Nov. 8, 2008
BYRD'S EYE VIEW: Relief for Main Street Americans
From the Desk of U.S. Sen. Robert C. Byrd, D-WV
The recent economic meltdown on Wall Street has, regrettably, served as the final verdict on the failed economic policies of the past eight years. All the while, Americans on Main Street are facing even tougher times in the form of higher unemployment, rising food costs, and skyrocketing health care costs.
In September, Congress and the White House worked together to craft a package to rescue Wall Street in an effort to restore confidence in our credit markets and to shore up our faltering economy. Now that the government has taken action to address the credit crisis, I believe that we must address the struggles of Americans living on all of the Main Streets in West Virginia and all around the country.
The almost daily dismal statistics facing our economy are simply mind boggling. The U.S. economy has lost jobs every month this year, for a total of over 700,000 jobs. Construction has lost more than 525,000 jobs since September 2006.
Manufacturing has lost 353,000 jobs since June 2007, and a recent report has indicated that the nation’s manufacturing sector has fallen to a 26-year low. Auto sales have nosedived and consumer confidence is at a near 50-year low. Food prices have increased by 7.5 percent this year after increasing 4.9 percent in 2007. And despite some recent relief from prices at the pump, energy prices remain at very high levels – having risen more than 22% this year alone -- and the winter season has not yet arrived.
When Congress returns to work the week of November 17th, it is my hope that we move forward with a badly needed economic stimulus package that will create jobs, help Americans cope with high energy costs, and provide relief for those struggling to find work and put food on the table. There are major consequences for not investing in America and the American people.
Minimally, this package should include an extension of unemployment benefits for the jobless; a temporary increase in food stamp benefits; additional funding for the Women, Infants, and Children (WIC) program; help for states to pay for Medicaid; and investing in our infrastructure in order to put people back to work.
I believe that the time to act on these priorities is now. If we can provide a $700 billion bailout for Wall Street, then we in Congress, along with the Bush Administration, should support a targeted investment to create jobs and assist Americans on Main Street.
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