WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after President Bush spoke in Virginia touting economic conditions:
“President Bush clearly seems to believe his own rhetoric on the economy – without regard to the facts. The truth is, the economic insecurity gripping millions of American families from coast to coast is very real, with consumers being forced to contend with exploding gas prices, health care costs and college costs.
“When the President cheerleads on the economy and pretends that tax cuts passed four years ago are somehow a magic economic elixir, he simply looks out of touch with economic reality today. In the Bush economy, the poverty rate has gone up, household incomes have gone down, the number of uninsured has increased by 7 million, foreclosures are exploding and gas prices have nearly doubled.
“With an economic record like that, it’s no wonder that President Bush is still extolling his tax cuts from several years ago – and all the while ignoring the fact that his economic policies erased a projected 10-year budget surplus of $5.6 trillion, instigated record budget deficits and added more than $3 trillion to the national debt.
“Even today, this borrow-and-spend Administration and its Republican allies in Congress are demanding a massive blank check for Iraq and a one-year fix of the alternative minimum tax that together would add $250 billion to the deficit and debt – while blocking Democratic attempts to responsibly invest in America's future prosperity. In contrast, Democrats believe it is imperative that our nation gets its fiscal house in order and that it is irresponsible – and immoral – to force future generations to pay this generations bills.”