Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
10/28/2008
Pelosi Statement on New Report Showing Consumer Confidence at All-Time Low
Washington, D.C. — Speaker Nancy Pelosi issued the following statement today on a new report released today that shows that U.S. consumer confidence index has plunged to an all-time low. The U.S. Conference Board said its index measuring consumer confidence dropped to 38 in October from 61.4 in September. That was the lowest reading since the index began in 1967.
“Today’s announcement that consumer confidence is at an all-time low is another stark indicator that America's families and businesses are looking for leadership to solve this economic crisis.
“The best way to restore the confidence of both consumers and investors is to provide a short-term jumpstart to our economy, and then to provide a New Direction for the long-term that grows our economy with the power of renewable energy and American innovation, while ensuring fiscal discipline.
“Federal Reserve Chairman Ben Bernanke and leading economists agree that action is needed to boost our economy and shorten the length and lessen the severity of a recession. The House passed an economic recovery package and job creation package in September, but the legislation was blocked by Republicans in the Senate and opposed by the President. Since then, economic conditions have worsened and if we don’t pass legislation soon, the economy will only get worse.
“The New Direction Congress will continue to work in a bipartisan way to help Main Street America recover by offering real solutions to rebuild our economy, create good-paying jobs here at home, and making us more competitive in the 21st century global economy, and promote consumer and investor confidence.”