WASHINGTON, DC - Data released today by the Bureau of Labor Statistics illustrated the economic challenges facing millions of working Americans, as the economy posted the seventh consecutive month of job losses. The data also showed that the current unemployment rate of 5.7 percent is the highest the United States has witnessed in four years.
“These numbers illustrate what millions of American families have known for quite some time - that this Administration’s economic policies have failed to deliver the benefits promised," said Ways and Means Committee Chairman Charles B. Rangel (D-NY). “Across this nation, families are losing their jobs, their homes and their hope with no end in sight. Earlier this year, Congress overcame veto threats from the Bush Administration to extend unemployment benefits for millions who have lost their job through no fault of their own and we will continue our work for additional benefits and other measures to restore economic security for those who are struggling."
“Because of the President’s refusal to fully address the plight of the American people in this increasingly difficult economy, we couldn’t go far enough, fast enough and today’s data underscores the need for Congress to take additional steps to assist ordinary Americans in extraordinarily difficult economic times," said Rep. Jim McDermott, chairman of the Income Security and Family Support Subcommittee, which has jurisdiction over the federal unemployment program.
The jobs figures posted today show that more than 1.6 million workers have lost their jobs over the past 12 months for a total of 8.8 million unemployed. Earlier this year, Chairmen Rangel and McDermott led the Democratic House Caucus in fighting for an extension of unemployment benefits. The Democratic Congress overcame objections from the Bush Administration to enact legislation to provide up to an additional 13 weeks of benefits nationwide. This extension is estimated to benefit more than 3.5 million workers over the next several months.
Economists have identified extended unemployment benefits as one of the most effective means of economic stimulus or recovery possible because the benefits are cost-effective and fast-acting, with recipients quickly spending their benefits back into the economy.
