BPC's Akabas: Jobless Claims "Sharp Tip" of the Iceberg

Washington, DC – The following is a statement from Shai Akabas, director of economic policy at the Bipartisan Policy Center, on the sharp rise in unemployment claims announced today:

“Today’s unemployment claims numbers were just the tip of the iceberg, but it looks like a very sharp tip.

“These numbers should ratchet up the urgency in Washington to settle on a significant economic stimulus package that includes support to American families and targeted measures to keep threatened businesses afloat. This critical situation demands an ‘all of the above’ approach.

“Swift action is necessary to stabilize the economy, but even with such action, we can expect things to get much worse in the short term.”