WASHINGTON, D.C. -- Data released today by the Bureau of Labor Statistics underscored the growing needs of millions of American workers struggling in an economy that has shed jobs for ten consecutive months. At 6.5 percent, the October unemployment rate is higher than at any time since March 1994.
“We woke up this morning to yet another alarming sign that our economy is failing to work for American workers," said Ways and Means Committee Chairman Charles B. Rangel. “Businesses continue to lay-off workers and the unemployment rate is rising faster than predicted by even the most pessimistic economists. Families are hurting and those who have argued against another economic recovery effort can no longer ignore the painful truth that we must to act now to help families in need."
“There are nearly three jobseekers for every job, the economy has shed jobs for ten straight months, and there are 2.8 million more unemployed workers than this time last year," cautioned Chairman Rangel. “We must provide a lifeline to workers who are left without paychecks through no fault of their own. The House has shown tremendous leadership in passing an extension of unemployment benefits to help millions of families and now it is the Senate’s turn to take up the legislation and help American families and our economy recover from this crisis."
In September, the House passed an economic recovery package which included an immediate extension of unemployment benefits, along with investment in infrastructure projects to create jobs, assistance for heating costs and health care, and additional food stamp resources for families in need. The House also passed, by an overwhelmingly bipartisan majority (368-28), H.R. 6867, stand-alone legislation sponsored by House Ways and Means Committee Chairman Charles B. Rangel (D-NY) and Ways and Means Income Security and Family Support Subcommittee Chairman Jim McDermott (D-WA) to extend the duration of unemployment benefits for millions of workers. Both measures are currently pending in the U.S. Senate.
In brief, H.R. 6867 would:
· Would provide seven additional weeks of extended benefits for those who have exhausted their UI benefits across the country.
· Would provide 13 more weeks of unemployment benefits for workers in states with high unemployment, defined as 6 percent or higher.
· Is paid for through the existing federal unemployment trust fund.
· Is estimated to distribute about $6 billion in benefits.
· Without this legislation, about 1.1 million workers are expected to run out of their current extended benefits by the end of calendar year 2008.R. 6867.
