President-Elect Says 34-Year High Job Loss "A Personal Crisis" For Every American

Washington, D.C (AHN) - Reacting to the Labor Department's announcement that employers cut the most jobs last month in over three decades, President-elect Barack Obama on Friday again called for an economic stimulus package, saying the crisis provides "an opportunity" for the government to transform the economy.

In a statement, Obama said, "Each of those lost jobs represents a personal crisis for a family somewhere in America. Our economy has already lost nearly 2 million jobs during this recession, which is why we need an Economic Recovery Plan that will save or create at least 2.5 million more jobs over two years while we act decisively to maintain the flows of credit on which so many American families and American businesses depend."

"There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better... this painful crisis also provides us with an opportunity to transform our economy to improve the lives of ordinary people by rebuilding roads and modernizing schools for our children, investing in clean energy solutions to break our dependence on imported oil," he added.

The Labor Department said earlier that day that 533,000 jobs were lost in November, much more than the projection of 320,000. The unemployment rate rose from 6.5 percent to 6.7 percent, the highest in 15 years.

Obama is working with Democratic leaders for a second economic stimulus package that reportedly could cost as much as the $700 billion financial bailout Congress approved in October.

Congress passed a $168 billion stimulus package in February that allowed the government to give tax breaks to companies and send rebate checks worth $300 to individuals and $1,200 to every family. Democrats heightened their calls for a $50 billion second economic stimulus package in September as financial crisis deepened. They were able to pass a $61 million stimulus package in the House but were blocked in the Senate.

Republicans have expressed opposition to a Democratic stimulus plan, saying it would be an excuse for Democrats to spend "irresponsibly" on infrastructure. They have pushed for an alternative provides tax relief with provisions such as one raising the child tax credit given to families from $1,000 to $2,000 per child.