Biggest Rise in Unemployment Rates since 1986; VT homes in
foreclosure
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Traven
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Jun 06, 2008 10:45 PDT
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Statement by AFL-CIO President John
Sweeney On the Biggest Swing in Unemployment Rates since 1986
The economy is in meltdown. Today’s report isn’t isolated – it is
part of a long-brewing problem that is toxic when combined with falling
incomes, the mortgage crisis and out-of-control everyday gas, food and
health care costs. For working people, the numbers
mirror the worries around the kitchen table each night. For legislators
and policymakers, the numbers should be a red flag that it is high time
for aggressive action.
Our economy shed jobs for the fifth straight month. Among African
Americans, unemployment rates are even worse, jumping to 9.7 percent in
May from 8.6 percent in April. There is one job for every two people
seeking work.
Today, Congress has an opportunity to give desperately needed help to the
1.55 million people who have been jobless for more than six months. The
bill to fund the Iraq war must include an extension in unemployment
benefits. The Iraq war continues to take funding away from working family
priorities such as education, infrastructure, and Medicare. The least
Congress can do is extend the unemployment benefits that are running out
for millions, stripping away a crucial safety net protecting many
families from falling into financial ruin. Already, long-term
unemployment is higher than when Congress extended unemployment benefits
during the last two recessions.
Congress must also provide relief to cash-strapped states and enact an
immediate moratorium on subprime mortgage foreclosures. In
addition, we need to put people to work with a major initiative that
green-lights ready to go infrastructure projects that will rebuild our
crumbling schools, bridges and roads, including emphasis on the green
jobs of the future.
And we need to begin now on a far-reaching, long-term strategy to turn
around the failing economy by addressing the structural flaws that put
corporate profits above people. Instead of proposing solutions,
Republicans like Pres. Bush and Sen. McCain continue to promote the
wrongheaded economic policies on taxation, deregulation and trade that
got us into this mess in the first place.
The economic squeeze is choking off the American dream for millions of
working families. The time for delaying has passed.
More Vermonters fall
behind, but holding up better than region
The percentage of Vermonters who have
fallen behind on mortgage payments has grown during the past year,
helping add to the number of Vermont homes in foreclosure, according the
"National Delinquency Survey" released Thursday.
Despite the increases, Vermont continues to have the best payment history
of any New England state, according to the Mortgage Bankers Association's
report on the first quarter of 2008. Compared to other states, Vermont
has the 12th lowest percent of loans that are seriously delinquent or in
foreclosure.
The study found 3.4 percent of nearly 63,000 mortgages in Vermont are
more than 30 days late on payments -- up from 2.8 percent one year ago.
Throughout New England, 4.8 percent of mortgages are past due. Throughout
the U.S., 5.6 percent are late.
The number of homes in foreclosure in Vermont also has increased, but
remains the lowest in the region; 1.4 percent of mortgages in Vermont are
in foreclosure -- up from 0.8 percent one year ago, the study said.
Throughout New England, 2.1 percent of homes are in foreclosure; and
throughout the U.S., 2.5 percent of mortgages are in foreclosure, the
study said. -- Dan McLean, Burlington Free Press Staff Writer
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Traven Leyshon, Director
High Road Vermont, Ltd.
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