Bush, GOP Ignoring Economic Reality, Pelosi Says

By Melanie Arter | July 7, 2008 | 8:31 PM EDT

(CNSNews.com) - House Minority Leader Nancy Pelosi (D-Calif.) criticized the Bush administration and the GOP for ignoring the economic realities of Americans, given the record trade deficit numbers.

The Commerce Department announced Wednesday that the trade deficit climbed 4 percent in October to a record $69 billion. With an annual rate of $718 billion, which is $100 billion more than last year, that puts the U.S. on pace to reach an all-time high, Pelosi said.

"Today's record trade deficit numbers are yet another sign that Republican economic policies are failing to meet the needs of the American people - resulting in wages falling here at home, at a time when working families are facing skyrocketing gas prices at the pump and increasing costs of health care," Pelosi said in statement.

"In just a decade, our trade deficit with China alone has grown from $4 billion a year to more than $4 billion a week. At the same time, Republican economic policies have created huge budget deficits that are being financed by borrowing from our foreign competitors," she said.

Pelosi accused President Bush of being out of touch with the middle-class, noting that just last week he "touted how well the American economy is doing."

"Rising costs and stagnant wages are the economic reality facing most Americans, and the reality that President Bush and the Republican Congress continue to ignore. We need economic and trade policies that work for all Americans, not the Republicans plan to borrow more money from China to pay for even more tax breaks for the wealthy few," Pelosi said.

"America can do better than irresponsible spending and trade policies that are jeopardizing our economic security and placing our economic future in the hands of foreign countries," she said.

"That is why Democrats have created an Innovation Agenda to build a skilled workforce in science, engineering, and information technology, spur federal research and development, guarantee access to broadband technology, and achieve energy independence in 10 years through emerging technologies," added Pelosi.

"Democrats are fighting for fair trade and fiscal responsibility to create new markets for U.S. goods and provide opportunities for America's working families, farmers, and small business owners," she concluded.

See Earlier Story:
Bush Borrowed More Than All Previous Presidents Combined, Group Says (Nov. 4, 2005)

Subscribe to the free CNSNews.com daily E-brief.

E-mail a comment or news tip to Melanie Hunter.

Send a Letter to the Editor about this article.