Pelosi Statement on Troubling February Jobs Report, Largest Monthly Decline in Five Years

'Today's troubling jobs numbers are the latest evidence we must continue to chart a New Direction for our economy that breaks with the failed Bush Administration policies of the last seven years. The Bush economy has undeniably failed to create jobs and renew the American Dream for the middle class and those who aspire to it -- instead leaving our economy reeling and families struggling to make ends meet, with rising prices for gas, home heating oil, groceries, and health care.

'Last month, the New Direction Congress aggressively responded to the weakening economy with a bipartisan stimulus package that will provide timely, temporary and targeted tax cuts, as soon as recovery rebates go out to 130 million Americans in May.  Next week, we will act on a budget plan that is a fiscally responsible blueprint for economic recovery to make smart investments for our future in renewable energy, health care, education, American innovation and infrastructure.  We will also continue to address the subprime mortgage crisis and help families avoid foreclosure. These actions build on last year's work to increase the minimum wage, enact the largest expansion of college aid since the GI Bill in 1944, and enact a sweeping energy bill that will help Americans save money at the gas pump and on their heating bills.

'Democrats in Congress are committed to working in a bipartisan way to get our economy moving again and creating jobs for America's families.'

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Just this week, news of new highs and lows defined the worsening economic picture:

Biggest Job Drop Off in Five Years:  Employers slashed jobs by 63,000 in February - the biggest job drop off in five years and the second consecutive month of job losses. The job losses were widespread --in construction, manufacturing, retailing, financial services and a variety of professional and business services.  President Bush is tied for the worst jobs record of any President since the Great Depression, and America has lost 3.4 million manufacturing jobs since 2001.

Energy Prices at Record Levels:  This week, oil prices hit an all-time record high of nearly $106 per barrel, while families are paying $3.19 a gallon for gas - 68 cents a gallon more than last year and only pennies away from the record of last spring.  Gas prices are double that of 2001 and home heating oil costs are three times that of 2001.

Mortgage Crisis Worsens: The percentage of mortgages that were in foreclosure hit a record high in the fourth quarter, while mortgage delinquencies rose to a 23-year high. Homeowners' debt on their houses exceeds their equity in their homes for the first time since 1945.