NEW ECONOMIC POLICY FOR AMERICA -- (House of Representatives - October 09, 2004)
(Mr. PALLONE asked and was given permission to address the House for 1 minute.)
Mr. PALLONE. Mr. Speaker, it is official. President Bush will be the first President since Herbert Hoover to face reelection with fewer people working than when he started.
Yesterday, the Labor Department issued its last update on job creation before the elections. The stock market dropped sharply, reacting to the job report that raised significant doubts about the economy's strength under President Bush.
Most economists agree that Bush's tax cuts failed to stimulate the economy because they overwhelmingly favored very wealthy households. Mr. Speaker, 1.6 million private sector jobs have been lost since President Bush entered office. Economists estimate that the Nation needs to add roughly 150,000 jobs a month to keep pace with the growth in the workforce, and we need to add many more than that to make up for the ground that has been lost under President Bush. Since July, the economy has added only, on the average, 103,000 jobs a month.
Mr. Speaker, clearly, there is a need for a change in economic policy here in Washington, which can only occur with a new President, John Kerry.