2008: The Worst Year For Employment Since 1945
January 9th, 2009 by KarinaEconomic statistics released by the Labor Department today show that 1.9 million Americans have lost their jobs in the last four months and that the unemployment rate has risen to 7.2 percent, the highest level since 1993. In total, 2.6 million jobs were lost in 2008 (75% of them in the last four months) making last year the worst year for employment since 1945. Over 11 million workers are currently unemployed.
Speaker Pelosi:
With 2.6 million jobs lost in 2008 and an unemployment rate of 7.2 percent, the American people have inherited an economy from the Bush Administration that is in the depth of recession. Today’s dismal jobs numbers show once again what Democrats in Congress have been saying for more than a year: our nation needs a bold economic recovery and reinvestment plan that will create American jobs and put our nation back on track to prosperity.
We need action now on an economic recovery package that will create jobs, invest in rebuilding America, provide tax relief to the middle class and small businesses, and help working families with health care, education, and other critical services.
Congress and President-elect Obama are currently working together on an American Recovery and Reinvestment Plan, ensuring the plan has worthy, needy, fully screened investments. We are committed to passing this legislation by Presidents’ Day so that our new President can sign it into law and start to grow our economy.
Leader Hoyer:
Today’s dismal news that the economy lost 524,000 jobs last month makes it absolutely clear: the economic policies of President Bush have been a complete failure. Since this recession began in December 2007, the economy has shed 3.6 million jobs, and today’s unemployment rate is the highest since January 1993. Behind those numbers are millions of families who are struggling to put food on the table, keep their health insurance, and stay in their homes.
President Bush has plunged our economy into such a deep hole that it will take years to repair the damage. Democrats are already working on legislation to help families working to make ends meet, including a recovery package to create jobs and spur long-term economic growth. Next week, we expect to bring to the Floor legislation that ensures low-income children have access to health care, a measure that was vetoed twice by President Bush. As the severity of this recession is made clear by today’s report, I hope Republicans will work with us as we take action to restart our economy.
Whip James Clyburn:
Our economy is slipping into the deepest economic crisis our country has seen since World War II and the jobless report released today only underscores the need for Congress to take swift action to arrest the current decline, jumpstart our economy and put American’s back to work. Now is not the time to point fingers and hold on to political ideology. Now is the time for Congress to come together and act quickly on an economic recovery and reinvestment package that focuses on creating and saving jobs and investing in road and bridge repair, school construction, upgrading community health centers and renewable energy.
Caucus Chair John Larson:
Today’s unemployment numbers are the harshest evidence so far of the severity of our economic crisis. But, for many Americans, it reinforces a reality they are already too well aware of. Addressing the crisis of the unemployed is the top priority of our economic recovery plan. We will provide short term help and long term solutions to this problem. First, we will help those most impacted by the economic downturn by extending unemployment insurance and access to health care. We cannot allow our fellow Americans to suffer while their jobs are slashed and wages cut.
Our recovery and reinvestment plan must also be focused on creating jobs. Our goal is to save or create 3 million jobs over the next two years — a far cry from the 1 million we have lost in just the last two months. We must create jobs that stay in America and rebuild our economy over the long term. We need to build new industries like an American energy base and reinforce those that have made our nation great. We need to make America competitive in the global marketplace by training the world’s best workforce for the jobs of the 21st century.
There is no easy path ahead. We have a lot of work to do and more bad news to endure before it is done. But, I have confidence that we can bring our economy out of this downturn and restore pride and integrity to our workforce.
Education and Labor Chairman George Miller:
Today’s announcement of the continuation of steep job losses proves that our nation must take immediate action to bring our economy out of recession. More than 11 million Americans are without jobs. Millions of families are struggling to get by and are looking for smart investments to create jobs and strengthen our economy for the long run.
Economists, both conservative and progressive, agree that prompt action to create jobs and invest in our future is the only way to revive and grow our economy. As they told Congress this week, without action the economic landscape will worsen dramatically: another 3 million jobs will be lost this year, the unemployment rate will easily hit double digits, and real GDP will drop $750 billion. In short, our economy will shut down.
As President-elect Obama urged yesterday, it’s time to put tired politics aside and put the future of our country first. We will act swiftly and make wise decisions to tackle our nation’s many challenges: rebuilding our economy and the middle class, improving our infrastructure and energy-independence, and regaining the competitive edge that will fuel discovery and opportunity for generations to come.
Our nation’s children, workers and families can’t afford to wait.
On Wednesday House lawmakers held a forum with bipartisan economists and scientists on the need for a comprehensive job creation and economic recovery package. For more information, click here.