Home > NewsPelosi Statement on U.S. Economy Shrinking in Third Quarter
Pelosi Statement on U.S. Economy Shrinking in Third Quarter
Thursday, October 30, 2008
Contact:Brendan Daly/Nadeam Elshami, 202-226-7616
Washington, D.C. — Speaker Nancy Pelosi today issued the following statement on third quarter Gross Domestic Product (GDP) numbers, which shrank at a 0.3 percent annual rate in the July-September, marking the worst showing since the 2001 recession, and weekly applications for unemployment benefits, which remained at 478,000, near an all time high.
“Today’s GDP news and jobless claims report confirm what Americans already know: that our nation’s economy is shrinking; consumers are not spending; and businesses are producing fewer goods. At a time of worsening economic conditions for families and workers, Americans expect leadership that will help Main Street recover.
“The House passed an economic recovery and job creation package in September, but the legislation was blocked by Republicans in the Senate and opposed by the President. With American families suffering, workers losing their jobs and businesses contracting their production, we must work together on a fiscally responsible plan that will boost the economy and restore consumer confidence.
“The New Direction Congress is committed to addressing the economic crisis in the short-term and the long-term, creating good-paying jobs here at home, providing relief to struggling families and small businesses, and making us more competitive in the 21st century global economy.”
