February Jobs Report – GOP 'So Be It' Spending Bill Jeopardizes Our Economic Recovery

Today the Department of Labor announced that the economy added 192,000 jobs and the unemployment rate fell to 8.9 percent in February. With 222,000 jobs added by private businesses, this marks the 12th consecutive month of private sector job growth:

Private Sector Jobs Chart

Leader Pelosi on the report:

Today’s jobs report shows our economy moving in the right direction and our private sector leading the charge toward recovery. But with millions still out of work, we must do more to build on this progress and restore prosperity to all Americans.

Congressional Republicans would take our economy in the wrong direction by passing an irresponsible ‘So Be It’ spending bill that destroys jobs, weakens our middle class, and cuts investments in education critical to our economic future.

The American people are sending a clear message: show us the jobs. Democrats are listening and remain focused on creating jobs, strengthening the middle class, and responsibly reducing the deficit.

As Leader Pelosi said, while we are moving in the right direction, millions of Americans remain out of work. Instead of weakening our economy and risking our recovery with the irresponsible Republican ‘So Be It’ spending bill, we must do more to create jobs and accelerate economic growth:

All Jobs Chart

In his article “How to Kill a Recovery”, Paul Krugman summarizes how the Republican ‘So Be It’ spending bill endangers our recovery:

The clear and present danger to recovery, however, comes from politics — specifically, the demand from House Republicans that the government immediately slash spending on infant nutrition, disease control, clean water and more. Quite aside from their negative long-run consequences, these cuts would lead, directly and indirectly, to the elimination of hundreds of thousands of jobs — and this could short-circuit the virtuous circle of rising incomes and improving finances… Republicans have managed to come up with spending cuts that would do double duty, both undermining America’s future and threatening to abort a nascent economic recovery.

As this article in the Los Angeles Times shows, the American people aren’t buying what the Republicans are selling:

House Republican leaders have argued that their drive to reduce federal deficits is connected to job creation. But strategists acknowledge they have yet to succeed in making that link with voters…

Republican leaders argue that cutting spending will lead to job growth. But the message does not seem to appeal to recession-weary voters.

New polls show that Americans want the federal government to focus on job creation and economic growth. Reining in government spending ranks second.

A majority agrees that deficits are a problem, a Wall Street Journal-NBC News poll showed Thursday. But Americans oppose specific cuts to Head Start preschools, education and college loan programs, which were among reductions in the spending bill passed by the House last month…

The GOP ‘So Be It’ spending bill would cost 700,000 American jobs and reduce economic growth. The GOP has a choice: will they continue their assault on America’s economy or join Democrats to create jobs, strengthen the middle class, and responsibly reduce the deficit?

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