Yesterday's dire news from Citigroup underscores the tremendous challenges facing our economy and the acute impact of the economic turmoil in New York. It also reflects the urgent need for action on a comprehensive new stimulus package to jump start our economy and restore confidence not only to the markets, but to consumers as well.
The loss of more than 50,000 jobs comes on the heels of 10 straight months of job losses and adds to the more than 1.2 million jobs lost this year alone.
The New York City Council estimates that the City alone could lose roughly 112,000 jobs in this downturn.
It is clear that the slide into recession has been rapid and steep. We must act decisively to change course. This is why I have urged President Bush and Congressional leaders to move quickly on a series of measures to help those Americans hardest hit by the current downturn and to spur economic growth.
We need to invest in infrastructure projects and clean energy jobs that could quickly put hundreds of thousands of Americans to work, as well as pave the way for long-term economic growth.
We should also extend unemployment insurance benefits, provide assistance to cash strapped cities and states to prevent cuts to critical services, and most importantly, take steps to prevent a new foreclosure crisis to keep more American families in their homes and to stabilize the housing market which is still underlying cause of the financial crisis.
With more job losses announced every day, more inaction will only make the path to recovery longer.
Senator Hillary Rodham Clinton
