Clinton: There Are Clear Signs Of A Recession
"[Recent reports] that our economy shrank in the last quarter is a clear sign that the turmoil in our markets has led to recession in the larger economy. Consumer and commercial investment and spending are down, unemployment remains high, and growing economic instability threatens an even deeper downturn. We need policies that will put Americans back to work, keep families in their homes, encourage capital investment, and make the reforms needed to move our nation towards recovery and prosperity.
The legacy of this Administration's
economic policies is clear. Record budget surpluses have been replaced by the largest deficits in history. After the economic expansion of the 1990s that created 22 million new jobs, lifted millions of Americans out of poverty, and delivered the lowest unemployment levels in 30 years, the Bush years have given us lower wagesand incomes for middle class families, the biggest increase in our national debt in history, and the worst job creation record and the most significant economic crisis since the Great Depression. We cannot afford to continue down this path."