Politics

On the Dramatic Rise in Home Foreclosures and Jobless Claims

By Speaker Pelosi

America?s working families are facing worsening economic conditions. The number of homeowners receiving foreclosure notices increased 25 percent from a year ago and the number of newly laid-off Americans filing for jobless benefits is at a seven-year high. In these difficult times, the American people expect solutions from Congress and the Bush Administration.

The need for action is clear and urgent, but the Administration is failing to move aggressively to stem the tide of foreclosures and refusing to use the authority it has been given by Congress to help homeowners. Addressing the underlying problem of home foreclosures and stopping the drop in home values is necessary to restore confidence in our financial system, get credit moving again, and boost economic growth.

The House has already passed strong economic recovery and job creation legislation, which leading economists agree is critical. Now we need Republicans in the Senate and President Bush to join us in our efforts to boost the economy for all Americans.

Full post as published by The Gavel on November 13, 2008 (boomark / email).