FOR IMMEDIATE RELEASE November 02, 2006

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

Pelosi: Bush’s Failed Economic Policies Are Leaving Middle-Income Families Behind

Washington, D.C. – House Democratic Leader Nancy Pelosi released the following statement today on news thatproductivity growth of U.S. businesses stalled in the third quarter, factory orders fell for the second straight month,and inflationary pressures are growing with higher labor costs.

“Today’s news that productivity has stalled and factory orders are down confirms that the Bush economy is slowing at an already difficult time for middle-income families.  The President and his Rubber Stamp Republicans in Congress continue to insist the economy is strong, demonstrating that Republicans simply do not understand that their failed economic policies are leaving middle-income families behind.

“Millions of Americans are working hard and are unable to get ahead.  Republicans’ record budget deficits are passing trillions in debt on to our children and grandchildren.  Republicans’ misplaced priorities of more tax cuts for the wealthy and more record deficits have put the American Dream for the next generation at risk. 

“Democrats are offering a New Direction for America that will provide real tax relief to middle-income families, which will inject demand into our economy, spur economic growth that will produce jobs, and reduce the deficit, and we will do it in a fiscally responsible way.”

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The Bush economic record has been a failure for middle-income 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.

·        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