Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
11/29/2007
Pelosi: New Direction Congress Taking Action to Begin to Repair Bush Economy and Renew American Dream
"The Bush Administration is clearly disconnected from
the economic pain of ‘real
“The New Direction Congress is taking action to begin to
repair the Bush Economy and renew the American Dream. The Democratic Congress increased the minimum
wage, implemented an Innovation Agenda to help Americans compete and win in the
global economy, and most recently, the House acted to protect Americans from
losing their homes by reforming the mortgage industry and increasing access to
affordable refinancing.
"‘Real
* * *
FACT SHEET
November 29, 2007
THE ECONOMY IN EYES OF REAL
Is the Bush Administration Doing Anything to Address the
Real Struggle
“I don't know what it is, but the bulk of the economy is
doing just fine. We obviously have
problems in the housing sector and we have problems in the financial sector,
but ... real
[Reuters, 11/27/07]
• Foreclosure filings have nearly doubled across the country since this time last year. In October alone, more than 224,000 foreclosure filings were reported – an increase of 94 percent over October 2006 – and 54,000 homeowners were forced out of their homes by repossessions. [CNN Money, 11/29/07]
• “Sales of previously owned homes dropped to a record low in October… The dire housing market worsened in October as banks tightened lending standards and prices fell at a record pace.” [Washington Post, 11/28/07]
• Today, the
Census Bureau announced the “biggest plunge in new home prices in 37 years.” [CNN
Money, 11/29/07]
• “The number of new people signing up for jobless benefits last week jumped sharply, suggesting that the labor market is softening as national economic activity slows.” [AP, 11/29/07]
• This month,
consumer confidence dropped to its lowest point since Hurricane Katrina ravaged
the
[CNN
Money, 11/27/07]
• “As spending on health care has climbed to almost $2 trillion a year, or 16% of the U.S. economy, the number of Americans burdened with massive medical bills has soared as well.” [Wall Street Journal, 11/29/07]
• The price
of oil is skyrocketing – nearing $100 a barrel – and the impact is being felt
by American consumers at the gas pump, in the grocery store and in their homes. [Philadelphia
Inquirer, 11/28/07]