With New Signs of Recession, Merkley Calls for Change

Jobless Numbers Reach 478,000

The Labor Department is reporting today that new applications for unemployment benefits increased by 15,000 over the last month. Jobless claims rose to a seasonally adjusted 478,000. Analysts did not expect jobless claims to top 470,000.

It is considered a sign of recession when jobless claims rise above 400,000. The latest news comes after six weeks in which the stock market has fallen by nearly 3,000 points.

Alan Greenspan said yesterday that, "Given the financial damage to date, I cannot see how we can avoid a significant rise in layoffs and unemployment."

In response to the latest poor economic news, Jeff Merkley issued the following statement:

"With each day the economic news continues to worsen and families are feeling it around the kitchen table. Hundreds of thousands have lost their job just the last few months. Families are paying their health insurance with their credit card. And every day more companies are looking at more layoffs.

"We need to change direction and get America's economy back on track.

"George Bush, John McCain, and Gordon Smith are taking no ownership of the failed economic policies of the last eight years. America is hemorrhaging jobs, food and health care costs are spiraling out of control, and there is no accountability in Washington D.C.

"The $700 billion blank check for Wall Street failed to protect taxpayers, failed to reform consumer practices, and failed to restore accountability and instill real confidence in our financial system.

"I have a very different vision for America's economy. We must move aggressively to create jobs, invest in infrastructure, end our dependence on foreign oil, and cut taxes for working Americans."

Click here for more details on Jeff Merkley's plans to create jobs and grow the economy.

Posted October 23, 2008
Press