DEAN: REPUBLICAN POLICIES DON'T HELP HARD WORKING AMERICANS

paineinthearse

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Mon Jun-06-05 09:31 PM
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DEAN: REPUBLICAN POLICIES DON'T HELP HARD WORKING AMERICANS

Edited on Mon Jun-06-05 09:31 PM by paineinthearse

Got this by email from a friend at DNC:

DEAN HAS BEEN WIDELY CRITICIZED FOR HIS REMARKS ABOUT REPUBLICANS. HERE ARE HIS COMMENTS ABOUT THAT. IT IS OK FOR THEM TO CRITICIZE DEMOCRATS BUT OH MY IF WE CRITICIZE THEM.

READ ON

For Immediate Release Contact: Karen Finney
June 3, 2005 202-863-8148

DEAN: REPUBLICAN POLICIES DON'T HELP HARD WORKING AMERICANS

DNC Chairman Howard Dean issued the following statement:

"The point I was making is clear: Republican policies have declared war on hard working Americans. I will continue to criticize Republican leaders and their policies, and the Democratic Party will continue to offer constructive alternatives."

See below for more information from DNC Research.

THE OTHER HALF OF THE STORY
Republicans Tout Economic Recovery While Working Families Suffer

In a recent press conference, President Bush stated, "I'm not worried about things in Washington." But American families are worried - and with good reason. Republicans are touting the economic recovery, but in fact, working families are facing the increased burden of higher debt, a skittish stock market, and stalled economic growth. Republicans have declared war on hard working Americans, and Democrats will continue to criticize Republican leaders and their policies.

EMPLOYMENT
Job Creation Close to a Standstill. "The nation added only 78,000 jobs in May, less than half the pace of the previous three months and the smallest monthly increase in nearly two years," the Labor Department reported today. A total of 78,000 jobs were created, less than half of what Wall Street analysts had predicted.

2.8 Million Manufacturing Jobs Have Been Lost Over the Past Four Years. Even as jobs were created in other parts of the economy, another 7,000 manufacturing jobs were lost last month.

Unemployment Claims Rose by 25,000. U.S. initial unemployment claims jumped by 25,000 to 350,000 in the week ending on May 28. Economists had expected initial claims to rise by 2,000 in the latest week.

Average Length of Unemployment Remains At A 20-Year High. The average out-of-work American is unemployed for nearly 5 months. In May, 1.5 million people had been unemployed for over 6 months; almost two and one-half times the number in 2001.

About 80 Percent of New Jobs Created Pay an Average Hourly Wage Lower Than The National Average. About 2.9 million of the new jobs that have been created since August 2003 are in the service sector with an average wage that is 40 cents lower than the national average. More than 256,000 of these jobs are temporary jobs. More than 851,000 of these jobs were in low-paying domestic industries, such as wait staff in restaurants and bars and retail workers. This means that more than 30 percent of the new jobs created are temporary jobs or in low-paying domestic industries.

HOMEOWNERSHIP
Homeownership Growth Is Slowing; Mortgage Debt Leading to Bankruptcies. The growth in home ownership rates has slowed since Bush took office-slowing by 42 percent for African Americans, 45 percent for Latinos, and 25 percent for whites. Mortgage debt has risen higher and faster than ever before during a business cycle, contributing to record bankruptcy rates-with 1 in 200 Americans filing for bankruptcy. In fact, "Households have relied more heavily than ever before on borrowing against the equity in their homes to help them pay their bills."

STOCK MARKET
Stock Market Fears "Stagflation." According to the Washington Post, Wall Street was gripped "by one of its worst nightmares-'stagflation.' Stagnant economic growth was documented by the Commerce Department * Inflation-the other element of 'stagflation'-is growing faster, at 3.2 percent* Slowing growth and accelerating inflation are the worst possible combination for investors. Inflation erodes profits, which are already withering on their own. Stocks opened lower after the report and then dove further as investors studied the fine print where the details on inflation were described."

OTHER BAD NEWS UNDER BUSH'S ECONOMY
U.S. Economy Is Hitting the Brakes; GDP Growth at Slowest Rate in 2 Years. The nation's GDP grew at a 3.1 percent annual rate in the first quarter of 2005-much slower than the 3.8 percent growth in the final quarter of 2004, and the slowest rate since 1.9 percent growth in the first quarter of 2003. Activity slowed across most of the economy, including lower consumer spending and corporate investment. "Final demand"-real purchases by companies and individuals-expanded only 1.9 percent in the first quarter. The remainder of the 3.1 percent expansion "was a result of an $80 billion surge in the accumulation of inventories."

Higher Energy Prices Have "Sapped" "Economy's Momentum." According to Mark Zandi, Economy.com's chief economist, "The economy hit a pot hole in early 2005. Higher energy prices have sapped a lot of the economy's momentum." Crude oil prices have increased, giving traders another reason to worry about the economy. Oil prices soared to record highs in March, hit a new record of $57.27 a barrel at the beginning of April, and now hover at just above $50 a barrel.

Each American's Current Share of National Debt Is More Than $26,000; Greenspan Expresses Worries Over Deficit. Bush's deficits have increased the national debt to $7.7 trillion--totaling $26,248 for each man, woman, and child in the United States. In testimony before the Senate Budget Committee on April 21, Alan Greenspan testified that "Unless that trend is reversed, at some point these deficits could cause the economy to stagnate or worse*The federal budget deficit is on an unsustainable path, in which large deficits result in rising interest rates and ever-growing interest payments that augment deficits in future years."
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