Unemployment Rate Hits 15-Year High

NATIONWIDE - 12/5/2008

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Congressman Steny H. Hoyer (D-MD) released the following statement Dec. 5, after the Department of Labor reported that the American economy lost 533,000 jobs in November and the unemployment rate hit a 15-year high:   “The American economy lost 533,000 more jobs last month—the worst one-month drop in three decades. Our unemployment rate, 6.7%, is the highest in 15 years. But though we speak in terms of hundreds of thousands of jobs at a time, we ought to keep in our thoughts the individual families who are struggling this winter.   “Their struggles are a final verdict on the failed economic policies of the last eight years. Nothing we can do has the power to instantly turn our economy around - but that is no reason for Republicans to block action. Democrats have a plan to put millions of Americans back to work by reinventing our nation’s worn-down infrastructure, investing in 21st-century energy technologies, assisting the families who are hurting most in this recession and helping cash-strapped states pay for vital services.  Economists widely agree that such steps are necessary and effective responses to a recession.   “In his last act of economic malpractice, President Bush continues to resist these vital steps for recovery. But if he cannot be convinced to sign an economic recovery package, the Democratic Congress will ensure that President-elect Obama can sign it quickly after he is sworn in.”

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