Jobs Wanted

There's a good editorial in today's New York Times. Here's an excerpt:

Job losses in August were both deep and wide, and unemployment rose to 6.1 percent, the highest rate in nearly five years. Out-of-work Americans need more help from Washington to get through these very hard times, which show no signs of letting up. On Friday, officials said that the government was getting ready to seize Fannie Mae and Freddie Mac, the troubled mortgage-finance giants.

...We fear there is a vicious cycle in the making. As consumer spending weakens, employers are cutting jobs and hours. As jobs are cut and unemployment rises, consumer spending is sure to weaken further.

...A worthy bill, now being prepared by House Democrats, would extend [unemployment] benefits for up to a total of 46 weeks. It would also give states with high unemployment — at or above 6 percent — authority to extend benefits for up to 52 weeks.