On the Issues
Economy
The recent economic downturn and financial crisis has affected San Diegans from all walks of life. Unemployment continues to increase and small business owners are struggling. Susan has heard from many constituents concerned about the health of our economy and the future of their families.
Sadly, California has an unemployment rate of nearly 8 percent – among the highest in the nation. Our states and our cities continue to experience budget shortfalls while the federal government is falling deeper into debt. The stock markets have dropped costing retirement accounts over $12 trillion. The domestic automotive industry is at risk threatening thousands of more jobs across the nation.
Simply put, we face bleak economic conditions putting our future in question. Some economists fear the economy is at the most risk since the Great Depression. Clearly, Congress has a responsibility to put the economy back on track so Americans can get back to work.
It is the job of Congress to protect workers, families, retirees, and small business owners until we can get through these extraordinary times. At the same time, government intervention should in no way give excessive rewards to corporate executives or CEOs.
Wall Street and the financial industry made some extremely poor decisions in recent years and the result was the largest economic crisis in decades. Lending froze and banks have failed in record numbers. The stock markets have dropped significantly costing retirement accounts trillions of dollars.
In response, Congress passed the Emergency Economic Stabilization Act of 2008 (H.R. 1424). The legislation allowed Treasury Secretary Henry Paulson to inject capital into the financial markets or purchase risk assets so lending could resume. At the same time, the bill requires several layers of oversight to ensure taxpayer dollars are not abused and limits executive pay and discourages “golden parachutes” for CEOs.
Click here to learn more about the economic stabilization legislation: http://www.house.gov/susandavis/press/pr092908finres.shtml
Unfortunately, given the severity of the financial crisis and declining economy, our work on the recovery has just begun. We will need to pass an additional stimulus bill to provide further assistance to the economy and to the unemployed. Congress will also look at ways to help the auto industry rebound while encouraging a new direction toward environmentally friendly cars.
If you need unemployment assistance, please click the following link to learn more:
http://www.edd.ca.gov/Unemployment/ .
To view up-to-date unemployment statistics, please visit the U.S. Bureau of Labor Statistics: http://www.bls.gov/