Hoyer on GDP Report

For Immediate Release:

October 30, 2008

Contact:Stacey Farnen Bernards
(202) 225 - 3130

WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today on the Department of Commerce’s Gross Domestic Product numbers, which fell at a 0.3 percent annual rate in the third quarter:
 
“The Department of Commerce released more bad news today on the economy – the GDP has fallen for the first time in 2008.  This is important because it means that America is producing less and selling less.
 
“There is no doubt that these economic conditions are affecting millions of American families and workers. Due to rising unemployment, declining wages, and the rising cost of living, American consumer spending plunged to its lowest point in 28 years.
 
“Joe the worker is suffering because the Bush-McCain economic policies, which were not focused on what’s good for Main Street, have been proven decisive failures.
 
“Democrats understand the urgency of this economic condition, and we will fight for fiscally responsible solutions and to help those struggling on Main Street get back on their feet.
 
“America, a land of opportunity and promise, has the ability and resources to recover from this economic downturn. To that end, we are hopeful that Republicans will join with us in the coming weeks to pass a Main Street recovery package.”
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