Kerry Campaign: Americans Are too Optimistic to Settle for George Bush's Economy

6/18/2004

From: Chad Clanton or Phil Singer, 202-464-2800, both of John Kerry for President Web: http://www.johnkerry.com

WASHINGTON, June 18 -- George Bush is in Nevada today touting an economic record that has seen health costs, bankruptcies, tuition, energy prices, child care and other vital household expenses hit record highs while family incomes have declined. John Kerry wants to boost America's sights with a plan to create 10 million new jobs, encourage new high-wage job creation here at home, make college affordable for all Americans, lower healthcare and energy costs, help families save, and restore confidence in our long-term economic future.

Kerry spokesman Phil Singer said: "The core economic debate in this election is about how to make life easier for everyday families and creating opportunities -- John Kerry is the only candidate with a viable plan to do so. The President's so-called optimism doesn't do a thing to help everyday Americans deal with the record health costs, energy bills, tuition spikes or other quality of life problems that have occurred during his first term. It's pessimistic to accept things as they are, it's optimistic, as John Kerry says, to work on making things better."

THE BUSH JOBS RECORD:

Worst Post-Recovery Job-Growth Record: George Bush's jobs record is the worst postwar economic recovery in history with only 142,000 private sector jobs created since the end of the recession, 4.4 million less than the historical average. (Bureau of Labor Statistics)

The American Economy Has Missed the Bush Jobs Prediction for Ten of the Past Twelve Months. In promoting the May 2003 stimulus package, the Bush Administration predicted that the tax cuts would stimulate the economy and create 306,000 new jobs each month. Since the tax bill became law on May 28, 2003, the economy has missed this mark ten out of twelve months. (Council of Economic Advisers, 2/4/04, "Strengthening America's Economy"; Bureau of Labor Statistics)

Bush Faces the Worst Jobs Record of Any President Running for Reelection. George Bush faces the worst jobs record of any President who has run for reelection in nearly sixty years. From January 2001 when Bush first took office until May 2004, the economy has lost 1.9 million private sector jobs. (Bureau of Labor Statistics)

THE MIDDLE-CLASS SQUEEZE UNDER GEORGE BUSH--RECORD DEBT IN NEVADA:

20,240 Households Filed For Bankruptcy in 2003, a 48 percent Increase from 2000. Last year, middle class families faced record numbers of bankruptcies. 20,240 households in Nevada filed for bankruptcy, an increase of 48 percent from 2000. (US Courts, Administrative Office, Bankruptcy Statistics)

There Was 1 Bankruptcy Every 26 Minutes Last Year. In Nevada last year, 1 household went bankrupt every 26 minutes. (US Courts, Administrative Office, Bankruptcy Statistics)

$17,283 Average Household Debt and $9,205 Credit Card Debt in America. In 2003, the average household debt in America was $17,283, about 40 percent of family income. American families were also $9,205 in debt from credit cards. (Federal Reserve, Consumer Credit Historical Data; Census Bureau) RISING COSTS AND SHRINKING INCOMES FOR MIDDLE-CLASS FAMILIES:

$2,482 Estimated Total Family Health Insurance Premium Increase. In Nevada, the total family premium for health insurance has increased by $2,482 to $8,535. (2000 MEPS Data from the Agency for Healthcare Quality Research projected forward using KFF National Premium Increase)

$1,242 More Per Household with Teenagers For Gasoline. Households with teenagers are paying higher prices for gasoline than ever before. In Nevada, households with teenagers are paying $1,242 more per year for gasoline since George Bush took office. They now pay on average $3,429 per year. (Department of Energy, Household Vehicles Energy Consumption 1994, Table 5.2, August 1997)

$284 Increase in College Tuition. Since Bush has taken office, tuition in Nevada has increased by $284 at four-year public universities. (American Association of State Colleges and Universities; National Association of State Universities and Land Grant Colleges; Based on College Board Tuition Increase)

$1,462 Drop in Family Income. Since George Bush has taken office, family income in America has dropped by $1,462. (US Census Bureau)

$2,050 Increase in Child Care Costs. In 2000, a family with 2 children under age 5 in full-time daycare was spending $10,860 on child care. By 2004, that figure increased to approximately $12,910. (Census Bureau, Consumer Price Index, Analysis by Amelia Warren Tyagi)

JOHN KERRY'S PLAN TO STRENGTHEN THE MIDDLE CLASS:

Jumpstart Job Growth. Kerry's "New Jobs Tax Credit" will provide a payroll tax holiday to encourage hiring by manufacturers and other businesses affected by outsourcing, as well as small businesses. And he will enforce our trade agreements and trade laws to ensure that our partners are playing by the rules.

Make America More Competitive. John Kerry will end tax breaks for companies to move jobs overseas and cut taxes for 99 percent of corporations that keep jobs in America and cut the deficit in half in four years.

Invest in the Jobs of the Future. John Kerry will unleash innovation in broadband, energy and small- and medium-sized businesses. He will also work to secure universal access to college and expand job training.

Cut Taxes to Lower Education Costs. John Kerry will make college affordable again by offering a new College Opportunity Tax Credit-a tax credit worth 60 percent of $4000 for each of four years of college.

Save Families Up to $1000 on Health Care. John Kerry's plan will control costs by giving relief to businesses and passing savings on to workers. This will save employees up to $1,000 in premiums a year. And Kerry will make prescription drugs more affordable through a series of reforms, including allowing reimportation.

Bring Down Gas Prices. John Kerry is offering a comprehensive strategy to lessen the impact that high gas prices are having on American families. He will pressure OPEC to start providing more oil, stop diverting oil to the Strategic Petroleum Reserve until gas prices get back to normal and invest in a real energy plan that reduces our dependence on Middle East oil.

Stand Up Against Abusive Financial Institutions. At a time when families are facing record debt and record bankruptcy, some credit card companies, mortgage lenders, and other financial institutions take advantage with deceptive practices and unfair fees. John Kerry will stand up for these families with strong consumer protections.

Help Families Struggling with the High Costs of Raising Children. John Kerry will relieve the financial and time squeeze on middle class families with new efforts to expand high-quality after school programs and make child care more affordable.