Thomas Daschle: “18 months ago, a group of 450 economists, including 10 Nobel laureates, made it clear that because the White House put…”

“18 months ago, a group of 450 economists, including 10 Nobel laureates, made it clear that because the White House put the narrow interests of a few ahead of our Nation's economy, its jobs plan would fail. It would fail to create jobs, it would fail to lift wages, and it would fail to bring down our deficit. The warning was clear. Now the record is undeniable. In the last 3 years, we have lost 1.6 million private sector jobs. The last time the economy took this long to replace jobs lost in a recession was the Great Depression. Mr. President, 2.7 million manufacturing jobs have been lost, and many sent overseas on a one-way ticket. Unemployment has increased 40 percent, and today 8 million Americans are out of work. And 1.7 million have been out of work for 6 months or longer. That is horrible news for a couple that is hoping to retire, a family that is trying to put a child through college, or anyone who has been living from paycheck to paycheck. But this situation touches all Americans, including those who have jobs today. That is because the weakness in the job market has undermined wage and salary growth. Real household income has dropped 3.4 percent since 2001. Adding to the squeeze, college tuition is up, gas prices have risen to all-time highs, and the cost of health care has risen by 45 percent since 2001. Middle-class families are beginning to believe that the deck is stacked against them, and for good reason.…”