For Immediate Release
August 1, 2008 |
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FOR MORE INFORMATION:
Cullen Schwarz
Office: 202.225.4961
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Further Job Losses Show Need for Economic Recovery Plan |
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Levin: With New Economic Recovery Plan We Can
Spur Economic Growth, Create Jobs and
Support Familes Looking for Work |
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(Washington D.C.)- The U.S. Department of Labor’s monthly jobs report released today showed that the national unemployment rate rose and the economy continued to lose jobs in July, as it has for seven straight months. 51,000 jobs were lost in the past month; nearly half a million jobs have been lost since the beginning of 2008. The unemployment rate rose in July to 5.7%. The number of people looking for work climbed to 8.8 million. Nearly one in five of those looking for work have been jobless for six months or more.
Congressman Sander Levin today called for the enactment of a new economic recovery plan, releasing the following statement:
“We all know how difficult economic conditions are in Michigan, and signs that the U.S. economy remains weak are increasing every month. Congress must increase efforts to spur economic growth and help families make ends meet.
“Earlier this year, the House and Senate approved an economic recovery package that included a tax rebate to provide relief to American families and stimulate growth. In Michigan, rebates were distributed to nearly 4 million households, injecting an estimated $3.5 billion into Michigan’s economy. These rebates have helped families weather the downturn and prevented our economy from declining more sharply.
“But now that nearly all of the rebate checks have been distributed, the economy is not fully recovered, job losses continue to mount and families across the nation are still struggling. It is clear that further action is needed to boost our economy. Congress must make enacting a second bipartisan economic recovery plan its top priority. This Package should be comprehensive, and include a further extension of unemployment benefits and low-interest credit for automakers to help them retool manufacturing facilities and create jobs.
“Considering that the nation has lost nearly half a million jobs so far this year, a further extension of unemployment benefits should be included in a new recovery plan. Economists widely agree that unemployment benefits are among the most effective and quickest ways to strengthen the economy. Experts testified before Congress that every dollar of extended unemployment benefits generates $1.64 in increased economic activity. Extended benefits help our neighbors who have been laid off through no fault of our own and give a needed jolt to our economy.
“Efforts to create jobs must also be central to a new recovery plan. Seventy-four Members of the House, including every member of the Michigan delegation, have urged Congressional leadership to enact an economic recovery package that includes funding for a program to provide low-interest credit for American automakers to retool facilities to build fuel efficient vehicles. This program will create jobs in Michigan and reduce our dependence on foreign oil. Many Senators, including Sen. Obama, also strongly support this program.
“If we enact an effective economic recovery package that includes a targeted unemployment benefit extension and a boost for domestic manufacturers, we can turn the tide of this economic downturn and start creating jobs rather than losing them month after month.”
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To Contact Congressman Levin: -
Email Congressman Levin In Michigan: 27085 Gratiot Ave, Roseville, MI 48066 | (586) 498-7122 | (248) 968-2025
In Washington: 1236 Longworth House Office Building, Washington, DC 20515 | (202) 225-4961
