Kerry Press Release: Report Confirms Families Squeezed in Bush Economy

[Skinner]

For Immediate Release
August 17, 2004

LATEST REPORT CONFIRMS: Families Being Squeezed In Bush Economy

American families are being increasingly squeezed as inflation-adjusted wages fall and costs for kitchen table items like health care and energy continue to soar. Although inflation is volatile from month to month, over the last year the trend is clear.

Kerry campaign spokesperson Phil Singer said: “While President Bush likes to talk about getting the job done, today’s report it further evidence Bush is doing a job on America’s families. They are falling further and further behind, as families struggle to make ends meet when real wages are falling. President Bush seems to think the answer is to put more of the tax burden on the middle class and impose a massive new sales tax on them. John Kerry and John Edwards have a real plan to get the economy going, end the middle class squeeze, and make America stronger at home and safer abroad.”

REAL WAGES FELL 0.7 PERCENT THIS YEAR. Today, real wages are now lower than they were when the economic recovery began. In the last year average hourly earnings have increased 1.9 percent. That is not enough to keep up with inflation, which have increased 3.0 percent. As a result, real earnings have fallen at an 0.7 percent annual rate so far this year. (BLS, note real earnings differ from the previous definitions in technical ways)

- Wage growth has slowed, reaching the lowest levels on record… When George Bush took office, wages were growing at 3.8 percent a year. Wage growth has fallen steadily throughout his term, falling to 1.9 percent rate in the last year. Dollar wages grew only 1.5 percent in 2003, the lowest rate on record (data go back to 1964).(BLS)

- …While inflation has risen. While wages growth has been slowing, price growth has been picking up. Inflation has gone up at a 4.1 percent annual rate this year, higher than when Bush came into office. (BLS)

- Real wages are now lower than they were when the recovery technically began. Wages are now lower than they were in the first month of the recovery, December 2001. Real average hourly earnings (in 1982 dollars) fell from $8.24 in December 2001 to $8.23 in August 2004. Real average weekly earnings (in 1982 dollars) fell from $279.28 in December 2001 to $277.30 in August 2004.

FAMILIES ARE BEING SQUEEZED BY RISING COSTS. Under George Bush, a combination of reckless tax cuts and a failure to address our major national challenges has driven up prices for typical families:

- Family health premiums are up 49 percent. Between 2000 and 2003 the premium paid by employees for a family policy as gone up 49 percent. The total family premium is up more than $2,600. (Kaiser Family Foundation, Employer Health Benefits 2003)

- Gasoline is up 31 percent. Since George Bush took office gas prices have increased by $0.45 per gallon, a 31 percent increase. At current prices, the average U.S. household would spend $475 more per year on gasoline than when Bush took office. (EIA, PMM. May 2001, AAA Fuel Gauge Report, 7/1/04)

- College tuition is up 35 percent. College tuition has gone up 35 percent in the last three years, the highest rate three-year increase on record. This has priced an estimated 220,000 students out of four-year public universities. (College Board, Trends in Student Pricing 2003 & Kerry campaign estimates)

-30-

www.johnkerry.com
Paid for by Kerry-Edwards 2004, Inc.

[Catfight]

1. Democrats bring math to the table, repugs bring hallucinations.

This is what I've been saying for a long time, I'm poorer today than I was last year even with a 2.3 increase. Gas, electricity, cable, phone, food, doctors, EVERYTHING has increased more than my salary rate. Therefore, I'm working LONGER fucking hours, for LESS fucking money and I'm being asked to take on more burden of the fucking tax! It all makes me furious and then my corporation has the nerve to ask for MORE and pay LESS! I miss the good ol' years of Clinton when at least corporations valued employees and compensated them.

[iwantmycountryback]

2. It's funny

I remember a Republican, it may have been on the Fox Spin Channel, claiming that Shrub has been very tough on corporate bigwigs and that he's imposed tight regulations. Damn repukes have no shame, of course the conservative sheep watching that probably believe it sadly enough.

Billionaires for Bush! That's about the only group of people Bush has been good for, along with Al Qaeda recruiters.

[stevedeshazer]

3. That's a powerful report

And beyond DU, it will likely be seen by few.

Thanks, Skinner.

:kick: