[Congressional Record (Bound Edition), Volume 154 (2008), Part 12] [House] [Page 16368] [From the U.S. Government Publishing Office, www.gpo.gov]THE MIDDLE CLASS IS GETTING SQUEEZED (Mr. EMANUEL asked and was given permission to address the House for 1 minute.) Mr. EMANUEL. Madam Speaker, yesterday the Wall Street Journal reported that the richest 1 percent are doing better than ever under President Bush. According to the Wall Street Journal, the income of the richest 1 percent, people who earn above $1 million, are at a 19-year high. At the same time, their average income tax rate is at an 18-year low. And if they're doing so well, simple question, how are the other 99 percent doing? Median household income has dropped $1,200 under George Bush and the Republican Congress. Household expenses are up $4,600. College costs have doubled. Health care costs have doubled. Gas prices have more than doubled, and yet median income has dropped by $1,200. These are sobering statistics. The middle class is simply getting squeezed in this country. After 7\1/2\ years of the administration policies, it's not a surprise 99 percent are getting hurt and the top 1 percent are doing better than ever. And now John McCain is offering an economic plan to cut taxes to this top 1 percent by $127,000. It is time for a new direction. ____________________