Throughout the Bush Administration, the Middle Class Has Been Squeezed by Stagnant Wages and
Skyrocketing Costs
Earnings have not kept up with family expenses:
Average Weekly Earnings: 1 percent
Gas Prices: 24 percent
College Tuition (public 4-year):2 8 percent
Family Health Care Premiums: 36 percent
- Since 2000, family health care premiums have risen by more than $2,700, and tuition at four-year public
colleges has risen by more than $1,200.
In Addition To Rising Costs, the Middle Class Is Facing Higher State Taxes, More Debt, and Reduced
Retirement Savings
- State taxes jumped by $14.5 billion in 2002 and 2003, after seven straight years of declines.
- Household debt has climbed $2.3 trillion under George Bush, a one-third increase.
- Household bankruptcy filings have risen by 33 percent since 2000.
- The stock market has dropped, hurting retirement savings. The NASDAQ is down 27 percent since
George Bush took office, and the S&P 500 is down 15 percent.
Despite the President's Claim, the Middle Class is Still Being Squeezed Today, as Wages Drop and
Prices Continue To Rise
Real Growth May 2003 to May 2004:
Average Weekly Earnings: -0.5 percent
Milk Prices: 26 percent
- In May 2004, the price of milk went up nearly 15 percent, the largest monthly increase since 1946.
- Prices for the top 30 brand-name drugs used by seniors rose at over 4 times the rate of inflation
between January 2003 and January 2004.
While American Workers Struggle, Corporations Thrive
- Corporate profits have risen by 30 percent over the past year (Q1 2003 to Q1 2004, inflation adjusted).
- In this recovery, corporations have gotten twice their normal share of the increase in national income,
while labor has received its lowest share in over 50 years.
