Friday, August 15, 2008

Senator Schumer Says Bush Administration Winning “Bad Economic Policy Olympics”

The Consumer Price index reported a 5.6% increase in the cost of many common products since July 2007, marking the most dramatic increase since the recession of the early 1990s.

Accelerated inflation has had a swift negative affect on the spending power of American workers. Blue-collar workers wages, when adjusted for inflation, fell by 3.1 percent since last year.

The economic downturn has prompted many businesses to raise prices in order to keep pace with production costs and forced many Americans to rely on credit in order to afford necessities. Fuel prices have recently declined, but that improvement has done little to mitigate the rising costs of everything from clothing to education.

Senator Charles Schumer emphasized the need for further government intervention to improve the economic forecast prior to the end of President Bushs term. “If this administration were competing in the bad economic policy Olympics, they’d receive four gold medals today,” said Schumer. “It is long past time for this administration to help families and workers compete in a stagnating economic environment—economic stimulus should be at the top of the agenda before this administration throws in the towel.”

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