[StBernard] Frank Statement on July Unemployment Numbers

[Westley Annis]

Frank Statement on July Unemployment Numbers

 

Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Financial
Services Committee, issued the following statement on the July unemployment
numbers released today:

 

"Today's release of the employment numbers in the United States presents a
mixed picture.  It is of course continued bad news that the American people
are still losing jobs.  But the substantial decline in the number from
previous months strongly suggests that this number is an aberration, and
more importantly, that the fiscal stimulus package and measures to increase
liquidity are succeeding in getting us out of the deep recession that
President Obama inherited from the Bush administration.  

 

"In policy terms, this argues strongly for the continuation of these
efforts, including further measures to alleviate the distress that
unemployed people are facing.  This strengthens my view that we should draw
on the interest, dividends and warrants from TARP recipients to establish a
revolving loan fund so that people who have lost their jobs do not also lose
their homes.  Lending money to the unemployed for up to two years so that
they can make their mortgage payments will further the recovery and prevent
an increased wave in foreclosures. The prospects that the currently
unemployed will be able to go back to work and repay these loans mean that
this can be done without a significant negative impact on the federal
deficit."  

 

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