A word of warning as we move ahead: Democrats in Congress have inherited a strong economy. Over the last four years, we’ve seen the greatest housing boom since World War II, helped create more than 7 million new jobs, and seen the Dow Jones Industrial Average reach its highest point ever. These achievements are the result of the 2001 and 2003 tax relief passed by a Republican Congress at the urging of President Bush.

Serious economic challenges exist at the personal level for middle class Americans and at the macroeconomic level in communities across the country. Personal economic anxieties played a significant role in the last fall’s congressional elections. While many in the media or in the current administration seek to portray these feelings as mysterious or unfounded, a close look at recent economic data shows that the typical American faces real economic insecurity, shrinking job opportunities, declining upward mobility, and a growing inability to save and accumulate wealth. In addition, our nation’s large and rising foreign debt—much of which grows out of an unsustainable federal budget deficit—exacerbates these insecurities and threatens future improvements in most Americans’ standard of living.

Labels: Center for American Progress, economy, Mitch McConnell

¶ Posted by Paul Curtis 1:06 PM