Bush Economic Plan More of the Same: Tax Cuts for the Wealthy and No Growth for the Economy

April 15, 2003


Washington, D.C. -- House Democratic Leader Nancy Pelosi released the following statement in response to President Bush’s remarks in the Rose Garden today calling for an additional $550 billion in tax cuts:

"Two years ago, President Bush and the Republican Congress passed an enormous tax cut for the wealthy and promised that it would create jobs and grow the economy. We know the result: a record surplus has become a record deficit, 2.6 million private-sector jobs have been lost, factory orders are down; manufacturing is down; and retailers are predicting that sales this year will grow at the slowest pace in a decade.

"Clearly, this misguided policy has failed, and even some Republicans are objecting to the President's massive tax cuts for the wealthy. But instead of changing course, President Bush and most Republicans in Congress want more of the same.

"It has been said that doing the same thing over and over again and expecting a different result is the definition of insanity, but a better result is precisely what the Bush Administration claims will happen. It will not.

"We need an economic plan that is a blueprint for investing in our children and for job creation. Instead, we have a road map to economic disaster. Instead of investing in our children, we are indebting them. We are mortgaging their futures for a tax break that benefits those who need it least, the wealthiest in our country.

"Democrats still believe that fiscal responsibility matters, and we believe that job creation must be given the highest priority. We have a fiscally responsible budget that can be summed up in three words: jobs, jobs, jobs. Our plan would create 1 million new jobs this year, five times more than the Republican proposal."

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