WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the Department of Labor announced the U.S. economy lost 651,000 jobs in February, and the unemployment rate hit 8.1%, its highest point in since 1983:
“Today’s unemployment report for February contains more bad news for American workers. Last month, we lost 651,000 more jobs, bringing the unemployment rate to 8.1%, the highest since 1983. The economic crisis we face is deep and complex, and it looks, unfortunately, to be far from over.
“However, Congress and President Obama have taken strong steps to prevent job losses and put Americans back to work. Despite inheriting an economic disaster, the President responded swiftly by proposing the American Recovery and Reinvestment Act, which was passed by Congress and signed into law last month. The recovery plan is expected to provide an immediate jolt to our economy, creating or saving 3 to 4 million jobs through a combination of tax cuts for 95% of Americans and targeted, job-creating projects, which will infuse demand into our economy. The recovery legislation also builds our future: new energy technologies, repaired roads and bridges, and cutting-edge research, all of which lay the groundwork for growth and savings in the years to come.
“Times are tough for millions of American families. But we will emerge from this crisis a stronger nation, with a deep foundation for long-lasting prosperity.”