Today’s report that our economy actually lost jobs in January confirms my view that we are sliding into a second Bush recession. During the same month that President Bush declared that the state of our union was strong, the economy lost 17,000 jobs, the worst jobs performance in four and a half years.
This data shows what so many of the families I meet every day already know: this economy is failing middle class families. Washington must act immediately and aggressively to head off our growing economic crisis.
This report underscores why it is absolutely critical that we include in any stimulus package extended unemployment insurance for those who are losing their jobs and looking work in our ailing economy. And while I am heartened to see that the House moved quickly to pass a stimulus package, we need more than tax rebates and business incentives to fix our ailing economy. That is why I have called for expanding heating assistance for those facing skyrocketing heating cost, and enacting a comprehensive solution to the housing crisis, including a 90-day foreclosure moratorium and a 5-year interest rate freeze on subprime mortgages.