unemployment rate dropped from 6.7 percent to 6.3 percent, but the workforce also shrunk by 806,000, as well.
"Four and half years after the recovery began, I mean four and a half years after it began, we're still holding our breath every month to see if this jobs report is even an average jobs report," Brady told J.D. Hayworth on "America's Forum" on Newsmax TV.
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"Yeah, the unemployment rate went down, and average Americans will say, wow, it went down 6.3 percent but, of course, why? [Because] 800,000 people quit looking for work," he added. "It went down for the wrong reasons."
Brady said that the other disappointing factor with the economy is the report that gross domestic product only grew by 0.1 percent in the first quarter.
"We're all hopeful it bounces back next quarter, but that number surprised a lot of people," he said.
"Businesses continue to hold back investments on new buildings, new equipment, new software — the very things that drive job creation in America — that was a huge red flag for many economists," Brady added.
However, he argues that President Barack Obama continues to "stay the course" on economic policies that are hurting Americans and businesses even though they have warned him that his policies aren't working.
"Business people — small, medium, large — have told the White House and the president over and over, look, your policies are holding us back," Brady said.
"Higher taxes, these new higher healthcare costs, the Affordable Care Act, the amount of regulation for the five largest years for regulation ever in America's history has come out under President Obama, and so they're telling the White House — this is how you're holding us back, these are the drags on the economy, but the White House and this president, it's just stay the course," he explained.
As a result of Obama's economic policies, "this is the weakest most disappointing recovery in 50 years."
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