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Washington-House Budget Committee and the Joint Economic Committee Demococratic staffs released a report about the state of the economy.The report focuses on how the economy is faring under current policies,as to opposed to the Dubba Administration's claims. Congressman John Spratt,Ranking Democrat on the House Budget Committee,and Senator Jack Reed,Ranking Democrat on the Joint Economic Committee,released the following statement:"In recent months,Administration officials have repeatedly touted the success og their economic policies. But this Administration's record falls short of its rhetoric. The experience of many Americans fails to match the picture of success paited by the Administration."
The Report is noteworthy because it finds that the Administration's own data are at odds with the rosy claims asserted by Administration officials on a host of economic issues.Its finding include:
Jobs-Employment growth during the Dubba Administration has averaged 42,000 jobs per month.This is the lowest monthly rate for any administration since Eisenhower,and less than one-fifth the average of 237,000 jobs per month achieved during the Clinton Administration.
Wages- Inflation-adjusted hourly wages have decreased by 1.3 percent since August 2003, when the economy stopped losing jobs. Evan though"average hours worked" has increased since August 2003,the incraese has not been sufficient to keep inflation- adjusted weekly wages from dropping.
Income- Median annual household in come has decreased by %1,700,or by 3.6 percent, after accounting for inflation over the course of the Dubba Administration.
Dept- Since President Dubba took office six years ago,Repulgs have added $1.4 trillion to the public Dept) an increase of 42 percent. The level of foreign-owned U.S. Treasury dept has more than doubled during this Administration. On his watch President Dubba has incurred more foreign dept in six years than the previous 42 presidents combined.
