Harry Reid’s Wakeup Call

9:40 am EST February 6th, 2009 | News | 3 Comments

The latest sign that the Senate needs to quit diddling around and pass the stimulus is here.

The country moved into its second year of uninterrupted job losses last month, with companies shedding another 598,000 jobs — the most since December 1974 — and the unemployment rate moving up to 7.6 percent, the Labor Department reported on Friday.

Economists had forecast a loss of 540,000 jobs and a unemployment rate of 7.5 percent. The jobless rate is at its highest since September 1992.

Let’s quit stroking Lindsay Graham’s delicate and fragile ego and get this thing over with.

UPDATE: From the White House:

These numbers, and the very real suffering of American workers they represent, reinforce the need for bold fiscal action. If we fail to act, we are likely to lose millions more jobs and the unemployment rate could reach double digits. Prompt, well-designed fiscal policy is necessary to stop the decline and heal the economy. The American people are counting on leadership from Washington to help the economy recover and lay the long-term foundation for long-term economic growth.

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3 Responses to “Harry Reid’s Wakeup Call”

  1. william says:
    February 6, 2009 at 11:11 am

    This should be Harry’s wake-up call –

    NY Times – February 5 –

    In total, Japan spent $6.3 trillion on construction-related public investment between 1991 and September of last year, according to the Cabinet Office. The spending peaked in 1995 and remained high until the early 2000s, when it was cut amid growing concerns about ballooning budget deficits. More recently, the governing Liberal Democratic Party has increased spending again to revive the economy and the party’s own flagging popularity.

    In the end, say economists, it was not public works but an expensive cleanup of the debt-ridden banking system, combined with growing exports to China and the United States, that brought a close to Japan’s Lost Decade. This has led many to conclude that spending did little more than sink Japan deeply into debt, leaving an enormous tax burden for future generations.

  2. Duros62 says:
    February 6, 2009 at 11:32 am

    it was not public works but an expensive cleanup of the debt-ridden banking system,

    Lucky for us, we get to have both, huh?

  3. lib4 says:
    February 6, 2009 at 12:37 pm

    hehehehehehehe….you said Lindsay Graham and storking in the same sentence….hehehehehehehehe