Pelosi: Bush and Republican Congress Continue to Ignore Economic Reality of Americans'
Washington, D.C. - House Democratic Leader Nancy Pelosi released the following statement today on the Commerce Department's announcement that the trade deficit increased 4 percent in October, to a record $69 billion. The trade deficit is running at an annual rate of $718 billion -- $100 billion more than last year -- putting the country on pace to reach an all-time high.
"Today's record trade deficit numbers are yet another sign that Republican economic policies are failing to meet the needs of the American people - resulting in wages falling here at home, at a time when working families are facing skyrocketing gas prices at the pump and increasing costs of health care. In the past fifteen years, our trade deficit with China alone has grown from $4 billion a year to more than $4 billion a week. At the same time, Republican economic policies have created huge budget deficits that are being financed by borrowing from our foreign competitors.
"Last week, President Bush touted how well the American economy is doing, displaying just how out of touch he is with middle-class Americans. Rising costs and stagnant wages are the economic reality facing most Americans, and the reality that President Bush and the Republican Congress continue to ignore. We need economic and trade policies that work for all Americans, not the Republicans plan to borrow more money from China to pay for even more tax breaks for the wealthy few.
"America can do better than irresponsible spending and trade policies that are jeopardizing our economic security and placing our economic future in the hands of foreign countries. That is why Democrats have created an Innovation Agenda to build a skilled workforce in science, engineering, and information technology, spur federal research and development, guarantee access to broadband technology, and achieve energy independence in 10 years through emerging technologies. Democrats are fighting for fair trade and fiscal responsibility to create new markets for U.S. goods and provide opportunities for America's working families, farmers, and small business owners."