On June 10, 2010, Dr. Lawrence Mischel, President of the Economic Policy Institute, testified before the U.S. House Ways and Means subcommitte on Income Security and Family support. Dr. Mischel testified that "the jobs crisis is catastrophic and there is no end in sight."
On Thursday, June 10, 2010, Rep. Jim McDermott (D), Chairman of the House Ways and Means Subcommittee on Income Security and Family support, conducted a hearing on policy responses to long-term unemployment. Dr. Heather Boushey, senior economist for the Center for American Progress, told congress that they should "stop adding to the problem of unemployment."
Dr. Mischel testified that the "the United States is undergoing the worst economic downturn in 70 years, and the damage and suffering it is causing will last many years beyond the official end of the recession. . . Only 41,000 net new private-sector jobs were created last month, far too few for the millions of Americans who have been out of work for a year or more." A video of his testimony is available for viewing at the bottom of this article.
Dr. Mischel testified that the job market is 7.4 million jobs below where we were at the start of the recession. "Over the two years and five months since the recession began in December 2007, we needed to have added around 3 million jobs simply to keep up with population growth . . . as of today no policy has been enacted that would allow us to hope for that rate of job creation in the coming years."
Bureau of Labor statistics show that long-term unemployment has reached crisis proportions. Unemployment benefits are expiring for thousands of American workers who have been unemployed for almost two years. This catagory of the unemployed are calling themselves the 99er's. The 99er's and others are begging Congress to provide a Tier V, an additional level of benefits beyond those currently provided by Congress.
Moreover, as reported in an earlier article, thirteen thousand Hoosiers are losing benefits as U.S. Senate inaction costs American workers unemployment benefits throughout the nation.
STAY TUNED: As we continue to follow the outcome of the Hearing seeking policy responses to the long-term unemployment problem.
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