Unemployment high in March, Officials say

By Michael Ruhl, University of New Mexico – Talk Radio News Service

A day after President Barack Obama's budget was passed by a Congress boiling with partisanship, the Bureau of Labor Statistics released a report showing unemployment at its highest since 1983. There are now 13.2 million Americans out of work.

The pouring rain in Washington mirrored the sobered mood in the room, as the Joint Economic Committee heard the testimony of Keith Hall, the Commissioner of the Bureau of Labor Statistics.

March was one of the worst Months on record for unemployment, and when asked outright, Hall told the committee that there were no "bright spots" in the report.

National unemployment climbed to 8.5 percent in March, rising from the level of 8.1 percent in February and 7.6 percent in January.

Hall said that two-thirds of the job loss has happened in the past 5 months. Every state is in recession for the first time in 30 years, according to Carolyn Maloney (D-NY).

Official unemployment numbers do not encompass underemployed Americans or those who have officially left the workforce. It is reported that 16 percent of the country is out of work or underemployed. One in four of those unemployed have been out of work for more than six months, and of those, half have been looking for work for over a year, Hall said.

Maloney highlighted that last month, 8,000 jobs were lost in the news publishing industry. Those losses total 70,000 job cuts since Dec. 2007, Hall said, adding that most job losses have been see in the manufacturing, construction, and temporary services industries. The only area to see any growth in March was the Healthcare industry, Hall said.

Ranking Committee member Senator Sam Brownback (R-KA) noted that the impact of the ongoing recession was not severe for almost a year after it began in December 2007. Brownback attributed recent dramatic jumps in job losses over the past five months to the lockup in the credit markets and the government bailouts that followed.

The Federal Reserve believes that unemployment will peak at 8.8 percent this year, but Ranking House Committee Member Kevin Brady (R-TX) said that the unemployment rate is already higher than what the administration anticipated for 2009. Brady said that the Obama Administration's "optimistic assumptions" would not get the country out of its current mess.

President Obama’s Economic Stimulus package was passed by Congress earlier this year, and saw an unprecedented amount of money placed into public works meant to put people back to work. Obama has pledged the legislation will save or create three to four million jobs over the next two years.

Read the report here: Bureau of Labor Statistics Report

The budget is not a monopoly game

By Suzia van Swol-University of New Mexico, Talk Radio News Service
Congressman Phil Gingrey (R-Ga.) talks with TRNS correspondent Suzia van Swol at the 2009 House Republican Radio Row about how the democratic budget plan taxes away the assets of small businesses and the middle class. He says that “I don’t know whether it’s a ouija board, a monopoly game, or march madness, but it doesn’t feel very good.” He says that the Republicans want to lower taxes in order to stimulate the economy. (9:48)

Pence: “Welcome To The Next Installment Of The Party Of Yes”

By Kayleigh Harvey - Talk Radio News Service

At a press conference today, leading Republican Party members’ discussed their House Republican Housing Plan proposal.

Congressman Cantor said, “The notion in this country is you work hard, you play by the rules and that you can get a reward. This administration in the housing area doesn't quite jive with that sense of the American spirit. Instead what we have seen are proposals that call upon the 90 some percent of the Americans, who are paying their mortgage, playing by the rules, calling on them to subsidize those who don’t. So the plan we have unveiled today responds to that notion and speaks to all Americans and tries to address the severe problem with excess and home inventories.”

Congressman Cantor added that this was a “central element to addressing the bank failures and capital markets failures.”

The Republican plan says that it can “provide a $5,000 refinancing tax credit to help families cover the costs of a mortgage refinancing, buy down points, or reduce their principle balance (covers refinancing through July 1, 2010).” The plan also states that, “in exchange for a lender investing in keeping a homeowner in their family home by refinancing their mortgage and lowering their monthly payments, if the homeowner agrees to share a portion of future home appreciation with the lender, then the lender will not be taxed on that future profit and the borrower will not incur any tax liability as a result of the refinancing (covers refinancing through July 1, 2010).”

Congressman Pence said, “Welcome to the next installment of the party of yes. Yes to new solutions, yes to alternatives that will resonate with millions of Americans because they are grounded in the timeless personal responsibility.

Congressman Pence added, “Unfortunately our democratic colleagues have only offered failed policies that reward bad behavior and massively expand government programs. The Republicans today unveil a better solution, and when the American people have a chance to look at it I believe most of them will agree.”

Iraq ambassador/nominee dodges fire on the hill

By Michael Ruhl, University of New Mexico – Talk Radio News Service

The U.S. may be one step closer to sending a new ambassador to Iraq. The Senate Homeland Security and Government Affairs Committee convened on Wedneday to vet Ambassador Designate Christopher Hill. Committee Chairman John Kerry (D-Mass.) recognized the importance of getting a new ambassador to the region with expedience, but certain Senators have expressed concerns about Hill’s past.

Senator Sam Brownback (R-Kan.), who should be noted is not on the Committee, several weeks ago promised a fight in the Senate confirmation process because of actions that transpired while Hill was heading the six-party talks concerning North Korean nuclear disarmament. Brownback felt that Hill had misled Congress on his intentions to confront the issues of Human Rights with North Korea during the negotiations, since those issues ended up not being addressed.

Hill responded to Brownback’s concerns during the hearing today, and said that although he had agreed before Congress to address human rights, the process was stalled before the issue could be discussed. Human rights would have been on the table during the restoration of diplomatic ties with North Korea, Hill said, but that phase would have come only after the verification of North Korea's nuclear assets, and that verification never took place. Hill had planned on supporting initiatives from then-Secretary of State Condoleezza Rice to put together a human rights program to tie progress in human rights reform to better diplomatic ties. Hill said today that America’s relationship with North Korea would not be normalized until North Korea completely did away with its nuclear stockpiles, and Hill could not fulfill his promise to Congress until the stockpiles had been eliminated.

It’s uncertain when the Senate confirmation vote will take place. There has been talk concerning delaying the vote until after the upcoming Congressional recess.

Obama’s budget adds “$1 trillion to the national debt every year for the next ten years”

By Kayleigh Harvey - Talk Radio News Service

At a House GOP leadership stakeout this morning Republican leader Congressman John Boehner (R-OH), Republican whip Congressman Eric Cantor (R-VA), Congresswoman Cynthia Lummis (R-Wyo.), Congresswoman Cathy McMorris Rodgers (R-WA), Congressman Paul Ryan (R-WI) and Congressman Mike Pence (R-IN) criticized President Obama’s budget proposals prior to his press conference this evening.

Congressman Boehner said: “The President’s budget spends too much, taxes too much and it borrows too much from our kids and grandkids...if you look at the debt numbers in his budget you will see that over the next six years President Obama will create more debt than his 43 predecessors have in the last 220 years.”

Congressman Cantor added: “I believe we will have our alternatives as to how we see this country going forward. You may hear the President talking tonight about how the Republicans are going to resist because they have no ideas...it’s just not true, he knows it’s not true. The leader and I handed him our vision of a stimulus bill back a month or so ago.”

Congressman Pence accused President Obama’s budget of “bringing forward the largest tax increase in American history” and “adding more than one trillion dollars to the national debt every year, for the next ten years.” He labeled the budget “fiscally irresponsible.”