In view of recently released government data indicating continued job declines in the last seven months and a 5.7 percent unemployment rate in July, Congress should act now with a second stimulus package. The data suggests that rebate checks from the first economic stimulus package of 2008 helped to mitigate the impact of the slowing economy but not boost it. Many economists are concerned that the economy will further slow down later this year as the tax rebate money is spent.

These latest job figures mean more bad news for working families, in addition to stagnant wages and skyrocketing costs for food and fuel. For America’s working families, there is no relief in sight unless Congress moves quickly to enact critical economic relief legislation.

Consider these facts:

• Food prices have soared, with the cost of groceries 6.1 percent higher in June 2008 than in June 2007.
• Unemployment is now at its highest level since March 2004; one in five unemployed workers has been looking for a job for more than six months.
• Hourly earnings have risen only 3.4 percent over the last year, below the pace of inflation, which is currently more than 4 percent annually.
• Gas prices are at a national average of more than $4 a gallon, having increased 33 percent since June 2007.
• Foreclosure filings – default notices, auction sale notices, and bank repossessions – are up 53 percent from June 2007.

As members of Congress travel to their districts during their August recess, they will see firsthand how families are hurting. Low-income families need help and they need it quickly. Congress must pass a second economic relief bill as soon as they return in September, including a temporary boost in food stamp benefits and funding to help nutrition programs for women and children keep up with higher food costs and meet rising needs.

This entry was posted on Tuesday, August 12th, 2008 at 12:35 pm and is filed under Uncategorized .