Nancy Pelosi – “The Sky Is Falling”!

The wicked witch is back with some more spin.  Nancy Pelosi screeched the following today:

Washington, D.C.- House Democratic Leader Nancy Pelosi issued the following statement today on the tepid jobs report released today that showed only 113,000 new jobs were created in July and the unemployment rate is up to 4.8 percent, while real wages have remained stagnant over the last three years:

"As bad economic news for middle-income families living paycheck to paycheck adds up, Republicans continue to play politics with the economic well-being of millions of families.

"Gas prices and health care costs are doubling, oil prices remain at a record level, and real family income has stalled. In response, Republicans proposed tying a pay raise for hard-working Americans to tax breaks for the privileged few that will drive up the already record national debt. Last night, Senate Democrats stopped the Republicans' cynical ploy that ties an increase in the minimum wage for 7 million Americans to cuts in the estate tax for the 7,500 wealthiest families in America, while adding $800 billion to the deficit.

"It is immoral that millions of workers earning the minimum wage have not gotten a raise in nine years. Before Congress adjourns for the year, we must have a vote in Congress to raise the minimum wage to $7.25 an hour. But that means a clean bill – a straight up or down vote on increasing the minimum wage.

"Democrats have a New Direction for America, one that brings economic opportunity and security to all Americans by rewarding hard work and raising the minimum wage."

Whooookay.  I have to tell ya, if you are a worker STILL getting paid at a minimum wage level then frankly you are a freakin loser.  In nine years you haven't trained in something…anything…to get ahead?  

Secondly, 10 years ago in 1996 the unemployment rate was 5.4, today it is 4.8.  10 years ago the national mortgage interest rate was 8.18, today it is 6.60. 

Thirdly, economists are happy about this news since it means the economy is slowing a bit which reduces the chances of inflation:

Wall Street got what it wanted Friday – a Labor Department report showing slower job growth – and investors cautiously bid stocks higher, betting that the Federal Reserve won't raise interest rates next week.

The economy created just 113,000 jobs last month, far less than the 145,000 expected by economists and down from 121,000 created in June. Unemployment rose to 4.8 percent from 4.6 percent, and wage growth was constant at 0.4 percent.

Investors believe slower job growth will keep inflation from taking hold, and thus allow the Fed to stop raising rates. The Fed's Open Market committee meets Tuesday to weigh whether the nation's benchmark rate should be increased by a quarter percentage point to 5.5 percent, and many analysts now believe that rate hike won't occur.

"I think the Fed is done for now," said Ken McCarthy, chief economist for vFinance Investments. "All the numbers in the past week and a half or so shows that the future for the economy is weaker than the past, and that means inflation is more likely to decline than increase. They're aware of the danger of overdoing it and hurting the economy."

Lastly, this witch is the same women who owns more then a few vineyards in Napa Valley and will only hire non-union firms to pick their grapes.  Why?  Because they don't have to pay a "living wage" to the workers then.  She also owns a large stake in the ritzy hotel in Napa called Auberge du Soleil.  All employee's are non-union.  She is also a partner in the restaurant chain Piatti…again, all non-union.

And she has the nerve to talk about the minimum wage?  Employee's in the AFL-CIO make much more then minimum wage but if you stay non-union she can pay the least amount possible.  Where's the compassion Nancy? 

This kind of conduct coming from a woman who said this in a speech to the AFL-CIO on Feb 2nd, 2004:

Thank you all for fighting for America's working families.  And thank you for fighting to end the union-busting, family-hurting, exporting jobs presidency of George W. Bush. 

Typical liberal.  Do as I say, not as I do.

She rails about the economy but fails to note that 5.5 million jobs have been created since 9/11, that since the tax cuts our economy has grown 2.2 trillion dollars.

Our economy is doing just fine Nancy, you and the MSM can continue to scream "the sky is falling" all you want but the numbers don't lie.  Obviously you do, but thats for another post. 

Curt

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