December 5: Jobless Rate of 6.7% Will Worsen Dramatically Without Help for Auto Industry
December 5, 2008
Although she is not a member of the House Financial Services Committee, Kaptur will attend the hearing at which chief executive officers of Ford, Chrysler and General Motors will testify along with the president of the United Auto Workers. The Ninth Congressional District of Ohio is situated in the heart of the nation’s automobile production industry; unemployment in Lucas County, the largest county in the district, has soared to 8.9 percent.
“Losing more than half a million jobs in one month is startling," Kaptur said in response to the latest jobless report from the U.S. Department of Labor.
"Northern Ohio is already taking the brunt of the national economic crisis,” said Kaptur. “More than 400,000 Ohioans are already out of work. If Congress fails to step up to the plate and help America ’s auto industry, the rest of the country will feel the ripple effect in a dramatic way.”
Kaptur said, “Even though some try to deny it, the truth is manufacturing remains the backbone of the American economy--and auto production remains the backbone of manufacturing. America ’s economy will not easily recover from a broken back.
“What's more, if Congress falls all over itself to reward financial giants who pay huge bonuses, take advantage of the middle class, and make poor investment decisions, then surely it can offer loans and lines of credit to and industry that created the middle class and has long provided our nation with economic and national security."
“Losing more than half a million jobs in one month is startling," Kaptur said in response to the latest jobless report from the U.S. Department of Labor.
"Northern Ohio is already taking the brunt of the national economic crisis,” said Kaptur. “More than 400,000 Ohioans are already out of work. If Congress fails to step up to the plate and help America ’s auto industry, the rest of the country will feel the ripple effect in a dramatic way.”
Kaptur said, “Even though some try to deny it, the truth is manufacturing remains the backbone of the American economy--and auto production remains the backbone of manufacturing. America ’s economy will not easily recover from a broken back.
“What's more, if Congress falls all over itself to reward financial giants who pay huge bonuses, take advantage of the middle class, and make poor investment decisions, then surely it can offer loans and lines of credit to and industry that created the middle class and has long provided our nation with economic and national security."