February 6 – The U.S. Department of Labor reported today that 598,000 jobs were lost in January, the most since the end of 1974, which brings the unemployment rate to 7.6 percent. This report highlights the need to make immediate job creation the focus of any economic stimulus legislation. Congressman Wamp expressed his continued concern over the size and content of the spending bill: 

“In light of today’s employment report that shows the loss of 598,000 jobs in January, it couldn’t be more clear that the economic stimulus bill should be focused on immediate job creation.” 

“The U.S. Senate spending package includes cosmetic changes to the massive social spending bill that passed the U.S. House of Representatives last week with no Republican input or support. These changes are not substantial enough to make the bill worthy of passage.” 

“Some of the stimulus is needed, such as infrastructure and energy technologies with a focus on high-speed rail mass transit and nuclear energy that creates jobs and would help the manufacturing sector grow the economy and make our nation more competitive. Most of the spending in this bill is just a transfer of payments from taxpayers to social programs. But a real stimulus bill would create new jobs in the short term instead of spending billions of taxpayer dollars on new government programs that will take years to impact the economy and greatly increase our debt.” 

“We cannot borrow our way out of debt or spend our way into prosperity. And there are House and Senate Democrats who agree and publicly have expressed their concerns with the bill. House Republicans put together an alternative plan that I supported, which focused on tax relief for small businesses, entrepreneurs and families that would create twice as many jobs at a fraction of the cost.  The Senate bill should be scrapped in favor of a truly bipartisan effort that uses the best proposals from each party, creates jobs in the short term and contributes to growing the economy.”