[Congressional Record Volume 154, Number 122 (Thursday, July 24, 2008)]
[House]
[Pages H7062-H7063]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  THE MIDDLE CLASS IS GETTING SQUEEZED

  (Mr. EMANUEL asked and was given permission to address the House for 
1 minute.)
  Mr. EMANUEL. Madam Speaker, yesterday the Wall Street Journal 
reported that the richest 1 percent are doing better than ever under 
President Bush. According to the Wall Street Journal, the income of the 
richest 1 percent, people who earn above $1 million, are at a 19-year 
high. At the same time, their average income tax rate is at an 18-year 
low. And if they're doing so well, simple question, how are the other 
99 percent doing?
  Median household income has dropped $1,200 under George Bush and the 
Republican Congress. Household expenses are up $4,600. College costs 
have doubled. Health care costs have doubled. Gas prices have more than 
doubled, and yet median income has

[[Page H7063]]

dropped by $1,200. These are sobering statistics. The middle class is 
simply getting squeezed in this country.
  After 7\1/2\ years of the administration policies, it's not a 
surprise 99 percent are getting hurt and the top 1 percent are doing 
better than ever. And now John McCain is offering an economic plan to 
cut taxes to this top 1 percent by $127,000.
  It is time for a new direction.

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