(CNN) –Christina Romer, the chairwoman of President Obama's Council of Economic Advisers, said Friday the latest unemployment report reinforces "the need for bold fiscal action."
"If we fail to act, we are likely to lose millions more jobs and the unemployment rate could reach double digits," she said in an issued statement. "Prompt, well-designed fiscal policy is necessary to stop the decline and heal the economy. The American people are counting on leadership from Washington to help the economy recover and lay the long-term foundation for long-term economic growth."
Full statement after the jump
Today’s report from the Bureau of Labor Statistics is the latest evidence that the U.S. economy is contracting greatly. Payroll employment declined by 598,000 in January, bringing the total job loss since the recession began in December 2007 to 3.6 million. This is the largest 13-month job loss since the payroll employment series began in 1939. The unemployment rate rose from 7.2 to 7.6%, bringing the number of unemployed Americans to 11.6 million.
These numbers, and the very real suffering of American workers they represent, reinforce the need for bold fiscal action. If we fail to act, we are likely to lose millions more jobs and the unemployment rate could reach double digits. Prompt, well-designed fiscal policy is necessary to stop the decline and heal the economy. The American people are counting on leadership from Washington to help the economy recover and lay the long-term foundation for long-term economic growth.
Let's just say this:
Does anyone remember the Clinton years?
Do you still remember the Bush years?
Which economy would you rather live in?
Which economy did you do better under?
Republicans care about only two things right now:
Making money off of other people's suffering
Getting back into power.
Never forget that.
Democrats quick blaming Bush. It is ridiculous. Take a look at Barney Frank, his words " Fanney Mae and Freddy Mac" they are fundamentally sound in the meantime all these bad loans being made to people that should not have been given a loan. If you recall John Mcain even said they wre risky loans and needed to be evaluated, but your Democrat majority would not listen.Your Democratic senate over the last 4 years has made it what it was today. For the Iraq war. Your own Democratric Senators voted for this war. Everyone was for it .It posed a threat. What if we would have found WMD, then everyone would be saying what great decision. And if we didn't go to war and they did have WMD and were used on us then everyone would be saying why didn't we go into Iraq when we had the chance. Hind site is always 20/20. I do know one thing your president (Obama)not mine can not make a decision and he has poor judgement. He can't even pick the right people for his cabinet, because they can't pay their taxes. Oh by the way, as the CEO of the U.S. what a way to set an example of a leader, using scare tactics.
Thanks! Bush for the tax cuts for big corporations and business's and McCain for supporting Bush 95% and continuing supporting failed policies. The real Thanks go to President Obama for trying to get the country going the right direction, and showing strength to fight off the Repubs and Media who only want to see you fail.
I hope the GOP is not showing the true racial divide toward the President I hope this show is not the final push from a sore loser
oh my what a thought while the country continues to fall into depression. Biggest fall most money to recover You think
The republican party and their tax-cuts fantasy need to get out of the way so that Americans can go back to work-They lost the election for a reason!
Just in case CNN actually practices freedom of speech and lets me post:
All of you who are bashing the Republicans for daring to question the waste and pork in the Dems so-called "stimulus" bill probably don't pay taxes and thus don't care. Also, Bush inherited a recession and strengthened terrorists from Clinton. You didn't hear him cry about it like Obama was doing last night. Bush's tax cuts grew the economy. The sad part is that both Republicans and Democrats went on a spending sprea. Lets not forget that spending went way up once the Dems won both houses of Congress.
GOP: Is that a nail? I tell you what this here "tax cut" will work better than any hammer I know. Give it a good whack with this "tax cut" and you'll see it through that piece of hardwood.
GOP: Is that a stimulus package? I tell you what this here "tax cut" will do the job DEMs only have spend “snake oil” solution for the ailing economy.
Newt: Give us tax cuts or we’ll shutdown the government.
Barack, stop blaming and show some leadership.
It is your job as a leader and politician to use your negotiation and diplomacy skills. You were voted in to make a difference. You claimed you could reach accross party lines and get everyone to work together.
You need to get this done. It is your presidency. You own the house and senate. No excuses. Figure this out. Otherwise you will be a failure as president and a failure as a man.
My only questions to those reacting to the job loss is, what are you doing to stop corporations in America from shipping our jobs overseas or to stop them from bringing foreign workers in to replace Americans, Microsoft being a great example.
Corporate greed in this country is deplorable, they ship our jobs overseas to make their bottom line more profitable. We get no benefit from this, only the select weathy few. Even our Goverment is in one it. TCN's are being hired in lieu of Expats to support our military because it is cheaper, but TCN's do not spend their money is the US. In the end ALL Americans lose and the beautiful part is our tax money pays for it! Our Goverment keeps the bottom line lower in this scenario but in the long run who benefits? We pay less on paper and lose more because our tax dollars are being spent in other countries and do you think these corporations are losing profits NOT ON YOUR LIFE!
When our Goverment, Republicans and Democrats alike pull their head out of their behinds and stop this insanity the American people will make this country great once again. They are forgetting it is the backs of the American people on which they ride and when we fall completely THEY do too.
how can this be with The Messiah in charge??
Well, Obama's ineffectiveness has become painfully obvious in his inability to push his stimulus package through. You can blame Republicans all you like but they weren't the ones making all the ridiculous promises. Don't blame me. I voted for McCain.