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(Washington D.C.)- Ways and Means Committee Chairman Sander M. Levin (D-MI) made the following statement today following the Department of Labor release of the November jobs report.
“Today’s news underscores the moral and economic obligation facing Congress right now to extend unemployment benefits for those struggling to find their next job opportunity in this slowly recovering economy. With the holiday season upon us we have an opportunity to prevent millions from further economic distress.
“Letting these programs expire sharpens an already double-edged sword. According to a new Administration report, as of October, 14 million workers have been helped by these UI programs. Forty million when you include their families. For almost half of these households who rely entirely on these UI programs, 90 percent of income will be lost. Simultaneously, the report finds that failing to continue emergency UI benefits would reduce employment by 600,000 jobs and lower GDP by 0.6 percent. In short, cutting off these benefits reduces consumer demand which would lead to more layoffs.
“As Americans struggle to make ends meet, Republicans are turning a cold shoulder to their plight by voting against middle class tax relief and the extension of unemployment benefits. We need to move forward on both issues urgently to continue to build a road to economic recovery.”
Click here for the White House Council on Economic Advisor’s report.
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