June 25, 2004

The economic line - the real world

Washington, D.C. - In response to today's reports of smaller than expected economic growth in the 1st quarter, the Democratic National Committee provides a reality check on the rosy economic picture painted by George W. Bush.

"George Bush has touted recent economic growth, but today it is clear his view is both premature and out of touch with America's middle class," said DNC spokesperson Jano Cabrera. "Today's economic figures don't tell us anything the average middle class American doesn't know: it's hardly a recovery when costs are up and wages are down."
In Bush's world, things are great:

"Over the past year, economic growth has been the fastest in nearly 20 years… The economy is strong. It is getting stronger. The tax relief we passed is working." [President Bush, 6/1/04]

In the real world - GDP down, inflation up

"The surprise downward revision to gross domestic product - which measures total output within the nation's borders - cut growth to a 3.9 percent annual rate in the first three months of 2004 from the 4.4 percent reported a month ago and below the 4.1 percent pace in the final quarter of last year." [Reuters, 6/25/04]

"The government also ratcheted up a key measure of inflation, confirming an acceleration in price rises that has fueled expectations the Federal Reserve will begin raising interest rates next week to head off inflation." [Reuters, 6/25/04]

DNC

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