Pelosi: Growth in GDP, Driven by Consumer Spending, Is Sign of Progress for Economy and Middle Class

WASHINGTON, April 30 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today on news that the gross domestic product expanded at an annual rate of 3.2 percent in the first quarter of 2010:

"One year after President Bush left our country mired in the most severe economic crisis since the Great Depression, today's solid growth in GDP, driven by consumer spending, is a sign of progress for our economy and for the middle class.

"Congressional Republicans fought this progress at every opportunity. Not a single House Republican stood up for economic recovery. Instead, they tried to obstruct progress for the American people – siding with Wall Street over Main Street, insurance companies over America's families, and Big Oil over small business.

"Democratic leaders have worked to turn the tide in favor of Main Street. During the final full quarter of the Bush Administration, our economy shrank by 5.4 percent; today, it has expanded by 3.2 percent, marking the third consecutive quarter of growth. In January 2009 – the last month of President Bush's term in office – we lost 779,000 jobs; last month, we gained 162,000 jobs.

"America's prosperity will be measured in good-paying jobs and economic security for our middle class. By every measure – from tax cuts for 98 percent of Americans to job creation on the rise – Democratic actions have advanced the interests of the middle class and small business owners. Meanwhile, congressional Republicans have fought for Wall Street, insurers, and Big Oil – threatening to take us back to the Bush era of devastating job losses and a financial crisis that cost millions of families their homes, retirements, and savings."

SOURCE Office of the Speaker of the House