DNC: The Real Bush Economy
Washington, DC - Today, President Bush will make remarks on the economy while visiting the Urban Trust Bank in Washington, DC. The President continues to deceive Americans when he says that the economy is growing stronger, as he fails to mention that the Bush Economy continues to benefit only the wealthiest Americans. By citing growth in the stock market, he ignores the fact that 10 percent of Americans own 80 percent of all stocks. [Economic Policy Institute, 10/11/06]
Under President Bush's misguided leadership, median household income for American workers has decreased by $1,300, with full-time workers suffering the most from these failed policies. Millions more Americans have also joined the ranks of the uninsured during the Bush Presidency. In 2000, 39.8 million Americans were uninsured, while that number rose to 46.6 million in 2005. [U.S. Census; Kaiser Family Foundation] Bush and his Republican allies have also refused to raise the minimum wage while voting to increase their own salaries. President Bush's handling of America's finances is not any better, having turned record surpluses into record deficits.
"The Bush Economy continues to help only those at the top of the economic ladder while ignoring the millions of hard-working Americans who are holding the ladder steady," said Democratic National Committee Press Secretary Stacie Paxton. "From declining incomes and record deficits, to the millions of Americans who have become uninsured, the Republican economic record is one of deficits, deceit and divisiveness. Democrats remain committed to middle class tax fairness and pro-growth policies that create good jobs here in America. America's working families cannot afford more failed Republican leadership on the economy."
Household Income Declined By Nearly $1,300 Under Bush; Wage And Salary Increases Don't Cover Inflation. Although median household income increased by $509 last year, median household income has declined by $1,273 under the Bush Administration. And the failure of wage and salary increases to cover inflation has meant a real reduction of median income between 2000 and 2005 of 2.7 percent for households. [U.S. Census Bureau, 8/29/06; Table A-1; Center for American Progress, 8/29/06]
* Full-Time Workers Suffer The Most. The decline in workers' real income was especially pronounced for full-time, year-round workers. For men, median incomes fell by $774 from 2004-2005, and they have seen their incomes drop by $842 during the Bush Administration. For women, median incomes fell by $427 in the last year alone. Incomes in this group fell to their lowest levels since 1997 for men, and lowest level since 2000 for women. [U.S. Census Bureau, 8/30/05; Table A-2; Center for American Progress, 8/29/06]
The Bush Record: Record Surpluses To Record Deficits. Republicans have turned President Clinton's projected 10-year $5.6 trillion surplus into a nearly $3 trillion deficit. When this Administration took office, it inherited a projected ten-year surplus (2002-2011) of $5.6 trillion. Based on a realistic estimate of the President's policies, that surplus has now become a $3.3 trillion deficit over the same period of time, a dramatic fiscal reversal of $8.9 trillion. [House Budget Committee, 2/06]
Senate GOP Blocked Minimum Wage Vote For 9th Time; Congressional Pay Up $30,000 During Same Period. "The Republican-controlled Senate smothered a proposed election-year increase in the minimum wage Wednesday, rejecting Democratic claims it was past time to boost the $5.15 hourly pay floor that has been in effect for nearly a decade. ... The Senate vote marked the ninth time since 1997 that Democrats there have proposed -- and Republicans have blocked -- an increase in the minimum wage. ... Kennedy also said lawmakers' annual pay has risen by roughly $30,000 since the last increase in the minimum wage." [AP, 6/22/06]