Job Creation and Unemployment Relief Act of 2008

Floor Speech

JOB CREATION AND UNEMPLOYMENT RELIEF ACT OF 2008 -- (Extensions of Remarks - September 30, 2008)

SPEECH OF
HON. JANICE D. SCHAKOWSKY
OF ILLINOIS
IN THE HOUSE OF REPRESENTATIVES
FRIDAY, SEPTEMBER 26, 2008

* Ms. SCHAKOWSKY. Mr. Speaker, I rise today in strong support of H.R. 7110, the Job Creation and Unemployment Relief Act. Millions of Americans are struggling to make ends meet during these extremely difficult economic times. The budgets of American families are being squeezed as the price of gas, food, housing and healthcare continue to increase, while wages are down and unemployment is up. The number of unemployed Americans is the highest it has been since 1992. The economy has lost jobs for 8 straight months, with 605,000 American jobs lost this year. Last month alone, 84,000 Americans lost their jobs.

* In February, I was pleased to vote in favor of the first economic stimulus package when it passed the House. However, I was disappointed that, because of Republican opposition and the need to move the bill quickly, it did not include increases in unemployment benefits, Food Stamps, Medicaid payments to States, Low Income Home Energy Assistance Program benefits, or infrastructure investments, all of which would have a significant stimulative effect on our economy. As a result, a number of studies have concluded that the stimulus package only had a negligible effect on our economy.

* Seven months later, the recession has only worsened. The crisis on Wall Street continues to expand, with the largest bank collapse in our Nation's history occurring on Thursday, and more and more banks coming to government, hat in hand, asking to be bailed out. The time has come to take care of the millions of working families across America who have been struggling for years under the Bush economy, before we swoop in to rescue Wall Street with billions of taxpayer dollars.

* H.R. 7110 provides a critical additional 7 weeks of extended benefits for workers who have exhausted regular unemployment compensation, with workers in high unemployment States eligible for an additional 13 weeks of benefits. Studies have shown that extending unemployment insurance is one of the quickest forms of economic stimulus because workers who have lost their jobs spend those benefits quickly.

* This package also provides a crucial temporary increase in Medicaid payments to States. These funds will help States offset the increased cost of Medicaid as more people apply for assistance while healthcare costs continue to skyrocket While Governor Blagojevich is struggling to maintain benefits in Illinois, we have already seen other States cutting eligibility and services, and more reductions will occur if we do not provide increased temporary assistance. As we know from past financial downturns when we took similar action, increased Federal payments are not only important to the children, senior citizens, persons with disabilities and others who rely on Medicaid but will stimulate the economy quickly and substantially as well.

* Finally, this package also contains $12.8 billion for our Nation's deteriorating highways and bridges; $1 billion for repair and construction projects of public housing units; and $3 billion to repair crumbling schools, including technology upgrades and energy-efficiency improvements, which likewise will have an immediate stimulative effect on the economy. These projects provide short-term benefit by putting people to work immediately--with funding, work can begin on many of them tomorrow--and they provide long-term improvements that will benefit Americans for years to come.

* This is an excellent package, and I urge all my colleagues to join me in creating good jobs and providing assistance to those struggling in today's economy.

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