Pelosi Statement on Disappointing Jobs Report

Washington, D.C. -- Speaker Nancy Pelosi issued the following statement today on the disappointing jobs report that showed that unemployment is up to a two-year high of 5 percent and that private employers cut the number of new jobs for the first time in more than four years:

"As President Bush scrambles to respond with more of the same policies, American workers are losing their homes, seeing their incomes fall and their jobs shipped overseas, and are struggling with skyrocketing energy and health care costs. This morning's jobs report confirms what most Americans already knew--President Bush's economic policies have failed our country's middle class.

"American families need a New Direction for our economy. That is why the Democratic Congress raised the minimum wage, enacted an energy bill to create jobs and reduce energy costs, invested in American innovation, helped make college tuition more affordable, and cut taxes for middle-class families. Much more remains to be done to strengthen our economy, particularly to protect Americans at risk of foreclosure. I hope the President will be a partner with Congress and not act as a roadblock to a New Direction for our economy."

Fact Sheet: Bush Administration Economic Record by the Numbers

· 5 Percent: The December unemployment rate is up to a two-year high of 5 percent, with the number of people looking for jobs increasing by 474,000.

· 13,000: Private employers cut payrolls by 13,000 for the first time in more than four years, with job losses in manufacturing, construction, financial services and retail sales.

· 3.2 million: President Bush is tied for the worst jobs record of any President since the Great Depression, with 3.2 million manufacturing jobs lost.

· $2,500: Since 2001, the real income of a typical working age family has fallen by $2,500.

· $3.05: Families are paying $3.05 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.

· 47 million: Since 2001, families' share of their employer-sponsored health care premiums have climbed $1,500, with a record 47 million Americans without health insurance.

· 2 million: As many as 2 million Americans will see their mortgage rates increase in the next two years, with many of them losing their homes. This fall, home foreclosures have shot up to an all-time high. Tens of millions of homeowners could see the value of their home--their primary investment--drop in value.

· $30,000: The national debt is expanding by nearly $1 million a minute, climbing to $9 trillion, or nearly $30,000 per person.