August 1, 2008

Washington, DC—Nevada Senator Harry Reid made the following statement today in response to the Labor Department’s report that the nation shed another 51,000 jobs in July – the seventh straight month of losses – as unemployment rose to a four-year high of 5.7 percent and Chevron announced a second-quarter profits of nearly $6 billion:

“This week has made it crystal clear that the only ones doing well in the Bush-McCain economy are oil company executives.  As we pay more than ever to fill our tanks and to heat and cool our homes, Exxon, BP, Shell and Chevron all announced billions in new profits – including the highest single-quarter take in history.  Meanwhile, American jobs continue to disappear, millions have seen their full-time jobs cut to part-time work and unemployment has reached a four-year high.

“It is disturbing that none of this news seems to concern Bush-McCain Republicans.  While employers have cut jobs for seven straight months, Republicans have blocked at least seven of our efforts this year to create good-paying jobs here at home by investing in alternative, renewable energy sources.

“Democrats know America cannot afford for this streak to continue any longer, which is why we will continue working to strengthen our economy in the short-term and address the long-term economic problems hurting America’s middle class.  We will propose new legislation to jumpstart our economy and continue our effort to invest in clean energy, both of which will create good-paying jobs here in America.  We hope that Bush-McCain Republicans will finally do more than offer the same failed fiscal and foreign policy strategies that got us into this mess in the first place.”

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