California Governor Schwarzenegger Announces Action to Combat Increased Unemployment Rate

01/18/2008 -- California Governor Arnold Schwarzenegger today released the following statement after the California Employment Development Department released its most recent unemployment data:

"The people of California are feeling the hit of the subprime mortgage crisis and housing slump. While other sectors of our economy remain strong, creating more than 15,000 new jobs last month, it's clear that California and the rest of the nation will have to weather this disruption for a while.

"I called an emergency meeting of my cabinet yesterday and instructed agency directors and department heads to immediately recommend ways we can work with the legislature to speed the release of $29 billion in unallocated funds from the 2006 infrastructure bonds. Speeding up construction of roads, schools and levee repairs will help our economy continue to grow and keep more people working.

"As one of the first actions, I have instructed Finance Director Mike Genest to use his authority in the current budget act to release $300 million in funding for roads, highways and corridor mobility improvements.

"The Department of Water Resources will also begin early environmental work and mitigation to allow $200 million of already allocated levee projects to move quicker.

"I have directed my Employment Development Department to extend the hours of operation at all job assistance centers across the state so displaced workers can get help finding jobs.

"While I haven't seen the full details of the proposal, I support the President's call to stimulate the economy with tax rebates.

"I have spoken with all four legislative leaders and we are committed to acting quickly on removing regulatory and statutory hurdles that hinder investment in new construction in both the public and private sector.

"We will continue to identify other steps we can take to stimulate our economy."

Source: California Governor

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