[Congressional Record Volume 150, Number 128 (Saturday, October 9, 2004)]
[House]
[Page H9053]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    NEW ECONOMIC POLICY FOR AMERICA

  (Mr. PALLONE asked and was given permission to address the House for 
1 minute.)
  Mr. PALLONE. Mr. Speaker, it is official. President Bush will be the 
first President since Herbert Hoover to face reelection with fewer 
people working than when he started.
  Yesterday, the Labor Department issued its last update on job 
creation before the elections. The stock market dropped sharply, 
reacting to the job report that raised significant doubts about the 
economy's strength under President Bush.
  Most economists agree that Bush's tax cuts failed to stimulate the 
economy because they overwhelmingly favored very wealthy households. 
Mr. Speaker, 1.6 million private sector jobs have been lost since 
President Bush entered office. Economists estimate that the Nation 
needs to add roughly 150,000 jobs a month to keep pace with the growth 
in the workforce, and we need to add many more than that to make up for 
the ground that has been lost under President Bush. Since July, the 
economy has added only, on the average, 103,000 jobs a month.
  Mr. Speaker, clearly, there is a need for a change in economic policy 
here in Washington, which can only occur with a new President, John 
Kerry.

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