View the Economic Policy Insititute's Job Watch, which tracks job creation and wages.
WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) released the following statement today in response to President Bush’s speech on the economy in Kansas City:
“Today, in his so-called “six-point plan,” the President failed to offer anything new ideas to create jobs and rev up the economy. He just served up more presidential platitudes – blame lawyers, blame China, and cut regulations.
“On Labor Day, he suggested that manufacturing one job – a new assistant secretary for manufacturing at the Commerce Department – would somehow address the growing problem of unemployment. Today, the president recycled old policy proposals that the Administration has decided to repackage and market as a new and improved jobs program. Pushing lawsuits into federal courts isn’t going to give Missouri back a single one of the 90,000 jobs that it has lost in the past two years.
“I think the American people now realize that President Bush never had an economic plan for our nation and he does not have one now. Instead, the President had a belief in ‘trickle-down’ economics: If you give huge tax cuts to the most affluent, it will trickle down to everyone else and the economy will boom. He ignored the fact that ‘trickle-down’ economics didn’t work in the ‘80’s.
“But, of course, the economy has not boomed under George W. Bush. It has only stagnated. In fact, with the loss of 3 million jobs, George W. Bush has the worst record of job creation since Herbert Hoover. Unemployment is at its highest level in a decade. The number of Americans living in poverty grew by 1.4 million last year alone. And the federal budget deficit has exploded to a record high of more than $400 billion and threatens to be a drag on the economy for years to come.
“Congressional Democrats offered a pro-growth economic plan earlier this year that was designed to stimulate the economy and create more than 1 million new jobs this year – five times more than the President’s plan. But Republicans rebuffed us. Democrats urge the President and Republicans in Congress to join us in crafting a real economic plan that addresses the needs of the American people.”