Today's Economy
John J. Sweeney
AFL-CIO President
February 2003
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Our Economy Is in a Crisis and Needs a Boost Now (0:59)
Our economy is in big trouble and millions of American families are hurting. Job loss and unemployment is at an all-time high. Unfortunately, neither President Bush nor Congress has done anything to respond to the employment crisis. In fact, since the Bush inauguration, America has lost 1.5 million jobs. Compounding the employment crisis, more Americans are losing health care coverage and states are struggling to fill record budget gaps. We need to jump start our economy to help working families who are bearing the brunt of the economic crisis. Now is the time for President Bush and Congress to do the right thing and put workers and their families first.
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President Bush's Economic Plan Favors the Rich (0:59)
President Bush's economic plan does not help the average American family, but instead favors the very wealthiest Americans. The centerpiece of Bush's plan will be an end to taxes on dividends. Taxpayers with incomes in excess of $300,000—the top 1 percent—would benefit from the tax cut by as much as $7,000. On average, workers with incomes below $50,000 would receive a tax credit of only $76 or less. So when the president says he expects "class warfare" from those who oppose his proposals to give breaks to the very wealthiest taxpayers, he apparently is hoping to deflect attention from the true beneficiaries of his plan. Under the guise of stimulating the economy, President Bush is once again trying to pass off another tax break for the rich, while more than 1 million Americans are jobless, cannot afford health care and have lost their unemployment insurance benefits.
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Unemployed Workers Need Help Now (0:37)
America's workers and the American economy need a plan that includes renewal and extension of emergency unemployment insurance benefits, tax relief for low- and moderate-income individuals, targeted spending and a higher minimum wage that will boost the economy. We need a recovery plan that creates jobs that pay well and provide good benefits.
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Unions Call for an Economic Recovery Plan for All, Not Just for Some (1:49)
Union leaders are calling on lawmakers and President Bush to enact an agenda that creates jobs and lifts the economy for all, not just for some. Working families have taken a beating for the 22 months since the official start of the 2001-2002 recession. Layoffs are mounting and as the unemployment rate rises, urgently needed new jobs are nowhere in sight and good health care is under siege. Our five-point plan is the fairest and most effect way to reverse 22 months of layoffs and decline and restore vitality to the American economy:
- Extend emergency unemployment benefits;
- Provide rebates to low-income and moderate-income Americans;
- Provide financial help to the states;
- Invest in infrastructure (building and repairing schools, roads, bridges); and
- Increase the minimum wage.
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America's Working Families Need Real Solutions (1:31)
President Bush's economic plan favors the rich and leaves the average American families behind. Before we give away more tax dollars to corporations and the well-to-do, we must invest in creating jobs and improving the living standards, health care and retirement security of America's working families. We cannot afford the approach advocated by the president and Republican leaders in Congress who are pushing for more hefty tax giveaways instead of a program that benefits all Americans. This high-cost and risky approach—giving tax breaks to investors and businesses and making the 2001 tax cut permanent—will choke off resources needed to meet the needs of American families.
