Saturday, December 06, 2008

The Great Recession: Two Quotes

"The 533,000 jobs lost last month, the worst job loss in 34 years, is more than a dramatic reflection of the growing economic crisis we face. Each of those lost jobs represents a personal crisis for a family somewhere in America... There are no quick or easy fixes to this crisis, which has been many years in the making, and it’s likely to get worse before it gets better. But now is the time to respond with urgent resolve to put people back to work and get our economy moving again.

At the same time, this painful crisis also provides us with an opportunity to transform our economy to improve the lives of ordinary people by rebuilding roads and modernizing schools for our children, investing in clean energy solutions to break our dependence on imported oil, and making an early down payment on the long-term reforms that will grow and strengthen our economy for all Americans for years to come."

--PE Barack Obama

"Policy makers must recognize this deterioration and craft their responses accordingly. Our job market is now shedding jobs at a truly alarming rate, a rate measurably worse than past recessions. We face an emergency that certainly equals those in the financial markets in recent months. The American workforce is too big to fail."

--Jared Bernstein, economic advisor to VPE Joe Biden.

1 comment:

Indie said...

I like what you're calling it, "The Great Recession." I hope it is brief; I hope it is not a depression. I hadn't seen that number: 533,000 jobs lost last month. It made my heart sink.