Politics

Pelosi Statement on Troubling February Jobs Report, Largest Monthly Decline in Five Years

By Office of the Speaker

Washington, D.C. ? Speaker Nancy Pelosi issued the following statement today on the troubling jobs report from the Labor Department, which showed that the U.S. economy lost 63,000 jobs in February, the largest monthly job decline in nearly five years:

“Today’s troubling jobs numbers show that Congress must continue to chart a New Direction for our economy that breaks with the failed Bush Administration policies and puts America back on track to creating jobs and raising incomes for families. The Bush Administration’s economic policies have failed to create jobs and renew the American Dream for the middle class and those who aspire to it — instead leaving families struggling to make ends meet with rising prices for gas, home heating oil, groceries, and health care.

“Earlier this year, the New Direction Congress aggressively responded to the weakening economy by passing a bipartisan stimulus package that will provide timely, temporary and targeted tax cut to families who are struggling to make ends meet. Next week, we will act on a budget plan that is a fiscally responsible blueprint for economic recovery to make smart investments in renewable energy, health care, education, American innovation and infrastructure. We will also continue to address the subprime mortgage crisis and help families avoid foreclosure.

“Democrats in Congress are committed to working in a bipartisan way to get our economy moving again and creating jobs for America’s families.”

Just this week, news of new highs and lows defined the worsening economic picture:

? Biggest Job Drop Off in Five Years: Employers slashed jobs by 63,000 in February ? the biggest job drop off in five years and the second consecutive month of job losses. The job losses were widespread –in construction, manufacturing, retailing, financial services and a variety of professional and business services. President Bush is tied for the worst jobs record of any President since the Great Depression, and America has lost 3.4 million manufacturing jobs since 2001.

? Energy Prices at Record Levels: This week, oil prices hit an all-time record high of nearly $106 per barrel, while families are paying $3.19 a gallon for gas ? 68 cents a gallon more than last year and only pennies away from the record of last spring. Gas prices are double that of 2001 and home heating oil costs are three times that of 2001.

? Mortgage Crisis Worsens: The percentage of mortgages that were in foreclosure hit a record high in the fourth quarter, while mortgage delinquencies rose to a 23-year high. Homeowners’ debt on their houses exceeds their equity in their homes for the first time since 1945.

Full post as published by The Gavel on March 07, 2008 (boomark / email).