Bernanke: Job Market Remains Quite Weak

By Benny Martinez - University of New Mexico/Talk Radio News Service

Chairman of the Federal Reserve Ben Bernanke told the House Financial Services Committee Wednesday that he anticipates a moderate pace to economic recovery, but still has doubts regarding the weak state of the job market.

“Some recent indicators suggest that the deterioration in the labor market is abating,” Bernanke said. “Job losses have slowed and the number of full-time jobs rose modesetly...and claims for unemployment insurance have continued to trend lower.”

Record-low interest rates remain a necessity to boost the economy on a national level, he said. But Bernanke explained that his biggest concern about the economy is the job market. He estimated that the unemployment rate will plateau between six and seven percent by 2012, about one percent higher than an ideal five percent, which is necessary to reacquire a sustainable economy.

“[The jobs market] remains quite weak, with the unemployment rate near 10 percent and job openings scarce,” Bernanke said.

To add to his short-term unemployment concerns, Bernanke said the nation's long-term unemployment rate is an issue.

“Of particular concern...is the increasing incidence of long-term unemployment,” Bernanke said. “More than 40 percent of the unemployed have been out of work for six months or more, nearly double the share of a year ago.”

Hoyer: Hitting Restart Button On Health Care Reform Would Not Be Efficient

By Sofia Sanchez University of New Mexico/Talk Radio News Service

House Majority Leader Steny Hoyer (D-Md.) said Tuesday that requests from Republicans to restart efforts to reform the U.S. health care system are unrealistic.

“We have had very fullsome consideration of this bill and starting over does not seem a path that would be very efficient at all,” said Hoyer.

The Majority Leader also discussed the differences between the Republicans' and Democrats' legislative approach to health care, saying “the Republican bill will only cover three million Americans as opposed to the Democrats' bill which will cover 31-35 million Americans.”

Hoyer added that he hopes the Health Care Summit at the Blair House Thursday will bring about an open forum for both Republicans and Democrats to present their best ideas for health care reform.

Hoyer also commented on the small signs of bipartisanship surrounding the jobs bill, most notably the five Republican senators have helped bring it to a final vote.

“I think it’s a good sign,” said Hoyer.

The Senate is expected to pass the bill this week.

Jobs Bill Sees Bipartisan Support, Say Senate Democrats

By Benny Martinez - University of New Mexico/Talk Radio News Service

Legislation aimed at improving the sluggish employment situation in the U.S. has been met with bipartisan support and should not experience difficulty getting through the Senate, said Senator Sheldon Whitehouse (D-R.I.).

Joined by Senators Benjamin Cardin (D-Md.) and Jeff Merkley (D-Ore.) at a press briefing Monday, the trio emphasized that the provisions in the jobs bill have seen strong support from both sides of the aisle.

“It’s a good start,” Senator Cardin said. “Leaders particularly picked those provisions that enjoy strong bipartisan support.”

Employer tax credits for new hires, the extension of the Highway Trust Fund, higher tax refunds for small businesses and the Build America Bonds program are key provisions of the bill, according to the three Senate Democrats. They added that the legislation seeks to maintain and create 1.3 million jobs for Americans.

“Each of these provisions has established bipartisan support and at this point, there is no reason beyond politics to obstruct any of these measures,” Whitehouse said.

The three agreed that these provisions serve as a first step in the right direction, but at the same time acknowledged that more needs to be done.

“[This] is a group of four ideas with broad bipartisan support, and then there will be another package a few weeks from now, and then another package,” Merkley said. “This way, we can end the paralysis that has been so deadly in the dialogue in this city.”

1.3 Million Latinos Expected To Lose Homes, Says Civil Rights Leader

By Sofia Sanchez- University of New Mexico/Talk Radio News Service

1.3 million Latinos are expected to lose their homes by 2011 if Congress does not supply legislation that provides immediate relief to people who are out of work, according to a leader of a prominent hispanic advocacy organization.

“Nearly 2 million Latinos and blacks have lost their jobs since the recession began,” said Janet Murguia, President and CEO of the National Council of La Raza during a conference call with reporters Friday.”Unfortunately the current jobs plans in Congress continue to ignore these disparities and the concerns of Latino voters and bypass the hardest hit communities.”

Murguia called upon Congress to extend unemployment and COBRA benefits throughout the end of the year, fast-track the creation of jobs in the public sector that serve community-level needs and prevent foreclosures.

“We urge members of Congress to seriously consider the ideas in our joint letter and we look forward to working with our friends on both sides of the aisle to pass meaningful jobs legislation this year,” said Murguia.

Snowpocalypse Has Delayed Jobs Agenda, Says Reid

By Laurel Brishel Prichard - University of New Mexico/Talk Radio News Service

Senate Majority Leader Harry Reid (D-Nev.) said Thursday that two major snowstorms that have rocked the D.C. area have delayed progress this week on the Democrats' Jobs bill.

Reid assured, however, that the Senate would get going soon on a bill that would include four particular components: the issuing of Build America bonds, which would provide much-needed funding for state and local governments at lower borrowing costs, allowing business owners to write off expenses faster, an extension of the Highway Bill and implementation of the Schumer-Hatch job strategy, which gives Social Security payroll tax breaks to employers.

“The American people need a message, the message that they need is that we are doing something about jobs. We don’t have a Jobs bill, we have a jobs agenda,” said Reid.

Due to the several feet of snow, the Federal Government has been closed all week. Reid said there will not be a vote on the jobs package until all Members of Congress are able to get to Washington D.C.

“People have schedules, when people leave Washington who are Members of Congress it's not that they head to the beach and sip tea and smoke cigars. People have work to do, we represent constituents,” said Reid when asked if it was responsible to let the Senate have off next week for the President's Day holiday.