Frank Pallone: “between now and the end of this session of Congress I will continue to ask the question, Are you better off than you…”

“between now and the end of this session of Congress I will continue to ask the question, Are you better off than you were 4 years ago? And I think whether you answer that question by reference to war and peace or education or access to health care or any number of topics, the answer is clearly no. But tonight I would like to answer that question specifically by reference to the economy. Mr. Speaker, when President Bush took office, he inherited a $236 billion budget surplus and an economy that had created 22 million jobs during the 8 years of the Clinton administration, 1.6 million jobs in the half-year alone. When President Bush took office the projected budget surpluses were enough to cover the costs of Social Security during the baby boomers' retirement years, and the country was experiencing the biggest drop in child poverty in a generation and the lowest poverty rate in 20 years. Four years later under President Bush, the President is looking to create his first net job. Meanwhile, 8.2 million Americans are looking for work. The unemployment rate is 30 percent higher than it was when President Clinton left office; 2.2 million private sector jobs have been cut on President Bush's watch; and 2.7 million manufacturing jobs have been shed. One of the major reasons for the current jobs recession is the increased exporting of high-paying white and blue collar jobs overseas.”