In the worst economy since the Great Depression, far too many Americans are out of work. Despite the rising fears of more job losses, the Senate is refusing to do what is necessary to protect and create jobs. On Thursday, the Senate failed to break a Republican filibuster of the jobs bill, meaning that states will not get help with their budget shortfalls; and more than 1.5 million unemployed Americans will lose their unemployment insurance at the end of this week.
At the same time, U.S. companies are sitting on $1.8 trillion, the most cash they have ever hoarded. Stockpiling this vast amount of money means less investment in economic growth, fewer new hires and continued unemployment for millions of Americans. Corporations, the Republican party and so-called ‘deficit hawks’ are prolonging the recession with their irresponsible games. The reckless policies of corporate America put us into the economic ditch. The truth is that investment in America’s economy and its people is the only way to get out.
The more jobs we create now, the less federal debt our children will have to carry later. Jobs not only put food on the table, they put revenue in the Treasury and money in the marketplace. http://www.youtube.com/watch?v=d-huea-boGg
Last month, only 45,000 private sector jobs were created. State and local governments laid off 22,000 employees. More than five job seekers are available for every one available job. Nearly 7 million workers have been unemployed now for more than six months. Those are signals that we may see a double dip recession and more people out of work – that means “it will get worse – much worse.”