01.26.15

New CBO report does not show suffering of American families

But economy is stronger today than it was under George W. Bush

WASHINGTON, Jan. 27 – Sen. Bernie Sanders (I-Vt.), the ranking member of the Senate Budget Committee, today said that the Congressional Budget Office report on the budget and economic outlook only tells part of the story on the economy and the federal budget. He issued the following statement:

“CBO’s report is important, but it only tells us part of the story. What we must never forget is that tens of millions of Americans today are struggling to keep their heads above water economically while the disparity between the rich and everyone else is growing wider every day.

The good news is that our economy is far stronger than it was when George W. Bush left office six years ago. The federal deficit has been reduced by more than two-thirds since 2008 and, relative to GDP, this year’s deficit is expected to be the smallest since 2007. Unemployment today is significantly less than it was in 2008 and is projected to come down.

Today, real unemployment is not the widely-reported 5.6 percent. Counting those who are underemployed and those who have given up looking for work, real unemployment is 11.2 percent. Youth unemployment is close to 17 percent and African American youth unemployment is over 30 percent. We need to address that issue.”

Sanders this week issued a report laying out a plan for addressing the needs of the American middle class. To read the report click here:

Contact: Vince Morris (202) 224-3728

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