June 11, 2008: Kaptur Statement on HR 5749, Emergency Extended Unemployment Compensation Act
June 11, 2008
The need for action is underscored by the slowing economy. The U.S. haslost jobs for five straight months; unemployment rose to 5.5 percent inMay.
In Ohio, 335,000 workers are unemployed. The unemployment rate in Ohiois 5.6 percent. In the Ninth District, the jobless rate is 7.6% inOttawa County, 6.5% in Lucas County, 6.3% in Erie County and 6.2% inLorain County.
Already buffeted by rising gasoline prices and a raft of homeforeclosures, thousands of Ohio families find themselves in need of thesafety net provided by unemployment benefits.
On a ‘macro’ level, unemployment benefits provide a stimulus for abeleaguered economy because the money is spent quickly on necessaryitems. Studies indicate that every $1 in unemployment benefitsgenerates $1.64 in new economic demand.
Should the President veto the bill as he has threatened, Kaptur said, "To veto unemployment insurance—benefits that workers across our nation have earned—would only reaffirm how out of touch this president is. He reminds me of Marie Antoinette who, when told her countrymen were hungry, said: ‘Let them eat cake.’ "
In Ohio, 335,000 workers are unemployed. The unemployment rate in Ohiois 5.6 percent. In the Ninth District, the jobless rate is 7.6% inOttawa County, 6.5% in Lucas County, 6.3% in Erie County and 6.2% inLorain County.
Already buffeted by rising gasoline prices and a raft of homeforeclosures, thousands of Ohio families find themselves in need of thesafety net provided by unemployment benefits.
On a ‘macro’ level, unemployment benefits provide a stimulus for abeleaguered economy because the money is spent quickly on necessaryitems. Studies indicate that every $1 in unemployment benefitsgenerates $1.64 in new economic demand.
Should the President veto the bill as he has threatened, Kaptur said, "To veto unemployment insurance—benefits that workers across our nation have earned—would only reaffirm how out of touch this president is. He reminds me of Marie Antoinette who, when told her countrymen were hungry, said: ‘Let them eat cake.’ "