Hilda L. Solis: “each weekend when I go home to my district, the issue I hear the most about is with respect to the economy. President…”

“each weekend when I go home to my district, the issue I hear the most about is with respect to the economy. President Bush has told the American public that our economy is fundamentally sound. I question that terminology. I question it because in my own district, one of the largest cities that I represent, the city of El Monte, we have upwards of 9 percent unemployment. In the city of South El Monte, it goes beyond. It is 11 percent. People are wondering what is happening to them there. In Baldwin Park, unemployment rates are 8.2 percent. In South El Monte again, it is 11 percent. And it is not just about the unemployed. It is about jobs and it is about the potential for these people to have a place to stay, to live, to raise their families. Each day brings more layoffs and each week brings new news that yet another corporate scandal is upon us. The collapse of WorldCom has serious implications for not only those that work for that company but also the many people and organizations who invested millions in that company. The California Public Employees Retirement System, CALPERS, which provides retirement and health benefit services to 1.3 million public employees and nearly 2,500 employers, has estimated a loss at $433 million because of the collapse of WorldCom. It is time for President Bush and the Republican majority in the House to stand up for workers and provide restitution to the employees who lost their life savings and their pension funds.”