WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) today released the following statement:
“While the rise in unemployment has been the focus of many news stories throughout the recent economic downturn, a related issue that has received far less attention is the effect ‘underemployment’ is having on America’s working families.
“A story today by MSNBC describes how many Americans are reporting cuts in both hours and wages as well as decreases in both tips and commissions. Not only does underemployment hurt millions of American families, but it has a damaging effect on the state of our already failing economy. Consumer spending is ‘a key driver of the U.S. economy,’ so when families stop spending their earnings on necessary and discretionary items, the economy suffers; creating a vicious cycle.
“There is no doubt that this economic crisis is being felt on every street in America, which is why it is essential that Congress pass further economic recovery legislation to fight unemployment, underemployment, and ensure that those being hit hardest receive the help they need.”