JOBS, JOBS, JOBS Josh Nassar Legislative Director, UAW
How bad was (is) this recession? • Began in December 2007. By November 2008 we were losing 800,000+ jobs a month. • Total U.S. employment fell 6.3% - steepest since Great Depression. 8.7 million jobs lost. • Percentage of unemployed out of work for more than 6 months topped 45% - most since records began in 1948. • Unemployment rate above 8% for 36 months (and counting) – longest since Great Depression in the 1930’s. • Over 27 million are unemployed or underemployed. 17% of the workforce.
Why was the recession so bad? Financial crisis brought about by reckless (even criminal) behavior on Wall St. -- enabled by weak consumer protections • Housing market collapsed • More than 4 million foreclosures since 2007 • 1 in 4 homeowners underwater • 7.7 trillion dollars in lost wealth
JOB CREATION, TWO PATHS • More budget cuts, more tax cuts for the rich and fewer worker protections • Invest in American workers and make sure everyone pays their fair share.
The UAW’s Job Creation Agenda • Create industries (and jobs) for the future • Revitalize American manufacturing • President Obama’s proposal: temporary tax credits for domestic investment in clean energy manufacturing ($5B credits driving $20B investment) • Protect and strengthen the Advanced Technology Vehicles Manufacturing (ATVM) loan program (section 136)
The UAW’s Job Creation Agenda • Invest in infrastructure • Creates jobs and enhances our future productivity, energy security and competitiveness • American Society of Civil Engineers gives our country’s infrastructure a “D,” with unmet needs of $2.2 trillion over 5 years • Key part of President Obama’s “American Jobs Act” (S. 1660)
The UAW’s Job Creation Agenda • Aid state and local governments • States and cities hit hard by recession are responding by cutting jobs – employment fell 266,000 in 2011 • Pressure is continuing: 29 states face budget shortfalls in FY2013 (even after past rounds of budget cuts and layoffs) • The President’s proposal includes funding for more teachers and first responders
Questions? JN:sk Opeiu494 S0049