Clinton Statement on March Jobs Report

"Today's news that unemployment jumped to 5.1% in March and that our economy lost jobs for the third straight month adds to the mounting evidence that our economy is spiraling downward, and that hardworking families are paying the price.It's time the President and John McCain recognize the r-word: reality. Our economy is in serious trouble and unless we act swiftly we could be sliding into a deep and painful recession.

When Wall Street faced crisis, we saw swiftly and creative action and a $30 billion lifeline for Bear Stearns. Today's jobs report confirms that it's time to take equally aggressive action to help American families struggling in our bearish economy.

For more than a year I have been like Paulette Revere, calling for action to keep the problems from our housing market from spilling over into our economy. After a year of denial and half-measures it is time for this Administration to put ideology aside and get serious about stemming this crisis. Perhaps this jobs report will also help John McCain recognize that doing nothing is not an economic strategy in times of urgent need.

While I support the legislative approach that Senator Dodd and Congressman Frank are taking to help restructure mortgages and keep millions of families in their homes, today's news of serious continued weakness in our labor markets reinforces that we need to be ready to go further. I believe we must stand ready for the government to purchase at risk mortgages. We also need a second stimulus of at least $30 billion to help states and localities fight the foreclosure crisis in their communities."