WASHINGTON, DC - Despite the strongest nationwide jobs report since the Bush Recession began, U.S. Senator Jack Reed (D-RI) today said that Congress must continue to work on a cost-effective job creation bill and pass the Helping Unemployed Workers Act to help stabilize our economy and drive down record-high unemployment rates.

Speaking at a press conference in Washington, DC today, Reed noted: "I think we're at a moment now where we're beginning to see the positive benefits of the stimulus, but if we take our foot off the accelerator, we could relapse into a very, very slow recovery."

Eight years of economic mismanagement by the Bush Administration provided tax cuts for the rich, lax oversight of Wall Street, and unfunded wars in Iraq and Afghanistan. Under Republican leadership the national debt doubled from $5.6 trillion to $10.3 trillion. And today's economic recovery is being hindered by this Republican legacy of debt.

"In order to reverse these perilous trends, stabilize our economy, and further reduce unemployment rates, we must extend benefits for jobless Americans so they can feed their families and stay in their homes. We must also enact proven, cost-effective measures to save jobs, such as my work share proposal, consider tax incentives, and make sure that banks are lending to our small businesses," said Reed.

Senator Reed's Helping Unemployed Workers Act (S. 2831), which is currently cosponsored by Senators Leahy, Dodd, Kerry, Schumer, Stabenow, Casey, Whitehouse, and Shaheen would extend unemployment insurance (UI) programs, set to expire on December 31, for 12 months through 2010.

"While Congress recently expanded UI benefits by providing up to 20 additional weeks to job seekers who had exhausted benefits, millions more will lose their benefits if UI is not extended before the end of the year. We need to ensure that hard-hit families continue to receive these benefits," said Reed.

At yesterday's White House Job Summit, President Obama noted that "every demonstrably good idea" for saving and creating jobs is on the table, but he cautioned that "our resources are limited."

The Helping Unemployed Workers Act also includes Reed's work share provision to help preserve jobs, prevent future lay-offs, and aid struggling businesses. Work share has saved 150,000 jobs so far this year in the 17 states that currently have work share programs. Reed's bill, which is estimated to cost up to $300 million per year, would enable all 50 states to take advantage of this program and is estimated to save up to 500,000 jobs annually. See the attached chart for a state-by-state breakdown of jobs saved in the states which are already using work share.

"Work share works in red states and blue states. It is a cost-effective, proven job saver that helps businesses retain skilled workers, and allows workers to maintain their health insurance and retirement benefits through difficult economic times. It also helps to speed economic recovery, as every dollar devoted to finance state work share programs results in $1.69 in GDP," concluded Reed.