Pelosi: Americans Cannot Afford to Continue Bush's Failed Economic Policies

August 19, 2008

Washington, D.C. - Speaker Nancy Pelosi issued the following statement today in reaction to the latest round of consumer and wholesale price increases, which come on the heels of rising unemployment and sluggish economic growth forecasts. The Department of Labor announced today that wholesale prices rose by 1.2 percent in July; last week, the department reported that consumer prices rose by 0.8 percent in July, meaning consumer inflation is rising at its fastest pace in 27 years:

'The Bush Administration's economic policies continue to mean higher prices and lower wages for American workers. We cannot afford to continue these failed policies.

'The Democratic-led Congress has delivered Recovery Rebates to 130 million households, critical reforms to help Americans impacted by the home foreclosure crisis, the first minimum wage increase in a decade, extended unemployment benefits, an historic expansion of college aid, and a critical new direction in research and innovation that will expand our economy.

"The House will soon act on additional broad-based economic recovery and energy plans that will create new American jobs, make energy more affordable, independent and green, and mark an essential shift from the failed Bush policies Republicans in Congress have rubber-stamped for far too long.

"I hope my Republican colleagues in the House will join our efforts to assist the American people, instead of continuing their summer-long defense of taxpayer-financed subsidies to big oil companies that are earning the largest profits in American corporate history.'