Schakowsky Statement on August Job Loss Numbers

SCHAKOWSKY STATEMENT ON AUGUST JOB LOSS NUMBERS

Washington, D.C.–U.S. Representative Jan Schakowsky (D-IL) released the following statement today in response to the U.S. Department of Labor's employment report. The report showed that the U.S. economy lost 4,000 jobs in August 2007. This drop represents the largest monthly decline in four years.

"I am very concerned that our economy lost 4,000 jobs in August. This is a blow to states like Illinois that are already suffering from failed economic policies that have hurt our workforce and moved jobs overseas.

Last month's decline is a direct result of President Bush's failed economic policies. The Bush Administration has been so consumed by the war in Iraq that it has taken its eye off the economy. The Administration did nothing to head off the subprime lending crisis that has had a ripple effect throughout the economy, such as supporting legislation to put an end to predatory lending.

Today's report shows that we need better economic policies that encourage growth, increase productivity, and produce higher wages. Since President Bush took office seven years ago, household income has fallen, while the costs of energy, health care and housing continue to rise. According to a new census report, people working full-time saw their earnings drop again in 2006 for the third year in a row. Sadly, Americans are now working harder and harder to bring home less.

These latest numbers should serve as a wake up call to this Administration that it can't afford to be asleep at the switch. We need to embrace economic policies that will produce a living wage and improve the quality of life for all Americans....