Frank Statement on Job Numbers

Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement regarding today’s job numbers:

            “It is a sign of how troubled our economy is that some analysts are greeting the seventh straight month of job losses and an increase in the unemployment rate to 5.7% as relatively good news.  This reaction is a discouraging confirmation of the gap that exists between many establishment figures and the reality of life for the great majority of working American men and women.  The significant job loss this year in the private sector which has only slightly been offset by state and local government job increases removes any reasonable objection to a second economic stimulus package.  This stimulus should include increases in the federal share of Medicaid, significantly increase funding for home energy assistance and food stamps, and other measures which will provide badly needed stimulus for our economy and help state and local governments and individuals improve the quality of their lives.  The unfortunate signs that this severe economic slowdown will not be turning around on its own in the near term means it is also time for increased federal spending both directly and in aid to state and local governments for vital infrastructure projects.”