FOR IMMEDIATE RELEASE October 27, 2006

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

Pelosi: In Bush Economy Millions of Americans Are Working Hard But Unable to Get Ahead

Washington, D.C. – House Democratic Leader Nancy Pelosi issued the following statement today on news that economic activity in the third quarter slowed to 1.6 percent, the slowest in more than three years, and a new forecast that the decline of the nation's housing market will reduce construction spending next year, with a potential loss of jobs.

“Today’s report demonstrating that the economy is slowing is more bad news for the millions of middle-income American families.    

“Just because the President looks through his rose-colored glasses and sees a strong economy doesn’t make it so.  He refuses to see the millions of Americans who are working hard and are unable to get ahead.

“The economy isn’t solely measured by the Dow, it’s measured in how people’s earnings meet their families’ needs.  It’s measured in whether you afford daily necessities – health care, food, energy, and housing – or can plan for your family’s future – college or retirement.  By these measures, our economy is not nearly as strong as it should be.

“Democrats are offering a New Direction for America.  Democrats are fighting for middle-income tax cuts – education, health care and retirement.  We will restore fiscal discipline with tough policies of pay-as-you-go budgeting, no new deficit spending, to ensure strong economic growth and make key investments to create the jobs of the future.  And 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 despite the fact that the stock market and corporate profits are up:

·        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 – the worst jobs record since Herbert Hoover.

“ 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