Unemployment vouchers will help thousands of struggling Americans

The House of Representatives are expected to vote by Friday this week on legislation to provide up to 13 weeks of extended unemployment benefits in every state for workers who have spent their 26 weeks of regular unemployment benefits. In a conference call today, the legislation was discussed and Congressman Sandy Levin (D-Mich.) urged President Bush and his allies to pass the legislation and help thousands of struggling Americans.

The jobless rate jumped to 5.5 percent in May from five percent in April, the largest month increase since 1986, according to a news release. The United States lost 49,000 jobs in May, the fifth consecutive month of negative job growth, which makes the job loss since the beginning of the year nearly 325,000.

Levin spoke of the thousands of hard American workers who have never asked the government for money before, are now running out of money from their unemployment checks. Not only will the passing of the legislation help those in need, but it will also give the economy a boost because people will be giving money back, Levin said. He also urged those concerned that the house and those in support of the legislation will take “whatever steps are necessary to get this bill passed as law.”

Senate urges pressure on Saudi Arabia to increase oil production

Five senators held a press conference today immediately following a vote on a Democratic proposal to “suspend filling the nearly full Strategic Petroleum Reserve (SPR) in order to increase supply and lower energy prices,” the official release said. Sen. Charles Schumer (D-NY) said that Saudi Arabia currently produces nearly two million barrels of oil per day below capacity, and said that prices would likely lower by 50 cents per gallon in the next month or two if they increased production by just one million barrels per day. Schumer said that himself and the other senators wanted to present President Bush with a “motion of disapproval” of the Saudi arms deal, and urge him to put pressure on the Saudis to increase productivity and lower prices as he leaves for his trip to the Middle East today. “We are saying to the Saudis that ‘if you don’t help us, why should we be helping you?’” Schumer said. “You need our arms, but we need you to cooperate and not strangle American consumers.”

Sen. Bernard Sanders (D-VT) said that OPEC functions as a cartel, and that it is time for Pres. Bush to say to OPEC that “we are going to challenge their very existence,” so they can no longer “limit production and artificially raise prices.” Sen. Bob Casey (D-PA) said that Bush “needs to demonstrate leadership,” and while he is “talking to the Saudis about oil production as he should, he should have done it long ago.”

Sen. Amy Klobuchar (D-MN) said that she is “pleased” that the Senate was able to pass the amendment today, but she “would rather see a comprehensive package.” She added, “but if we’re going to have to do it one scrap at a time, that’s how we’ll do it.”

A new "Manhattan Project:" Energy challenges for the next president

The Brookings Institution held a discussion on energy challenges for the next president of the United States, where Sen. Lamar Alexander (R-TN) spoke about his Seven “Grand Challenges” for the next five years. The 5-year proposal, which he calls “A New Manhattan Project,” includes integration of plug-in electric cars and trucks, carbon capture for coal-burning power plants, cost-competitive solar power, nuclear waste management, advanced biofuels made from inedible crops, green building construction, and fusion energy.

Alexander said that the idea behind the original Manhattan Project, which was implemented during World War II to help America secure a nuclear weapon before Germany, is relevant to today’s energy situation because “it needs to proceed as fast as possible along several tracks to achieve the goal.” Centralized leadership that channels the talent of many great minds, Alexander said, is necessary to the invention of revolutionary energy ideas so that America need not be “held hostage” by oil-rich foreign nations.

While some people feel that election year is “no time for bipartisan action,” Alexander said he “can’t think of a better time” and expressed his support for presidential candidate Sen. John McCain’s (R-AZ) decision to dedicate this week of his campaign to energy independence discussion. Alexander called Republicans the “party of supply” and Democrats the “party of demand” in reference to their respective solutions to both energy independence and climate change.

Conference call discusses the economy and young Americans

A conference call featuring Tamara Draut, director of the Economic Opportunity Program at Demos and David Madland, director of the Center for American Progress today addressed “The Economic State of Young America.”

Draut and Madland discussed the many ways that the current state of the American economy effects young Americans. Draut noted that the job market now basically demands incoming workers attain college degrees, which proves to be costly for many unable to afford the substantial cost college tuition amounts to. Also, Draut said that because college loans are increasing and that those with lower incomes have to take out more money to go to school, many find themselves even further in debt upon graduation.

Madland discussed the “generational effect” (how different generations have different viewpoints) and how such viewpoints have led to younger people being more supportive of reforms such as universal healthcare.

Experts discuss America’s economic woes

Experts from the Economic Policy Institute (EPI) held a conference call that discussed the weak gross domestic product (GDP) report and the forthcoming Bureau of Labor Statistics reports on employment, unemployment and wages for the month of April.

Economist Jared Berstein discussed how because the job market is so slim, people are struggling to find hours that will pay them to maintain a modest lifestyle for themselves and for their families. Berstein mentioned that the average pay for workers is falling behind inflation rates, and that a staggering 5.2 million workers who work part time, but would prefer to work full time, cannot, because finding jobs with reasonable hours is too difficult to do.

EPI President Larry Mishel said that once people leave their jobs it is harder today to come back into the market than ever before. Mishel noted that whether our country was technically classified as being “in a recession” was irrelevant- the fact that Americans do not have the jobs, hours, and money that they sorely need is what really matters.