By Michael Ruhl, University of New Mexico – Talk Radio News Service
Bureau of Labor Statistics Commissioner Keith Hall testifies before Congress on the nation’s unemployment numbers from March 2009, and how the recession has affected employment.
Hall said that unemployment numbers have climbed from 8.1 percent to 8.5 percent, and that the industries hardest hit are manufacturing, construction, and temporary services.
(00:34)
By Michael Ruhl, University of New Mexico – Talk Radio News Service
A day after President Barack Obama’s budget was passed by a Congress boiling with partisanship, the Bureau of Labor Statistics released a report showing unemployment at its highest since 1983. There are now 13.2 million Americans out of work.
The pouring rain in Washington mirrored the sobered mood in the room, as the Joint Economic Committee heard the testimony of Keith Hall, the Commissioner of the Bureau of Labor Statistics.
March was one of the worst Months on record for unemployment, and when asked outright, Hall told the committee that there were no “bright spots” in the report.
National unemployment climbed to 8.5 percent in March, rising from the level of 8.1 percent in February and 7.6 percent in January.
Hall said that two-thirds of the job loss has happened in the past 5 months. Every state is in recession for the first time in 30 years, according to Carolyn Maloney (D-NY).
Official unemployment numbers do not encompass underemployed Americans or those who have officially left the workforce. It is reported that 16 percent of the country is out of work or underemployed. One in four of those unemployed have been out of work for more than six months, and of those, half have been looking for work for over a year, Hall said.
Maloney highlighted that last month, 8,000 jobs were lost in the news publishing industry. Those losses total 70,000 job cuts since Dec. 2007, Hall said, adding that most job losses have been see in the manufacturing, construction, and temporary services industries. The only area to see any growth in March was the Healthcare industry, Hall said.
Ranking Committee member Senator Sam Brownback (R-KA) noted that the impact of the ongoing recession was not severe for almost a year after it began in December 2007. Brownback attributed recent dramatic jumps in job losses over the past five months to the lockup in the credit markets and the government bailouts that followed.
The Federal Reserve believes that unemployment will peak at 8.8 percent this year, but Ranking House Committee Member Kevin Brady (R-TX) said that the unemployment rate is already higher than what the administration anticipated for 2009. Brady said that the Obama Administration’s “optimistic assumptions” would not get the country out of its current mess.
President Obama’s Economic Stimulus package was passed by Congress earlier this year, and saw an unprecedented amount of money placed into public works meant to put people back to work. Obama has pledged the legislation will save or create three to four million jobs over the next two years.
Read the report here: Bureau of Labor Statistics Report
By Michael Ruhl, University of New Mexico – Talk Radio News Service
President Barack Obama said that his administration is working on establishing a new regulatory framework to prevent future situations such as the one the government faces with AIG. Obama said these would be part of his broader economic plan, and would serve as tools to help maintain balance. The new body would be similar to the FDIC, and would protect consumers, investors, and depositors. (01:47)
By Michael Ruhl, University of New Mexico – Talk Radio News Service
Speaking before the Senate Armed Services Committee, Director of National Intelligence Dennis Blair said that the worldwide economic crisis is an opportunity for the U.S. to demonstrate leadership, and that “Washington will have the opportunity to fashion new global structures that can benefit all nations.”
by Christina Lovato, University of New Mexico-Talk Radio News Service
Today in Speaker Nancy Pelosi’s weekly press conference the economy was still a big issue. Pelosi started off the conference by speaking about the deterioration of the economy and how President Obama is putting forth initiatives in just the four weeks he has been in office. “Yesterday the President put forth the details and guidelines for a housing initiative that he announced earlier. Under it 79 million of Americans over the next couple of years will be able to modify their loans, they will have the opportunity to modify or re-finance their homes, stay in their homes. Today Congress will pass legislation on housing and bankruptcy which will help some more.” she said.
Pelosi addressed the housing, regulatory reform recovery package, stating that she is very positive about it. “A package that cuts taxes for the middle class, 95% of the American people. A package that will create or save 3-4 million jobs over the next few years and a package that strives to bring stability to our economy.” she said.
Today, President Obama is holding a health care summit and Pelosi said that healthcare costs are the biggest problem of the American people. “It’s about a healthier America, it’s about recognizing that health care reform is regulatory reform and it recognizes that health care is an economic issue.”
The Speaker also said that she agreed with President Obama stating that we need to have fewer earmarks. “This whole thing about the Republican side about earmarks is so disingenuous…The idea is lower number, more transparency, total accountability.” she said.
When it came down to talking about money, Pelosi said that distribution of the TARP funds must fulfill the purpose of why the money is given to them. “No more just here’s the money, sit on it so that your capitalization is improved.” When it came down to talk about the auto industry Pelosi concluded by saying, “Any money that we give to the auto industry must be considered a lifeline, not life support. This all has to be about viability of the auto industry to survive.”
by Christina Lovato, University of New Mexico-Talk Radio News Service
At Speaker Nancy Pelosi’s weekly press conference she addressed the aid given to the auto industry during the economic crisis. Pelosi said that any money given to the auto industry must be considered a “lifeline” and not “life support.”
Talk Radio News, Victoria Jones, interviews Phil Kerpen, Director of Policy at Americans for Prosperity at the 2009 Conservative Political Action Conference (CPAC). Kerpen talks about the new budget blueprint, calling it “astonishingly aggressive, ambitious budget” and that the government needs to learn their lesson saying that, “borrowing to much money gets you into trouble if you can’t sustain that debt.” (07:34)
Talk Radio News Service, Victoria Jones, interviews Ann Coulter at the 2009 CPAC Conference in Washington, D.C. Coulter talks about how she thinks Obama is “following the Bush plan on terrorism” and how the Democrats have contributed to the economic crisis.
Talk Radio News Service, Victoria Jones, interviews Cherri Jacobus, Republican strategist and founder of Capitol Strategies public affairs and communications firm, at the 2009 Conservative Political Action Conference in Washington, D.C. Jacobus gives recommendations to Conservatives and Republicans on how to get back in power and about why she thinks President Obama is using the economic crisis as an excuse to put through his social agenda. (09:55)
Federal Reserve Board Chairman Ben Bernanke spoke Wednesday at the National Press Club about the Fed’s lending programs and balance sheet. Bernanke spoke about the tool kit used by the Federal Reserve to battle the economic crisis the country is facing. He said that the tools the Fed had at its disposal were programs that would promote liquidity for both financial institutions and money market mutual funds. He said that transparency of the system was important, for democratic reasons, but also to make sure people working with the market understand the system, to encourage the most effective market activity. With this in mind, the Chairman announced two initiatives that the Federal Reserve would be undertaking, the first of which was establishing a new website to educate and inform the public on relevant financial issues within the federal government. This website would consolidate all of the information previously provided by the Fed into one easily accessible place, and would provide explanations on all of it. Additionally, the Fed is going to review current publication and disclosure policies to ensure the public has access to information they “have a right to know”.
Concerning the President’s economic stimulus plan, Bernanke said that he cannot talk about specific components and apportionments, because those are up to the administration and legislators. He did say, however, that there were two necessary parts to recovery: financial stimulus to get the economy moving, and a stabilization of the financial systems. Several times he emphasized the importance of these two components, saying that the other programs will not work without these two pillars. The efforts to get the economy moving again will also specifically help small business, said Bernanke. He went on to say that the country should maintain a level of inflation that finds a balance between maximum employment and price stability over time. He saw very little risk of “unacceptably high” inflation in the short term.
By Michael Ruhl, University of New Mexico – Talk Radio News Service
