Washington, D.C. -- House Democratic Leader Nancy Pelosi issued the following
statement about the job losses announced today by the Bureau of Labor Statistics:
President Bush inherited the strongest economy in a generation and squandered it. Todays announcement by the Bureau of Labor Statistics that more than 108,000 jobs were lost in March shows yet again that the Presidents misguided economic plan has simply not worked. This is in addition to the 357,000 jobs lost in February -- revised up from the 308,000 reported last month.
In the two years that President Bush has been in office, his Administration has lost an astounding 2.6 million private sector jobs, the worst record on job creation of any President in nearly 60 years.
The unemployment rate remains at 5.8 percent, with 8.4 million Americans out of work. And growing job loss is not the only grim economic news this week. In February, factory orders suffered the biggest decline in five months; manufacturing dropped sharply in March; and retailers are predicting that sales this year will grow at the slowest pace in a decade.
Despite these appalling economic conditions, President Bush is proposing more of the same -- massive tax cuts that largely benefit the wealthy. The Administration has put forward this plan even though their own economic advisors say it won't create enough jobs to make up for those lost in the past two months, let alone the past two years.
We need to create jobs, and experience has shown that a reckless tax cut that explodes the deficit even further, drains resources from veterans, health care, and education, and gives most Americans less than two dollars a week is not the answer.
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