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Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), released the following statement in response to today’s job numbers:
“Unfortunately, today’s job numbers confirm the fact that our economy is in serious trouble. Despite an increase in the labor force of almost one million people, total employment is 250,000 less than in the fourth quarter of 2007. Since the beginning of this year, the American economy has lost 325,000 jobs, and particularly troubling are the declines in construction, retail and manufacturing employment.
“These brutal numbers underscore the wisdom of the Federal Reserve’s refusal to bow to pressure to hike interest rates in the face of volatile commodity prices. But monetary policy alone will not be enough to restore growth to our economy. Additional fiscal stimulus is necessary and the President should end his opposition to Congressional efforts to respond. A package built around making crucial repairs in our tattered safety net, providing direct assistance to state and local governments who have seen tax receipts decline sharply in the wake of the weakening economy and the housing crisis; and in response to the latter, it is essential that we must immediately provide funds to allow local governments to purchase and rehabilitate foreclosed properties that scar too many neighborhoods. Such a package can be adopted promptly if the President cooperates.”
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