Sen. Barack Obama jumped on a report Thursday that jobless claims increased last week as further evidence of President Bush’s failed economic polices, despite most of the job losses resulting from Hurricane Ike.
“The news that more Americans filed for unemployment benefits this week and that unemployment claims remain near a seven-year high is another urgent reminder of how badly American workers need a change from the disastrous economic policies of the last eight years,” said the Democratic presidential nominee, who is pounding economic issues that have helped firm his lead against Republican Sen. John McCain.
“While Washington has done nothing to extend unemployment benefits and create new jobs and John McCain has no jobs plan whatsoever, I will immediately extend unemployment benefits, suspend the taxes on those benefits, and jump-start job creation by giving small businesses emergency loans and tax credits for each new job they create,” said Mr. Obama of Illinois.
He issued the statement about two hours after the U.S. Department of Labor released the weekly report.
Jobless claims increased by 15,000 in the week ending Oct.18 to a seasonally adjusted 478,000, with 12,000 of the new claims from economic disruption from Hurricane Ike in Texas.
Mr. Obama stressed that jobless claims “remain near a seven-year high,” although the four-week average of seasonally adjusted initial jobless claims dropped by 4,500 from the seven-year high of 484,750 set by the previous four-week period.
Still, the number of claims for unemployment benefits are up 44 percent from last year and economists say the numbers signal rising unemployment.
Mr. McCain of Arizona said the data reflected that “times are tough” and vowed that he and running mate Alaska Gov. Sarah Palin would take immediate action.
“Governor Palin and I will fight to reform Wall Street and Washington,” said Mr. McCain, adding that they would move to stem foreclosures and falling home values, provide relief for struggling senior citizens and initiate a job-creation plan.
“Barack Obama’s only answer is to double-down on the Bush Administration’s legacy of out-of-control spending, raise taxes on small businesses, impose mandates on employers, and raise trade barriers - a time-proven recipe for turning tough economic times into terrible economic circumstances.”
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