Getting our Economy Back on Track |
Return to Jobs Manufacturing Economy |
Families in Michigan and around the country are struggling as a result of the economic recession. The U.S. economy has lost jobs every month in 2008, shedding a total of 2.51 million jobs since January. There are over 10 million people currently out of work, and nearly 3 unemployed people for every 1 new job available. In Michigan, the unemployment rate is among the highest in the country, at 9.6%. As they lose their jobs, many Americans have also lost their health insurance. Others have lost their homes to foreclosure. Increasing volatility in the stock market has had a devastating impact on workers and retirees’ investments. On November 20th, Congress approved an extension of unemployment benefits. On top of the 13 week extension passed in June, this legislation [H.R. 6867] provides 7 more weeks of extended benefits in every state and 20 more weeks in states – including Michigan – with high unemployment rates. However, as the job market continues to deteriorate, the need for further action is clear. We must act not only to soften the hardest blows of the economic downturn by increasing aid for basic needs like food, heating assistance, health care, and foreclosure prevention, but also to safeguard and create jobs. President-elect Barack Obama has made clear his commitment to strong and decisive action that will focus on creating and saving middle class jobs. To meet these ends, some of the economic stimulus items under consideration are: job creation through investment in our nation’s crumbling infrastructure, food assistance, aid to states with shortfalls in health care funding, tax cuts for American families, and additional help for the U.S. auto industry. Though it will not be a part of the initial stimulus package, updating our health care system will also be a fundamental component of restoring our long-term economic strength and competitiveness. The Democratic Leadership in Congress is working with President-elect Obama’s economic team to craft a recovery package that will address our economic challenges head on in a way targeted to help middle class families. This will be the first item on the agenda when the 111th Congress convenes for business early next year.
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