[Congressional Record Volume 151, Number 98 (Tuesday, July 19, 2005)]
[House]
[Page H5969]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                GREENSPAN TO TESTIFY ON STATE OF ECONOMY

  (Mr. EMANUEL asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. EMANUEL. Mr. Speaker, tomorrow the Federal Reserve Chairman Alan 
Greenspan will testify before the Committee on Financial Services on 
the state of the economy. During his testimony, Chairman Greenspan will 
undoubtedly argue that ours is a healthy growing economy. But while he 
is explaining the flattened yield curve, I am hoping he will take the 
time to explain the curve balls being thrown at America's middle class.
  As the Wall Street Journal reported today, ``In the past few years, 
overall consumer prices have risen a little over 8 percent while wages 
have remained flat for the middle class.''
  Gasoline prices, up 55 percent; electricity, 11 percent; health care 
costs, 10 percent; college costs, 12 percent; and the ability to save 
for retirement is getting harder and harder. For public servants, like 
teachers, police officers, and firemen, they are being priced out of 
the housing market.
  While he expounds on America's monetary policy, the 10-year note, the 
housing bubble, Chairman Greenspan should take the time to explain what 
is happening to America's middle class as they face a flattened wage 
and rising costs. As their incomes remain unchanged, the barrier to the 
middle class keeps rising.
  Mr. Speaker, the questions that Chairman Greenspan needs to answer 
are the challenges that face today's middle class, not just the 10-year 
note.

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