Without support for automakers, job losses will be devastating

In a statement made before the House-Senate Joint Economic Committee, the Commissioner of the Bureau of Labor Statistics (BLS) Keith Hall said that the newest job report “may be the worst job report the BLS has ever produced.” The committee was lead by Chairwoman Carolyn Maloney (D-N.Y.) who said that retailers reported the worst November sales in over thirty years yesterday, and that economists are referring to this as “the Great Recession.”

Joining Maloney was Congressman Phil English (R-Pa.) and Congressman Elijah Cummings (D-Md.). Cummings stated that the $700 billion dollar bailout asked very little of banks, but is asking a lot from automakers. He referred to this as a “different standard for white- and blue-collar jobs.”

Hall said that approximately 115,000 jobs have been lost from auto dealers since December of 2007, while a national average of 419,000 jobs have been lost every month since December. The hearing concluded with an appeal by all three Representatives for an immediate and bipartisan solution to support the automakers and to prevent millions of more jobs being lost.