Jack Reed: “most American families have lost ground in the Bush economy and are working harder than ever to keep up with rising…”

“most American families have lost ground in the Bush economy and are working harder than ever to keep up with rising living expenses. The administration is trying to paint a rosy picture of the economy, but the American people know better. They know that the President's policies are not working for them. Despite 4 years of economic expansion, job growth has been modest, wages are failing to keep pace with inflation, real incomes are falling, household debt is rising, employer-provided health insurance coverage is declining, and private pensions are in jeopardy. Slow job growth and stagnant wages during the Bush administration have depressed families' incomes. Adjusted for inflation, median household income in 2005 was 2.7 percent lower than it was in 2000 a loss of nearly $1,300 during President Bush's time in office. Strong productivity growth has translated into higher profits for businesses, but not more take-home pay for average workers. Wages, the most important source of income for most families, have not kept pace with skyrocketing costs for many living expenses and many households are sending more family members to work in order to maintain their current living standards. This trend is likely to continue, since workers may find it even harder to get pay raises now that economic growth and job creation have begun to slow.”