[Congressional Record (Bound Edition), Volume 152 (2006), Part 8]
[House]
[Page 10651]
[From the U.S. Government Publishing Office, www.gpo.gov]




                QUESTIONING THE STRENGTH OF THE 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, my Republican colleagues like to say the 
economy is ``robust.'' But for middle-class families it's the best of 
times, it's the worst of times. While the gross domestic product 
increases, Americans are drowning in a sea of debt in this wageless 
recovery.
  New data released by the Federal Reserve today indicated that 
household debt grew at a faster rate in the first quarter of this year 
than in the previous quarter. Why is it increasing? Because middle-
class families are taking on more debt just to make ends meet.
  Wages in 2006 were actually lower than they were in November of 2001 
when the recovery began. Monthly job growth is a measly 0.4 percent 
since March 2001, the weakest of any business cycle since World War II. 
At the same time, the cost for gasoline is up, tuition is up 38 
percent, health care premiums have increased 73 percent.
  What is the end result? America has a negative savings rate.
  Mr. Speaker, my Republican colleagues like to say the economy is 
booming, and that is certainly true for the credit card companies. But 
for middle-class families, these are hardly the best of times.
  It is time for a change. It is time for a new direction.

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