Even McCain’s Economist Says We Need Big Recovery Package
The economy is rolling faster and faster downhill—more 1.5 million jobs lost in the past three months—and Republican leaders in the Senate and House, along with their wacko radio talkers, are trashing President Obama’s economic recovery program.
But if action isn’t quickly taken, even darker days are ahead. Says Mark Zandi, a former economic adviser to Sen. John McCain:
Without stimulus, unemployment will rise well into the double digits, and the economy will not return to full employment until 2014.
Tomorrow, some 500 members of the community activist group ACORN, along with AFL-CIO Executive Vice President Arlene Holt Baker, will rally at 2:30 p.m. on the West Lawn of the U.S. Capitol to urge Congress to quickly pass the recovery legislation.
AFL-CIO Ad: ‘Auto Loans About All of Us’
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The economy is in a free fall and failure to help the nation’s automakers could be devastating, economists say. Nearly 2 million jobs have been lost this year—more than half a million last month alone—and there is a possibility that another 3.3 million jobs could be gone if Congress does not pass an emergency bridge loan for the Big Three automakers. Some 10 million U.S. workers were looking for a job in October. That’s why union members are pushing for Congress to quickly approve the auto industry loans.
In full-page ads today in The Hill, Roll Call and Politico newspapers, which reach decision makers in the nation’s capital, the AFL-CIO says the auto industry crisis does not just affect autoworkers, its impact stretches across the economy in a big way.
The House may act as early as today to pass a $15 billion bridge loan package, but a small minority of Republican senators are threatening to filibuster against the bill and stop it from being approved in the upper chamber. If lawmakers do not act this week, UAW President Ron Gettelfinger said, one or more automakers will be forced to liquidate operations.
