Bush said: “In the long run, Americans can be confident about our economic growth.”
FACT — NUMBER OF AMERICANS LIVING IN POVERTY HAS INCREASED: In 2006, the latest year for which Census Bureau figures are available, 12.3 percent of Americans were living in poverty, compared with 11.7 percent in 2001, the year of the last recession. 36.5 million people were in poverty [Reuters, 1/23/08, Census]
FACT — HOURLY AND WEEKLY WAGES FELL IN 2007: Both hourly and weekly earnings fell in 2007, a sharp reversal from the gains in 2006. After growing by about 2% in 2006, both hourly and weekly earnings fell, after adjusting for inflation, by about 1% last year. [EPI, 1/16/08]
FACT — NUMBER OF UNEMPLOYED IS RISING: Between December 2006 and December 2007, the national unemployment rate increased by 13.6 percent in seasonally adjusted terms, from 4.4 to 5.0 percent. The number of unemployed persons increased by 474,000 to 7.7 million in
December. [BLS]
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