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Pelosi Calls on President to Work with Congress on New Economic Stimulus Package
Friday, April 4, 2008
Contact:Brendan Daly/Nadeam Elshami, 202-226-7616
Washington, D.C. – Speaker Nancy Pelosi issued the following statement today on the troubling jobs report from the Labor Department, which showed that the U.S. economy lost 80,000 jobs in March, the largest monthly job decline in nearly five years. In addition, the January and February job loss numbers were revised downward:
"Today’s disturbing unemployment numbers, combined with Chairman Bernanke’s recession warning, and threats to our standard living because of the rising costs of gas, groceries and health care compels the President to work with Congress on a second stimulus package to get our economy back on track, create jobs, and speed assistance to families struggling to make ends meet.
“When congressional leaders meet with the President next week, I will urge him to refocus his attention on America’s economy and to again work in a bipartisan manner on a new stimulus package. We need to work together to restore consumer and market confidence, to assist millions of Americans threatened with the loss of their homes, and to help families meet the rising costs of necessities.
“Americans are demanding a New Direction for our economy that will create good paying jobs here at home and keep the American Dream alive for themselves and their families. Democrats in Congress are hopeful that the President and congressional Republicans will again work with us to strengthen the economy and the American middle class.”
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Facts on the Bush Economy:
- The number of Americans jobs has declined in each of the past 3 months by a total of 232,000.
- The unemployment rate increased to 5.1 percent – the highest level since Hurricane Katrina -- in March.
- On Wednesday, Federal Reserve Chairman said “A recession is possible… We're slightly growing at the moment, but we think that there's a chance that for the first half as a whole there might be a slight contraction."
- Gas prices have reached a record $3.29 a gallon – 58 cents more than a year ago more than double in 2001—and recently oil prices hit an all-time record high of more than $110 per barrel.
- Since 2001, premiums for family health coverage have climbed 78 percent, with workers paying more than $3,200 per year. A record 47 million Americans are without health insurance.
- Since 2001, the real income of a typical family has fallen by nearly $1,000.
- Economic growth virtually stalled at the end of 2007with consumer confidence at a 16-year low and consumer spending in February at the slowest in a year.
