He also supported help for the U.S. auto industry, stressing that the country's trade policies also need to change in order to keep the industry healthy.

Jackson said at the forum at Rainbow PUSH headquarters on the South Side: "Don't spend money you don't have on new clothes and other things you don't need." 

Addressing the financial straits of the U.S. auto industry, Jackson said,  "There is no question that Congress must throw a lifeline to the auto industry because so many people and cities depend on that industry for their survival. At the same time, we must understand that a rescue package would be only a quick fix." 

Dennis Williams, director for the United Auto Workers Region 4, explained the magnitude of the problem that would be created if U.S. auto companies fail.

"The stakes are huge," Williams said.

"We can quickly go from a recession to a depression.  This is really ground zero."

He also noted that -- without immediate federal assistance -- one or more major automakers could be forced to suspend operations causing devastating economic consequences for the entire country.

For instance, Williams said, workers in auto industry and related jobs contribute $21.1 billion a year to Social Security and pay $24.7 billion in personal income taxes.