Pelosi: New Direction Congress Taking Action to Begin to Repair Bush Economy and Renew American Dream

Washington, D.C – Speaker Nancy Pelosi issued the following statement today about the economy. Earlier this week, President Bush’s economic adviser Allan Hubbard said the overall economy is fine, and that ‘real America is doing just fine.’  Below Pelosi’s statement is a fact sheet on how the economy is affecting real Americans.

‘The Bush Administration is clearly disconnected from the economic pain of ‘real America.’  When more than 224,000 American families lose their homes in a single month to the mortgage meltdown and families are paying record prices for health care, gasoline, and home heating, real America is not ‘doing just fine.’

‘The New Direction Congress is taking action to begin to repair the Bush Economy and renew the American Dream.  The Democratic Congress increased the minimum wage, implemented an Innovation Agenda to help Americans compete and win in the global economy, and most recently, the House acted to protect Americans from losing their homes by reforming the mortgage industry and increasing access to affordable refinancing.

”Real America’ deserves New Direction economic policies that reward their hard work, not the Bush Administration’s apparent indifference to the struggles of working families.’

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November 29, 2007

Is the Bush Administration Doing Anything to Address the Real Struggle Hardworking American Families Face to Make Ends Meet?
‘I don’t know what it is, but the bulk of the economy is doing just fine.  We obviously have problems in the housing sector and we have problems in the financial sector, but … real America is doing just fine.’
-Outgoing Bush Economic Adviser Allan Hubbard
[Reuters, 11/27/07]


Foreclosure filings have nearly doubled across the country since this time last year. In October alone, more than 224,000 foreclosure filings were reported – an increase of 94 percent over October 2006 – and 54,000 homeowners were forced out of their homes by repossessions. [CNN Money, 11/29/07]

‘Sales of previously owned homes dropped to a record low in October… The dire housing market worsened in October as banks tightened lending standards and prices fell at a record pace.’ [Washington Post, 11/28/07]

Today, the Census Bureau announced the ‘biggest plunge in new home prices in 37 years.’ [CNN Money, 11/29/07]

‘The number of new people signing up for jobless benefits last week jumped sharply, suggesting that the labor market is softening as national economic activity slows.’ [AP, 11/29/07]

This month, consumer confidence dropped to its lowest point since Hurricane Katrina ravaged the GulfCoast states in 2005.
[CNN Money, 11/27/07]

‘As spending on health care has climbed to almost $2 trillion a year, or 16% of the U.S. economy, the number of Americans burdened with massive medical bills has soared as well.’ [Wall Street Journal, 11/29/07]

The price of oil is skyrocketing – nearing $100 a barrel – and the impact is being felt by American consumers at the gas pump, in the grocery store and in their homes.[Philadelphia Inquirer, 11/28/07]