House Democratic Leaders Statement on the Economy

Williamsburg, VA -- The House Democratic Leadership today issued the following statement at the conclusion of the annual issues conference, entitled "Strengthening our Economy, Working for Changes." The statement was issued by Speaker Nancy Pelosi; Majority Leader Steny Hoyer; Majority Whip James E. Clyburn; Caucus Chairman Rahm Emanuel; Caucus Vice Chairman John Larson; and Democratic Congressional Committee Chairman Chris Van Hollen:

"Today's dismal jobs report showing that employers cut payrolls by 17,000 in January -- the first time in nearly five years our economy experienced a net loss of jobs. This bad news underscores the urgent need for Congress to take action to put recovery rebates in the hands of Americans struggling with the rising costs of energy, health care, and groceries.

"By providing tax rebates for the middle class and those aspiring to it, and offering targeted tax relief to businesses that will immediately create jobs, we strengthen our economy and get Americans back to work.

"We must restore confidence to the economy, to consumers and to the markets.

"Democrats are developing a long term strategy by charting a New Direction for our economy that creates new, knowledge-based jobs as we tackle major challenges, such as bringing innovation to education, expanding access to health care, rebuilding our infrastructure, and addressing the climate crisis."

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Fact Sheet: Recent Economic News

" 17,000: Employers cut payrolls by 17,000 for the first time in more than four years, with job losses in manufacturing, construction, and financial services.

" 3.4 million: President Bush is tied for the worst jobs record of any President since the Great Depression, with 3.4 million manufacturing jobs lost.

" Less than 1 percent: Economic growth in the fourth quarter was a sluggish 0.6 percent -- its slowest pace since 2002.

" 2.2 million: Nationwide, the foreclosure rate jumped 75 percent -- with 2.2 million filings -- in 2007.

" $3.50: Families are paying $2.98 a gallon for gasoline -- double the price in 2001, and three times the amount for home heating oil over 2001, and the price of crude oil recently peaked at record of $100 per barrel. Experts estimate that the average national price of gasoline could rise to a record $3.50 a gallon or more by June, with prices approaching $4 a gallon in some areas.