Pawlenty to Deliver Major Economic Speech on Tuesday

Former Minnesota Gov. Tim Pawlenty will deliver a major economic address Tuesday morning in Chicago, CNN reported this weekend.

“His speech will include a plan to balance the Federal budget, overhaul the Federal tax code, reduce regulation and increase American innovation and investment,” an aide to Pawlenty told CNN on Friday.

Pawlenty’s speech, outlining his plan to promote economic growth while controlling federal spending, comes only days after the U.S. Department of Labor released its latest jobs report showing that the U.S. economy gained only 54,000 jobs in May — the fewest in eight months and far fewer than most economists had predicted.

The nation’s unemployment rate inched up to 9.1 percent last month, largely due to the sluggish growth in new jobs.

The dismal economic news is considered by many to be a serious blow to President Obama’s reelection prospects — something Republicans were quick to point out.

“Our economy is not creating enough jobs, and Democrats’ binge of taxing, spending, borrowing and over-regulating is a big part of the reason why,” said House Speaker John Boehner (R-Ohio), moments after Friday’s jobs report was made public.

Pawlenty also wasted little time in issuing a fusillade of his own.

“Today’s underwhelming job numbers report demonstrates President Obama’s failure to address the tough challenges we face as a nation,” said Pawlenty in a statement issued on Friday.

“We need a leader to stand up and make the difficult choices essential to spur economic growth and create new jobs. It’s clear that serious changes must be implemented to get our economy back on the right track, and I would not shy away from the challenge. By owning up to the hard truths we face, addressing them, and then enacting an aggressive growth plan, we can create jobs and secure a brighter future for America.”