Congresswoman Nancy Pelosi

Pelosi Statement on Rising Unemployment Rate

March 7, 2003




Washington, D.C. -- House Democratic Leader Nancy Pelosi issued the following statement today about the nation's unemployment rate, which increased to 5.8 percent in February.

"President Bush's first $1.7 trillion tax cut came with a promise -- that it would create jobs and grow the economy. We all know that it has not. The rhetoric was good, but the reality couldn't be more different. Today's unemployment numbers show that 308,000 jobs were lost last month, the biggest one-month job loss in 18 months. Overall, President Bush has the worst record on job creation of any President in nearly 60 years.

"Instead of job creation, the President's economic policies have sparked the most dramatic fiscal reversal of fortune our nation has ever seen. The $5.6 trillion surplus this Administration inherited when it entered office is now a $2.1 trillion deficit, and growing. Now, President Bush is offering more of the same. His latest tax cut proposal will largely benefit the wealthy. But even his own economic advisors say it won't create enough jobs to make up for those lost in the past month, let alone the past two years.

"We need policies that create jobs. It is that simple. Democrats have proposed an economic stimulus package that nonpartisan observers say will create 1 million jobs this year, five times more than the Bush plan. President Bush's policies have produced record job loss -- Democrats propose policies that will create jobs. The choice for the American people is clear."

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