September 07, 2007

Statement of Chairman Dodd on Labor Department August Employment Report

“These numbers aren’t just statistics – they represent real families facing real economic hardship. Today’s announcement by the Labor Department that U.S. employment fell for the first time in four years is cause for deep concern and it is further proof that the economic policies of the Bush Administration are failing America’s working families. Most troubling is that the data, specifically the construction job loss numbers, suggest that the subprime mortgage market troubles may be spreading to the broader U.S. economy despite statements by Administration officials that the crisis in the credit and mortgage markets is “contained.” “Today's jobs data underscores that this Administration's policies are failing America's families and businesses. It's time for strong, comprehensive action to strengthen our economy and rekindle the American dream of homeownership and opportunity. I have introduced legislation to create new jobs and new hope for Americans by rebuilding our crumbling infrastructure, protecting homeowners against predatory lending practices, and cracking down on unfair trading practices by countries such as China, which has contributed greatly to the loss of more than 3 million manufacturing jobs in our country over the past 6 1/2 years. Talk is cheap, and as these job numbers show, it will not create the change that this legislation will bring, and that Americans need and deserve.”