The Bush Economy Loses More Jobs In May

  This must be the Bush booming economy that we have heard so much about this year. Those permanent tax cuts are supposed to do what? Create jobs? I just don't see it.

The Gavel

Leader Hoyer:

It is increasingly clear that the only people who believe the Bush Administration’s policies are working are the cheerleaders who reside and work at 1600 Pennsylvania Avenue. Today’s dismal jobs report is more bad news for American workers, who not only are struggling with the reality or fear of job loss but also with decreasing household incomes, exploding gas and food prices, and skyrocketing health care costs.

While economists debate whether the economy is technically in recession, the one-half point jump in the unemployment rate in May to 5.5 percent and the loss of more than 300,000 jobs since the first of the year demonstrate that the Bush economy is wheezing to the finish line.

The American people want and deserve economic policies that are designed to generate economic growth and create jobs, to ensure tax equity and fairness, to invest in our future, and to restore fiscal responsibility. These are precisely the goals put forward in Senator Barack Obama’s dynamic economic plan, and I look forward to working on his behalf in the campaign ahead. It must trouble all Americans that Senator John McCain, the presumptive Republican nominee, has flip-flopped and now promises to pursue the Bush Administration’s failed economic program. Our nation needs to move in the new direction that Senator Obama has outlined. The last thing we need is the third Bush term that Senator McCain promises.

  But wait! There's more!

The number of people looking for work climbed 861,000 to 8.5 million in May. Nearly one in five of those looking for work have been jobless for six months or more. (BLS)

Average weekly earnings continue to fail to keep pace with inflation - up only 3.2 percent over the last year compared to nearly 4 percent inflation. (BLS)

Crude oil prices today reached a record $134 per barrel, and gas prices remain at a record of $3.99 a gallon - more than double that of 2001 - after setting new record high prices for 28 of 29 days. Diesel prices remain at near record levels, at $4.76 a gallon. (AAA)

Families faced the biggest jump in food prices in 18 years in April – as prices rose by more than 6 percent over the last quarter. The cost of bread is 14 percent higher than a year ago, while milk is up 13 percent. (BLS)

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