| 00:00:02 | >> | THIS MORNING WE RECEIVED ANOTHER REMINDER OF THE CHALLENGES FACING FAMILIES FOR UP THE NATION. PAYROLL CONTRACTION LAST MONTH, 345,000 JOBS, EMPLOYMENT RATE ROSE TO NINTH WITH 4%, THE HIGHEST RATE IN 25 YEARS. -- THE RATE IS 9.4%. WE ARE TRYING TO MAKE IT THROUGH THE DEEPEST RECESSION IN THE DECADE AND ARE HURT BADLY BY IT. THERE IS ALSO SOME SIGNS OF HOPE TODAY IN THE REPORT, AND A FEW SIGNS THAT OUR ACTION IS TO GET THE ECONOMY BACK ON TRACK. ANALYSTS HAD EXPECTED THAT WE WOULD LOSE MORE THAN 500,000 JOBS IN MAY. INSTEAD, WE LOST THREE ENTERED 45,000 JOBS -- A 345,000 JOBS. THAT IS THE LOWEST NUMBER OF JOB LOSSES SINCE LAST SEPTEMBER, AND THE FOURTH MONTH IN A ROW THAT WE ARE SHEDDING JOBS. I DON'T EXPECT THAT TO SATISFY ANYONE. IT DOES NOT SATISFY ME OR THE PRESIDENT OR OUR ECONOMIC VISIT -- ADVISERS. ESPECIALLY IT IS THE CASE OF OUR NATION'S FACTORIES. WE LOST MORE THAN 150,000 JOBS LAST MONTH, IN STATES HARDEST HIT BY THE RESTRUCTURE OF THE AUTO INDUSTRY. MY STATE OF DELAWARE, PARTICULARLY HIT HARD BY THE AUTOMOBILE INDUSTRY. LOWER JOB GREAT LOSS IS NOT OUR GOAL. LESS BAD IS NOT HOW WE WILL MEASURE SUCCESS. WE WILL NOT BE SATISFIED, UNTIL WE ARE ADDING JOBS, PROVIDING WORKING AMERICANS WITH A STABLE JOB, DEPENDABLE INCOME, AND MAKING SURE THAT EVERYONE HAS A SHOT TO GET INTO THE MIDDLE CLASS. WE ARE CONTINUING TO DO EVERYTHING TO TURN THIS ECONOMY AROUND. WE WANT TO AMERICAN -- JUMP- START THE AMERICAN ECONOMY. JUST OVER 100 DIET -- DAYS, THE RECOVERY ACT IS OVER -- JUST 100 DAYS OLD. HAS CREATED JOB CREATION IN EVERY STATE IN THIS NATION. MORE THAN $11 BILLION IN HIGHWAY FUNDS, HIGHWAY CONSTRUCTION FUNDS HAVE BEEN MADE AVAILABLE, FOR A TOTAL OF 3000 + PROJECTS ACROSS THE NATION. I AM PLEASED THAT TODAY'S REPORT SHOWS SOME SIGNS OF INCREASED. THERE IS SOME DIRECT SIGNS, THAT WHAT WE ARE DOING IS HAVING AN IMPACT. IT IS AN ENCOURAGING SIGN. I WANT TO MAKE IT CLEAR THAT THERE WILL BE MORE SETBACKS ON THE ROAD BEFORE WE GET TO RECOVERY. WE STILL HAVE A LONG WAY TO GO ON THE ROAD TO RECOVERY. THAT IS WHY ON MONDAY THE PRESIDENT AND I WILL BE ANNOUNCING OUR PLANS TO WRAP UP THE RECOVERY ACT OVER THE SUMMER. -- LEE WILLRAMP UP THE RECOVERY ACT. GETTING HEALTH CARE COSTS UNDER CONTROL, AND A CLEAN ENERGY FUTURE TO BUILD THIS NEW ECONOMY ON. TOGETHER THESE INITIATIVES WILL NOT ONLY SPARKED JOB GROWTH TODAY, BUT WE ARE CONVINCED THEY WILL SERVE AS A PLATFORM FOR AN ECONOMIC GROWTH FOR TOMORROW NOT BASED ON THE BUBBLE, BASED ON SOUND, ECONOMIC, PRACTICES AND GROWTH. WE ARE WORKING TO BUILD THAT FOUNDATION. I THINK WE ARE MAKING SOME DISCERNIBLE PROGRESS. I REMAIN CONFIDENT THAT THE COUNTRY WILL EMERGE STRONGER FROM THIS RECESSION. WE WILL TAKE STEPS TO REFORM THE EXCESSES'. LAST TIME WE WERE IN A RECOVERY, WE SAW A PRODUCTIVITY INCREASE AND THE MIDDLE-CLASS LOST 3% OF THE ECONOMY AND THEY GOT 3% BEHIND. WHEN THIS GROWTH OCCURS, WE HOPE EVERYONE CAN SHARE IN IT. THE PRESIDENT AND I WILL COMMIT EVERYTHING WE CAN. IN THE END, IT WILL BE THE ENDURING SPIRIT AND BOUNDLESS INGENUITY OF THE AMERICAN PEOPLE, THAT WILL ALLOW US TO PREVAIL. SOME ENCOURAGING SIGNS, BUT WE HAVE A LONG WAY TO GO. THANK YOU. |