[Congressional Record Volume 154, Number 161 (Friday, October 3, 2008)]
[Extensions of Remarks]
[Page E2229]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        HELPING AMERICAN WORKERS

                                 ______
                                 

                             HON. TOM UDALL

                             of new mexico

                    in the house of representatives

                        Friday, October 3, 2008

  Mr. UDALL of New Mexico. Madam Speaker, we cannot allow the 
understandable focus on Wall Street to distract us from the struggles 
facing America's working families. The families of more than 5,000 New 
Mexico workers who are still looking for jobs in our struggling economy 
could soon face destitution. On this day when we consider legislation 
providing $700 billion in taxpayer dollars to bail out Wall Street, we 
must do something to help the working families and to make our economy 
start producing jobs again.
  The Unemployment Insurance extension bill we are voting on today does 
what is right for New Mexico workers who need a helping hand so their 
families can make ends meet while they look for jobs in our struggling 
economy. It also does what's right for every New Mexico family 
concerned about our state's economy, because it will boost economic 
growth so we can start producing jobs again. Experts consider extending 
unemployment insurance to be one of the quickest and most efficient 
ways to make the economy produce jobs again, since the benefits go to 
workers who need the money and will spend it quickly. Moody's Investor 
Service's Economy.com Chief Economist Mark Zandi estimates that every 
$1 increase in UI benefits results in a $1.64 infusion of economic 
activity.
  Numbers released today by the Bureau of Labor Statistics show that 
America has lost jobs for 9 straight months. New Mexico's unemployment 
rate rose from 4.1 percent to 4.6 percent in August, the last month for 
which numbers are available. It is up from 3.1 percent in January. 
Since the beginning of the year, the economy has lost 760,000 jobs. The 
job loss in September was the largest one-month jobs loss in 5\1/2\ 
years, more than twice the average of the previous 8 months.
  These numbers make two things clear. First, the Bush administration's 
economic policies have failed, and we need to go in a new direction. 
Second, American workers need our support. They are suffering because 
of economic policies they had nothing to do with. As I continue to work 
for real reforms to fix our financial system, I will not forget New 
Mexico's working families.

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