Our country is facing the worst economic crisis since The Great Depression. 4.4 million American jobs have been lost since this recession began -- the culmination of the Bush Administration’s failed economic approach. We need a New Direction. Congress has passed the final American Recovery and Reinvestment Act, which President Obama signed into law on February 17. This legislation will create and save 3 to 4 million jobs, give 95 percent of Americans an immediate tax cut, and invest quickly into the economy – 75 percent in the first 18 months.
Democrats have a broader economic plan that will bring opportunity and fiscal security to all Americans, not just the wealthy few. Democrats have raised the minimum wage, passedeconomic recovery legislation providing recovery rebates for more than 130 million American families, and extended unemployment insurance for 3.5 million workers. We are working to make health care, energy, and education affordable for all Americans, and address our nation's foreclosure crisis.
Democrats are building an economic approach that lifts every American, not just the privileged few. The average American CEO earns more before lunchtime in one day than a minimum wage worker earns all year. This is not the kind of America we want our children to grow up in.
American Recovery and Reinvestment Act
On February 13, the House passed the American Recovery and Reinvestment Act, which was signed into law by President Obama on February 17. This recovery package is the first crucial step in a concerted effort to create and save 3 to 4 million jobs, jumpstart our economy, and transform it for the 21st century. This plan means real change: it will strengthen the middle class, not just Wall Street CEOs and special interests in Washington.
On March 6, the Labor Department released statistics showing that 651,000 American jobs were lost in the month of February, with the unemployment rate rising to 8.1 percent, the worst since December 1983.
The chart below compares the job loss so far in this recession to job losses in the 1990-1991 recession and the 2001 recession – showing how dramatic and unprecedented the job loss over the last 14 months has been. Over the last 14 months, our economy has lost a total of 4.4 million jobs – and continuing job losses in the next few months are predicted.
By comparison, we lost a total of 1.6 million jobs in the 1990-1991 recession, before the economy began turning around and jobs began increasing; and we lost a total of 2.7 million jobs in the 2001 recession, before the economy began turning around and jobs began increasing.
On March 6, the Labor Department released statistics showing that 651,000 American jobs were lost in the month of February, with the unemployment rate rising to 8.1 percent, the worst since December 1983.
The chart below compares the job loss so far in this recession to job losses in the 1990-1991 recession and the 2001 recession – showing how dramatic and unprecedented the job loss over the last 14 months has been. Over the last 14 months, our economy has lost a total of 4.4 million jobs – and continuing job losses in the next few months are predicted.
By comparison, we lost a total of 1.6 million jobs in the 1990-1991 recession, before the economy began turning around and jobs began increasing; and we lost a total of 2.7 million jobs in the 2001 recession, before the economy began turning around and jobs began increasing.
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