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

Stimulus package: America’s right to follow up

The Committee on homeland Security and Governmental Affairs held a hearing today regarding The Recovery Investment Act and how to follow the trail of money that will be spent. Among the participants were Chairman Joseph I. Lieberman (ID-Conn) and Senator Susan Collins (R-Maine). Testimony was given by Robert Nabors, Deputy Director Office of Management and Budget.

Lieberman discussed the responsibility of the Committee under the Senate rules which is to study “the efficiency, economy, and effectiveness, of all agencies and departments of the Government.” He stated that it is important to work closely with the Obama Administration on this issue, because the last thing America needs is money, waste, or fraud.

Collins emphasized the importance of spending the stimulus funds effectively and with transparency plus accountability. To achieve this, Congress included strong safeguards in the stimulus bill. She described an example of this which is the funding for agency Inspectors General and the Government Accountability Office, which will act as watchdogs over the government.
Collins also referred to a new website, recovery.com, that has been created to allow every citizen to watch how their tax money is being spent.

Nabors in his testimony further discussed this website and has estimated that it has received over 150 million hits since February the 17th. “ We anticipate that the website will be a valuable resource for tracking their use,” said Nabors.

Repbulican watchdogs to monitor Obama

Senators John Thune (R-S.D.), Johny Isakson (R-Ga), Representatives.
Jeb Hensarling (R-Texas) and Eric Cantor (R-Va) held a press
conference today to present the House-Senate Fiscal Responsibility
Group. Cantor described that the group was created to oversee the
implementation of taxpayers funds and to monitor if the money in the
stimulus bill are spent in a transparent and accountable way. He also
stated that the Republicans suggested a more efficient plan than the
Stimulus package. Cantor stated that if Congress would have passed the
Republicans solution, twice as many jobs would be created. The
solution should lie on job creation not raising taxes on the citizens,
said Cantor.

Thune discussed the consequences the stimulus package will have for
America. He described that it will not only affect the current tax
payers situation, but also future generations. By passing the recover
bill, taxpayers will suffer and money will be spent in a wasteful way.

Isakson emphasized the importance of holding President Obama
accountable for what he says and making sure that taxpayers money will
not be a waste. Isakson also stated that the group will work as
watchdogs to ensure that money is being spent in a transparent way.

Hensarling stated that not before in American history has so few voted
so fast on such a important matter, as the stimulus package. He stated
that by passing this bill, Congress made a mistake because the road to
recovery goes through the small businesses; By not implementing the
Republicans plan, America transfers the financial crises on to the
next generation.
Hensarling also stated that the group will work with the President to
make sure that the expenses are made in a decent way.

Cantor also commented on the recovery package's focus on investing in
health care. He said that the big investment should be in the job
creation area, because if people loose their jobs they will
automatically loose their health care. By creating jobs the problem
can be solved from the root.

Sanders: Cutting the deficit is going to take hard work

By Suzia van Swol and Candyce Torres, University of New Mexico-Talk Radio News Service
Senator Bernie Sanders (I-VT) speaks after the President's Address to Congress and says that cutting the deficit in half is possible but will take a lot of hard work. Sanders discusses the stimulus package and says that, "I think the President has been very clear. We are going to use the internet, he has an inspector general, Joe Biden is going to play a roll. We want that money to do what it is supposed to do; rebuild America, create jobs, not be wasteful, or spent inefficiently." (1:36)

Pelosi conference covers new economic legislation

In a weekly press conference today, Speaker Nancy Pelosi (D-Calif.) discussed the State Children’s Health Insurance Program (SCHIP) legislation and said that, "This is the day we have worked for, prayed for, hoped for, and that we will now pass this legislation with a very strong bipartisan majority to ensure 11 million children in America, and before the day is out, President Obama will sign it into law."

As the economic recovery package is being pushed ahead, Pelosi said ""We have to have this bill passed so that we don't have another month tallied up going into the future." She went on to say that she is "eagerly awaiting the Senate product so that the House can work with them to send a bill to the Presidents desk next week."

Pelosi refused to discuss the "what if" scenarios, maintaining that we will just have to wait and see what happens. She said that everyone supports stabilizing financial institutions and strengthening our economy and "what ever form that quest will make, we will all find out together."

Later today Pelosi plans to have a meeting with some of the members from Kentucky, Arkansas and Missouri to express sympathy to those who are affected in those states.

by Suzia van Swol, University of New Mexico-Talk Radio News Service