Pelosi: Economy Moving in Wrong Direction; Bush and Republicans Woefully Out of Touch
Pelosi: Economy Moving in Wrong Direction; Bush and Republicans Woefully Out of Touch
House Democratic Leader Nancy Pelosi issued the following statement today on a report released by the Commerce Department that showed the economy grew at a disappointing 2.9 percent annual rate in the spring, another sign of slowing growth:
"Today's Commerce Department report is more bad economic news for American families. Economic growth has slowed this spring, with the biggest decline in homebuilding in more than 10 years. And even as American workers are more productive and working harder, they are taking home a smaller share of the economic pie. Commerce Department data shows that wages as a share of income this year are at their lowest level since at least 1928, while corporate profits are the highest as a share of national income in more than 50 years.
"This comes on top of yesterday's Census Bureau report showing that middle-class families are living paycheck to paycheck, struggling to make ends meet. The median income for working-age families has declined every year of the Bush Administration and is now $3,000 less than in 2000. Never before in our recorded history has median income of worker households declined for four consecutive years during a time when economic growth has been positive.
"Paychecks of full-time workers declined again in 2005, even as prices are skyrocketing for American families. Our economy is moving in the wrong direction, and President Bush and the Republicans in Congress are woefully out of touch with this fact. Just last week, the President said: Things are good for American workers.' Things are good for corporate executives, not for everyday workers.
"Democrats support a New Direction for American workers by raising the minimum wage and ensuring that college education and health care are affordable, but all Republicans want to do is slash taxes for the wealthiest few. And Democrats support pay-as-you-go budgeting, but Republicans continue to burden our future generations with mountains of debt."
http://democraticleader.house.gov/press/releases.cfm?pressReleaseID=1760