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Pelosi’s Economy- Nearly Three Years In

Under Speaker Pelosi's "New Direction," Jobs Are Down and Unemployment, Poverty, and Misery Are Up
November 16, 2009 — The Jobs Search   

During the 2006 campaign, then-House Democrat Leader Nancy Pelosi unabashedly stated that, “Democrats are proposing a New Direction for America.”  As the table below shows, it turned out to be the wrong direction for American workers and families.

 

[i] Total non-farm employment in January 2007 and October 2009. http://www.bls.gov/data/#employment.
[ii] Number of unemployed in January 2007 and October 2009. http://www.bls.gov/data/#unemployment.
[iii] “Long-term unemployed” means for over 26 weeks; data for January 2007 and October 2009. http://www.bls.gov/data/#unemployment.
[iv] Unemployment rates in January 2007 and October 2009. http://www.bls.gov/data/#unemployment.
[v] “High unemployment” means having a 3-month average unemployment rate of 6% or higher. From the Bureau of Labor Statistics’ “Extended Benefits Trigger Notice” for January 7, 2007 and November 15, 2009. http://www.ows.doleta.gov/unemploy/trigger/2007/trig_010707.html and http://www.ows.doleta.gov/unemploy/trigger/2009/trig_111509.html.
[vi] The “Misery Index” equals unemployment plus inflation.  For January 2007 and September 2009.  http://www.miseryindex.us/indexbymonth.asp.
[vii] Poverty Data is from calendar years 2006 and 2008 (the most recent available). http://www.census.gov/prod/2009pubs/p60-236.pdf.
[viii] Ibid.
[ix] Average retail price per gallon, January 2007 and September 2009.  http://tonto.eia.doe.gov/oog/info/gdu/gaspump.html.
[x] U.S. Department of Agriculture, values represent monthly “moderate” cost per family of four for January 2007 and September 2009. http://www.cnpp.usda.gov/USDAFoodCost-Home.htm.
[xi] U.S. median sales price of existing single-family homes for metropolitan areas for 2006 and 2009 Q3. http://www.realtor.org/research/research/metroprice.
[xii] Residential mortgage delinquencies (real estate loans) for 2006 Q4 and 2009 Q2. http://www.federalreserve.gov/releases/chargeoff/default.htm.
[xiii] Values for FY 2006 and FY 2009. http://www.cbo.gov/ftpdocs/107xx/doc10708/11-9-09MBR.pdf
[xiv] Ibid. 
[xv] Ibid.
[xvi] Values for January 3, 2007 and November 12, 2009.  http://www.treasurydirect.gov/NP/BPDLogin?application=np.
[xvii] Values for January 3, 2007 and November 13, 2009.  http://finance.yahoo.com/q?s=%5EDJI.

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SUBCOMMITTEE: Worker and Family Support    SUBCOMMITTEE: Full Committee