Frank Statement on March Unemployment Statistics
House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement in response to Labor Department statistics released today showing that the U.S. economy lost 663,000 jobs in March and the unemployment rate rose to 8.5 percent, the highest in 26 years:
“Today’s employment report underscores the importance of continuing the President’s strategy of promoting recovery by investing in job-creating measures that promote a restoration of shared, sustainable growth. Yesterday the Republicans in Congress unanimously rejected that path by supporting a budget that, if enacted, would choke off the promise of growth in order to pay for more tax cuts for the wealthy.
“It is not just Republicans in Washington. In particular, the fact that unemployment continues to grow – an inevitable consequence of the sort of recession we are in – emphasizes the cruelty of those Republican governors who, for political gain, seek to deny unemployed men and women and their children the moderate benefits that the recovery package had for them. Prohibiting people who have lost their jobs from getting the amount of replacement income offered in that bill is about as bad as policy can get from both an economic and social standpoint.
“Democrats will continue the hard work of promoting recovery, investing in our future, and cleaning up the financial mess that the Bush administration left behind. Republicans, it appears, will stand idly by and root for us to fail.”