With the nation’s economy reeling from the largest monthly job decline in nearly five years, the House Ways and Means Committee today released a report underscoring the need to immediately extend unemployment benefits.
Bolstering the reports findings, the Ways and Means Subcommittee on Income Security and Family Support will hold a hearing Thursday assessing the need for prompt Congressional action given current labor market conditions.
With the loss of 80,000 jobs in March, a housing crisis, credit crunch and other indicators pointing to a souring economy, the report emphasizes the need for Congress to extend unemployment benefits to provide crucial relief to American workers.
“Last week’s jobs report was a somber and clarion call for Congress to act swiftly on behalf of the millions of American’s who despite being willing to work find themselves living at margins of our economy," said Ways and Means Chairman Charles B. Rangel, one of the reports issuers. “Quick action by Congress will also jump-start the economy at a time all Americans are struggling under the weight of higher gas, groceries and health care prices."
According to the report, an extension of unemployment benefits would also serve as a very effective economic stimulus.
“If a hurricane struck an American community, we’d immediately dispatch assistance to people hurt by this disaster; the equivalent of a hurricane has struck the US economy and we should immediately dispatch assistance to the American people in the form of extended unemployment insurance benefits," said Rep. McDermott, who chairs the Income Security and Family Support Subcommittee.
