FOR IMMEDIATE RELEASE November 01, 2006

CONTACT: Brendan Daly/Jennifer Crider 202-226-7616

Pelosi: In Bush Economy, Working Families Are Being Squeezed

Washington, D.C. – House Democratic Leader Nancy Pelosi released the following statement today on news that manufacturing activity dropped to the lowest level in three years, construction spending has declined or been flat for the fifth month in a row, and that outsourcing could impact up to 1.5 million jobs over the next decade.

“Today’s news reports, confirming that the Bush economy is slowing and that more jobs could be shipped offshore over the next decade, are more bad news for middle-income American families.

“Millions of Americans are working hard and are unable to get ahead.  For the first time in generations, parents worry that their children will not be better off than they are.  Working families are being squeezed as their earnings do not meet their needs. 

“Democrats are offering a New Direction for America.  Democrats are fighting for middle-income tax cuts – education, health care and retirement – and fiscal discipline to ensure strong economic growth.  Democrats will repeal taxpayer subsidies that promote shipping jobs overseas and we will raise the minimum wage.  Democrats will ensure that economic growth benefits all Americans, not just the privileged few.”

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The Bush economic record has been a failure for middle-class families:

·        In the Bush economy, real incomes for middle-income families have declined every year – an unprecedented record.

·        In the Bush economy, the cost of health care, energy, and college have soared. 

·        In the Bush economy, the budget and trade deficits as well as public debt levels have climbed to record levels.

·        In the Bush economy, 3 million manufacturing jobs have been lost and President Bush has the worst jobs record since Herbert Hoover.

·    In the Bush economy, Republicans have given U.S. multinational corporations more tax incentives to ship jobs overseas.

·    Economic activity in the third quarter slowed to 1.6 percent, the slowest in more than three years.

“ Democrats are united in presenting a New Direction for America, one that will make our nation as strong as its people, one that brings opportunity, security, and prosperity to all Americans. ”

Democratic Leader Nancy Pelosi