Cord Byrd: “these are perilous economic times. The national economy is shedding jobs at an alarming rate. Nearly 2 million jobs have…”

“these are perilous economic times. The national economy is shedding jobs at an alarming rate. Nearly 2 million jobs have been lost nationwide in the last 3 months, with 3.6 million jobs lost since December 2007. In West Virginia, our workforce has been buffered to some degree by the mining industry, but we, too, are now feeling the painful global recession. In December--in just 1 month--West Virginia lost 4,100 jobs. We are hearing more frequently about layoff and job loss announcements: Dow Chemical in Kanawha County, Century Aluminum and Alcan in Jackson County, Bayer Material Science in Marshall County, Patriot Coal in Boone and Kanawha Counties, Mountaineer Racetrack & Casino in Hancock County, Simonton Windows in Ritchie County, AGC Flat Glass in Harrison County, American National Rubber in Wayne County, Georgia-Pacific in Fayette County, Greenbrier Resort Hotel in Greenbrier County, Kingwood Mining in Preston County, and Goodies Clothing and Circuit City stores throughout the State. The Federal Reserve has reduced its interest rate target to near zero, and continues to experiment with unprecedented programs to bolster lending, injecting about $1 trillion into the banking system. Adding to the unease, the Congress has authorized the Treasury Department to purchase up to $700 billion of toxic debt from financial institutions.”