Joint Economic Committee Chairwoman Carolyn Maloney (D-N.Y.) says during a hearing that 4 million Americans do not have insurance because they have lost their job. (0:10)
Joint Economic Committee Chairwoman Rep. Carolyn Maloney (D-N.Y.) says during a hearing Friday that the labor market recovery will be very difficult. (0:06)
By Meagan Wiseley – University of New Mexico/Talk Radio News Service
Chairman of the House Financial Services Committee Barney Frank (D-Mass.) said Friday that on the economic front, America received good news and bad news today following the Labor Department’s announcement of a 10.2% unemployment rate.
“Although 190,000 more American’s lost their jobs…that is substantially less than the pace at which they were losing jobs until fairly recently,” Frank said during remarks at a conference sponsored by NoLimits.org, a progressive on-line organization founded by Frank’s sister.
Frank said the American Recovery and Reinvestment Act, or the stimulus bill, had a positive impact in deterring unemployment, explaining that unemployment rates would be higher if the stimulus bill hadn’t passed.
Frank also said that the lack of regulation in the financial sector, which he contributed to Alan Greenspan, the former Chairman of the Federal Reserve, led to the AIG crisis and the following recession. He praised the current Chairman of the Federal Reserve Ben Bernanke for his willingness to collaborate with Congress over new financial regulatory reforms.
Frank remained positive about the economic outlook.
“We are making progress … things are getting better virtually on every front [and] I am confident that when we are through with financial regulations…the kind of things that got us in trouble in the past won’t get us in trouble in the future,” Frank added.
Rep. Bob Latta (R-Ohio) says that the latest unemployement numbers – the national rate jumped to 10.2% in October – prove that President Barack Obama was wrong when he said earlier this year that the stimulus package would prevent unemployment from rising above 8%. (:34)
Rep. Bob Latta (R-Ohio) says that the fact that the national unemployment rate is now at 10.2% shows that President Barack Obama’s stimulus package, passed earlier this year, is still not working to create jobs. (:17)
Rep. Bob Latta (R-Ohio) says that Democrats aren’t talking about the fact that their healthcare bill will force a huge financial burden upon states, many of which are currently experiencing massive budget deficits. (:44)
Rep. Bob Latta (R-Ohio) tells reporters during a conference call on Friday that when he went home during the August recess, his constituents told him that they want Congress to focus on creating jobs before anything else. Latta says that one person told him that he doesn’t care about having access to healthcare if he doesn’t have the means of providing for his family. (:35)
Rep. Bob Latta (R-Ohio) explains that each job created by the American Recovery and Reinvestment Act, otherwise known as the stimulus plan, has cost the average American taxpayer over $248,000. (:26)
By Julianne LaJeunesse, University of New Mexico-Talk Radio News Service
House Majority Leader Steny Hoyer (D-Md.) spoke with reporters Friday about the newest Democrat health care plan, saying the “Affordable Health Care for America Act” should go to vote by 7 or 8 PM Saturday night.
The bill, which spans nearly 2,000 pages, has garnered the support of the AARP, the American Medical Association, and now, Families USA, a group who joined Hoyer in a teleconference with the press.
Hoyer said the bill is economically sound, despite some Republicans’ impression of the legislation. He said Rep. John Boehner (R- Ohio), who’s been a leader against the costs of the Democrat plan, “would not be for this bill.”
“We have a disagreement, but I think that his proposition is simply that he’s not for the program, irrespective of the economics.”
Hoyer went further on the topic of economics, and said that in light of today’s U.S. Department of Labor announcement of a 10.2 percent unemployment rate, “we’re all disappointed with the job numbers that were released today.” Hoyer added that financial progress has been made in the past few quarters, but said “very frankly, we need to focus on jobs, jobs creation, and jobs sustainment.”
Soon after Hoyer’s remarks, and just after signing a $24 billion bill that will extend unemployment benefits among other measures, President Obama addressed the country, saying, “I’m confident that our economy will recover,” he said. “I’m confident that we’re moving in the right direction. And I promise that I won’t rest until America prospers once again.”
Rep. Bob Latta (R-Ohio) says during a conference call with reporters on Friday that the healthcare bill set to be voted on by the House is not something most Americans want passed. Latta points to the legislation’s costs and the fact that it won’t insure everyone in need of health insurance as reasons to oppose it. (:33)
