Emergency Extended Unemployment Compensation Act of 2008

Floor Speech

BREAK IN TRANSCRIPT

Mr. Speaker, I do not support the minority's effort to weaken the impact of extended unemployment benefits for Americans. In this economic downturn, our workers should be able to receive the same 13-week extension granted to workers exhausting the regular 26 weeks of unemployment benefits in other states.

According to the Bureau of Labor Statistics, since January 2001, only 5.3 million jobs have been created nationwide. In Arizona, an average of 1,470 jobs have been lost each month for the past 6 months. Only 389,700 new jobs have been created since January 2001--or 4,480 new jobs per month--as compared with a total of 691,700 new jobs during the previous decade--or 7,950 per month.

This year, Arizona's job losses have been concentrated in construction and housing-related industries, including real estate and finance, but they are beginning to appear across a wide range of industries as this economic decline continues. I support the benefits provided by H.R. 5749 because according to the Congressional Budget Office, they are a cost-effective and fast-acting means of stimulating the economy. Every $1 spent on unemployment benefits generates $1.64 in new economic demand.

I will vote "yea'' on final passage of H.R. 574 the Emergency Extended Unemployment Compensation Act, and do not support the minority's efforts to undermine effective economic relief for Arizonans.

BREAK IN TRANSCRIPT

Source