Chairman Jordon, Ranking Member Kucinich, and other members of the Committee, thank you for the opportunity to testify at this hearing on “Take Two: The President’s Proposal to Stimulate the Economy and Create Jobs.” After a deep recession and an anemic recovery, unemployment remains tragically high. Americans are understandably concerned about the future. They want an economic plan that works.
The main reason for the high unemployment rate is very weak economic growth. Firms are not starting up enough, or expanding enough, or hiring enough to bring the unemployment rate down. Real GDP growth has averaged only 2.4 percent per year in this recovery compared with 6.5 percent in the 1983-84 recovery from the most recent very deep U.S. recession. As a result, fewer people as a percentage of the working age population are working now than when the recovery began.
Read the full transcript: house_oversight_testimony_9_13_11.pdf