More on Economy
NY Gas Prices Up 90% Under President Bush
New York, NY – Following reports that gas prices nationwide have surged more than 20 cents per gallon in the last two weeks alone, Congresswoman Carolyn B. Maloney (D-Manhattan, Queens) and her colleagues in the House of Representatives called for a new direction in energy policy. According to data released this week by the House (click here for gas price data), gas prices are up 90% in New York since President Bush took office. Last August, Rep. Maloney issued a report (click here for report) showing that New York City families are paying $880 per year more for gas than they paid in 2001, and families statewide are paying $1,200/year more.
Vice Chair of Joint Economic Committee Reacts to Latest Jobs Report
WASHINGTON, DC – The Bureau of Labor Statistics reported today that the U.S. economy added 97,000 jobs in February, below the 125,000-150,000 needed each month to keep pace with the expanding economy. The unemployment rate remained unchanged at 4.5 percent.
Legislation to Give U.S. Exports a Boost Passes the House
WASHINGTON, DC – The House of Representatives today approved legislation to aid U.S. exporters by passing the Export-Import Bank Reauthorization (S. 3938). With this action, the House not only moved to reauthorize the Export-Import Bank, but at the same time it approved new provisions to protect the U.S. export economy from being threatened by China, which is effectively subsidizing its exports, and to stoke small business exporting.
October Job Statistics Do Not Erase Dismal Bush Economic Record for Middle Class and Working Americans
WASHINGTON, DC – 92,000 total payroll jobs were created in October, the Bureau of Labor Statistics reported today, which is less than financial market predictions of 125,000 jobs and less than the 125,000-150,000 needed each month to keep pace with the expanding workforce. The unemployment rate dipped to 4.4 percent but remains higher than it was when President Bush took office in January of 2001.
Bush Administration Increasingly Relies on China and OPEC to Finance U.S. Debt, Report Shows
WASHINGTON, DC - The Bush Administration has allowed the United States to become increasingly dependent on foreign purchases of U.S. Treasury securities to finance the federal budget deficit, and future U.S. national income will be depressed by payments to foreign holders of U.S. debt, according to a new study by Democrats on the Joint Economic Committee (JEC) and the House Committee on Financial Services.
Economy Slows to a Crawl in Third Quarter of 2006
WASHINGTON, DC – The U.S. economy cooled off even further during the third quarter of 2006, with the Gross Domestic Product growing at only a 1.6 percent annual rate. This falls short of predictions and is even slower than the 2.6 percent GDP growth from the previous quarter.
Real Earnings Lag in Bush Economy
WASHINGTON, DC – The Bureau of Labor Statistics reported today that average weekly earnings for a worker in the month of September were $569.19. After adjusting for inflation, that represents a one percent increase from the previous month. Even with that bump, real weekly earnings continue to remain lower than they were three years earlier, when job losses from the 2001 recession were at their peak.
Rep. Maloney Outlines Dems’ New Direction on Economy
QUEENS, NY – On Wednesday, Rep. Carolyn B. Maloney (D-Manhattan, Queens), the Senior House Democrat on the Joint Economic Committee, delivered a major address on the economy at LaGuardia Community College. Maloney’s address was part of the House Democrats’ national effort to highlight their New Direction agenda to restore economic security for hard-working Americans. Before a crowd of LaGuardia students, professors and staff, Maloney outlined the Democrats’ plan to ensure economic security, opportunity and prosperity for all.
Trade Deficit Bigger Than Ever, Adding to List of Bush Economic Failures
WASHINGTON, DC – New statistics released by the federal government today show that the trade deficit hit $69.9 billion in August, topping the previous all-time high set one month earlier. Last year, the annual trade deficit was at a record high for the fifth consecutive year, and it is well on its way to topping that record again this year.
Happy Talk About $247.7 Billion Deficit is Laughable, Says JEC’s Senior House Dem
WASHINGTON, DC – Today, President Bush is touting a $247.7 billion budget deficit for the fiscal year ending on September 30. This marks the fifth straight year of budget deficits under the Bush administration – a drastic change from the four straight years of budget surpluses achieved under Clinton administration policies.
