NCPA - National Center for Policy Analysis


December 4, 2008

A new poll has found that most young Americans who went to the polls on November 4th, and presumably voted for Barack Obama, had no idea that the Democrats have run Congress the last two years.  That's a good thing for House Speaker Nancy Pelosi, because her record is as bad as any new Speaker's in history, says Stephen Moore, an economics writer for the Wall Street Journal.

Pelosi likes to thunder against "the failures of eight years of the Bush economic policies." The stock market has collapsed, she hisses, "because of a Republican philosophy of greed, deregulation, and tax cuts."  But almost the entire decline in the economy has come since she picked up the Speaker's gavel. The stock market has decisively voted thumbs-down on the Pelosi paradigm, with the Dow falling from 12,157 in November 2006 to 8,600 today.

And it's not just the stock market that has imploded, consider the gale of destruction since the Pelosi era began. According to Americans for Tax Reform:

  • The night of the Democratic landslide election of 2006, the net worth of the country was roughly $50 trillion; now it's at least $6 trillion lower.
  • For the massive 100-million-strong American investor class Pelosi-economics is looking like a boarded-up home in foreclosure.
  • Nor have workers fared much better; Democrats promised jobs and pay raises, but the unemployment rate has climbed steadily from 4.5 percent to 6.7 percent.
  • The misery index (inflation plus the unemployment rate) has nearly doubled during Pelosi's watch.

Two years ago Speaker Pelosi solemnly pledged a new ethic of fiscal responsibility if voters would empower her with the Speaker's gavel:

  • Instead the federal budget deficit has soared from $165 billion in fiscal year 2007 to $486 billion in 2008 and could reach $1 trillion in 2009.
  • Meanwhile, routine federal spending has risen by $400 billion in two years -- a figure that does not include the cost of the three federal banking bailouts, and counting.

The bottom line, says Grover Norquist of Americans for Tax Reform, is that Nancy Pelosi has been a disaster for workers and investors.

Source: Stephen Moore, "The Pelosi Record; What young Americans need to know about the Speaker of the House," Wall Street Journal, December 2, 2008.

For text:


Browse more articles on Economic Issues