The Joint Economic Committee met today to discuss the employment situation for January 2008. Committee Chairman Senator Charles Schumer (D-NY) began by giving an overview of the current economic situation. Schumer said that 7.6 million people are out of work in the U.S. and that the figure is about double for African Americans. He said that the current economic downturn began last year with the housing sub prime mortgage crisis and quickly spread causing lower consumer spending, and is now afflicting the job market. He also advocated for a stimulus plan to be enacted immediately.
Committee member Congressman Elijah E. Cummings (D-MD) spoke next criticizing the Bush administration's tax cuts for contributing to job loss. He also criticized the current economic stimulus package for not going far enough. He said that he wants to see the administration approve unemployment insurance, a program that Schumer said is a proven form of economic stimulus.
The only panelist to give a statement was Keith Hall, the Commissioner of the Bureau of Labor Statistics. He presented figures released today by the Bureau today showing small, but widespread declines in unemployment. According to him, construction was one of the hardest hit industries saying that 284,000 construction jobs had been lost since September 2006. He also said that 269,000 manufacturing jobs had been lost in the last 12 months. He answered the committees questions in vague terms repeatedly saying that he does not want to speculate about the future outlook for jobs. He refrained from issuing criticism of the administration's economic policy and offered no suggestions to ameliorate job growth.
Joint Economic Committee listens to testimony from Bureau of Labor Statistics Commissioner regarding the employment situation
The Joint Economic Committee met today to discuss the employment situation for January 2008. Committee Chairman Senator Charles Schumer (D-NY) began by giving an overview of the current economic situation. Schumer said that 7.6 million people are out of work in the U.S. and that the figure is about double for African Americans. He said that the current economic downturn began last year with the housing sub prime mortgage crisis and quickly spread causing lower consumer spending, and is now afflicting the job market. He also advocated for a stimulus plan to be enacted immediately.
Committee member Congressman Elijah E. Cummings (D-MD) spoke next criticizing the Bush administration's tax cuts for contributing to job loss. He also criticized the current economic stimulus package for not going far enough. He said that he wants to see the administration approve unemployment insurance, a program that Schumer said is a proven form of economic stimulus.
The only panelist to give a statement was Keith Hall, the Commissioner of the Bureau of Labor Statistics. He presented figures released today by the Bureau today showing small, but widespread declines in unemployment. According to him, construction was one of the hardest hit industries saying that 284,000 construction jobs had been lost since September 2006. He also said that 269,000 manufacturing jobs had been lost in the last 12 months. He answered the committees questions in vague terms repeatedly saying that he does not want to speculate about the future outlook for jobs. He refrained from issuing criticism of the administration's economic policy and offered no suggestions to ameliorate job growth.