David Obey: “The country needs this package. I urge support. I think we ought to get on with it. Economists generally agree that the…”

“The country needs this package. I urge support. I think we ought to get on with it. Economists generally agree that the Nation is facing one of the most dire economic crises in our history. Over the past three months 1.8 million jobs have been lost after falling the same amount in the prior ten months. Other economic data also point to an ever-faster sinking U.S. economy: Unemployment has soared by 4.1 million, an increase of more than 50 percent from 7.5 million to 11.6 million since December 2007 when the recession began. Full time employment dropped 3.5 million over the last three months, much faster than at any time since the data began in 1967. Consumer demand for goods fell at an 11 percent rate in the second half of 2008, faster than at any time in the 62 years of data. Only five months in six decades of data saw lower use of our manufacturing capacity than the 70.2 percent recorded in December. Exports fell at a 19.7 percent annual rate in the most recent quarter. Nothing indicates that these trends will not continue unless the federal government acts.”