Tags: CPAC 2015 | Rick Perry | unemployment rate | sham | economy

Rick Perry: 'Unemployment Rate Is a Sham'

By    |   Friday, 27 February 2015 05:10 PM


Former GOP Texas Gov. Rick Perry, a likely candidate for president next year, took full aim at the Obama administration's economic policy at the annual Conservative Political Action Conference Friday in Washington.

He focused on the job market. "I'm going to say this quite plainly: the unemployment rate is a sham. It leaves millions of American workers uncounted," Perry said in a speech.

The unemployment rate registered 5.7 percent in January, after hitting a six-year low of 5.6 percent in December. But the labor participation rate stood at 62.9 percent last month, barely above its 37-year low of 62.7 percent.

"The answer is not to expand the welfare state, it's to build the freedom state," Perry said.

"I know it can happen, because we did it in my home state. Our formula was simple. You control the taxes and the spending, you provide smart regulation, you develop an educated workforce, and you stop lawsuit abuse at the courthouse.

Tom Hutchinson, senior editor of the Newsmax newsletter "The High Income Factor" and member of the Newsmax Financial Braintrust (FBT), told Newsmax TV he's not
too impressed with the jobs market either.

"If you compare the employment situation to other recoveries, it stinks. You have more long-term unemployed than ever before," he said. "The labor participation rate is as low as it’s been since the 1970s, when you didn’t have women in the work force in mass."

In addition, "the wage growth is not there and the jobs that have been added during this recovery have been lower paying than the ones lost," Hutchinson said. Average hourly wages rose only 1.7 percent last year.

Still, recent gains in employment are the best of the 5 1/2-year recovery, he noted. "The last three months have added more jobs than for any three-month period since 1997, and 2014 was the best year for job growth since 1999," Hutchinson explained.

"So although the employment situation in this recovery is sub-par, it’s gaining steam."

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Former GOP Texas Gov. Rick Perry, a likely candidate for president next year, took full aim at the Obama administration's economic policy at the annual Conservative Political Action Conference Friday in Washington.
Rick Perry, unemployment rate, sham, economy
352
2015-10-27
Friday, 27 February 2015 05:10 PM
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