"Right now the unemployment rate nationally is 9.4 percent. Unfortunately, I think the reduction doesn’t mean necessarily that things are picking up substantially, but rather, more people have given up looking for jobs."
Cornyn says the outlook for Texas is bright as it continues to outperform the rest of the country. Texas was the last state to feel the recession and he believes will be the first to get out. The senator says none of this is an accident.
"Policy really does make a difference. When job creators know that they’re welcome here in Texas and we’re not going to overtax them and we’re not over regulate them and we have a civil justice system that is reasonable and fair, but not unpredictable — that all those policies have an impact."
One of those policies he believes in is having a detrimental effect on jobs and the economy is the administrations moratorium on deep water drilling. Although the ban has now been lifted, Cornyn says many oil rigs are sitting empty and jobs are in jeopardy.
"We’re all for safety and none of us want to condone or see repeated what happened in the Gulf recently, but it seems to me like an airplane crash. You don’t ground all the airplanes permanently when an airplane crashes. You do an investigation, find out what when wrong and do your best to make sure that it unlikely that it doesn’t happen again."
Senator Cornyn says part of the problem is people in other parts of the country don’t realize how much money and jobs are at stake in the industry. As he put it, the oil and gas industry needs to raise a little cain.