In the worst economy since the Great Depression, far too many Americans are out of work. Despite the rising fears of more job losses, the Senate is refusing to do what is necessary to protect and create jobs. On Thursday, the Senate failed to break a Republican filibuster of the jobs bill, meaning that states will not get help with their budget shortfalls; and more than 1.5 million unemployed Americans will lose their unemployment insurance at the end of this week.
At the same time, U.S. companies are sitting on $1.8 trillion, the most cash they have ever hoarded. Stockpiling this vast amount of money means less investment in economic growth, fewer new hires and continued unemployment for millions of Americans. Corporations, the Republican party and so-called 'deficit hawks' are prolonging the recession with their irresponsible games. The reckless policies of corporate America put us into the economic ditch. The truth is that investment in America's economy and its people is the only way to get out.
The more jobs we create now, the less federal debt our children will have to carry later. Jobs not only put food on the table, they put revenue in the Treasury and money in the marketplace.
Last month, only 45,000 private sector jobs were created. State and local governments laid off 22,000 employees. More than five job seekers are available for every one available job. Nearly seven million workers have been unemployed now for more than six months. Those are signals that we may see a double dip recession and more people out of work - that means "it will get worse - much worse."
Congress must act immediately to avoid the loss of hundreds of thousands more jobs in the coming months. Senators who block the emergency jobs bill are wrapping a hangman's noose around the state and local governments that cope with increasing demand for vital public services during dire economic times. And they're making it harder for our nation to get out of the economic crisis.
Failing to pass a jobs bill that contains this important funding would mean more lost jobs, while making it harder to rebuild the economy, cut down the deficit and get our nation back to prosperity.
Unlike the federal government, most state and local governments are required to balance their budgets. As a result, at a time of decreased tax revenues, state and local governments must cut back on the vital services Americans rely upon during troubling economic times. Job cuts come along with the budget cuts. According to the Bureau of Labor Statistics, 180,000 local public-sector jobs have already been lost since August 2008.
Matters may soon become worse. Georgia State Sen. Don Balfour, the Republican who heads the National Conference of State Legislatures, wrote to Senate leaders earlier this month calling for an extension of aid to states. "States continue to address sizeable budget gaps that have compelled state lawmakers to make dramatic programmatic and revenue changes in order to ensure balanced general fund budgets," he wrote.
The urgent need for action was underscored by a study released recently by the National Governors Association and the National Association of State Budget Officers. The Fiscal Survey of States revealed that while some signs of improvement can be seen in the overall economy, "state fiscal conditions continue to deteriorate." The report makes a compelling case that state and local governments need help to protect a million jobs in this difficult economy. It also points out that recovery could be a long way off for our state and local governments.
This country's fragile economy cannot grow if elected officials in Washington refuse to take the action needed to put our country back to work. We intend to make sure that the American people understand what this reckless failure to act will cost in terms of our recovery. If we are to avoid massive additional job cuts and more debt, the jobs bill must include critical funding for states and local governments.
More jobs equal less debt. Congress must act now to protect workers and promote American jobs.
Information about The America the Beautiful Show project
The idea behind the America the Beautiful Show is simple and elegant. Let everyone have the tools and the resources to use them. Let teams within communities build the show event for their own community’s benefit. Let them have the profits from their efforts hosting the show.
And, do everything we can to support them in doing it. That is what the America the Beautiful Show is about - rebuilding the economy in America from the ground up within the communities across America where it will make the most difference in making people’s lives better where they live, right now.
This website contains the information, tools, how-to and ideas about building the America the Beautiful Show anywhere in America, in any city or town or rural area, in any community and in every state. It can be created using these tools together with sponsors and support from the community where it will be held, to serve the people in that community and surrounding areas. The only thing it requires is a person willing to get it started and work to make it happen where they live.
http://www.americathebeautifulshow.com/
(and the flash website - )
http://www.americathebeautifulshows.net/
If you have any questions, please contact -
Diane C Phillips
(cricketdiane)
dianecphillips@comcast.net
my blog -
http://cricketdiane.wordpress.com/
***
Please inform your members about this.
I say that the WH is an Economic Terrorist. Not one good Economic idea out there. Punt it a year, but don't try and solve the problem? That is the plan, get to the next election? Speak every day on Natl TV.
The Economy is broke and nothing the WH did is working. (Yeah Bush and FFG/HUD started this). But ask yourself. Is the WH fixing the problem or making it worse?
(And supposed Democrat Ben Nelson is supporting them in this because he's a tool.)
Evelyn Guzman
http://www.debtchallenges.com (If you want to visit, just click but if it doesn’t work, copy and paste it onto your browser.)
Furthermore, unfortunately, some political actors make their own realities based on what they want the facts to be, predetermined by ideologies. We need to instead take advantage of looking at what has worked in the past and what has not--see my blog:
http://www.deficitaid.com/deficitaid/2010/6/21/lets-stick-with-our-great-american-tradition-of-pragmatism.html
Mr. McEntee is correct in that state and local governments will never be able to fund the previously unfunded liabilities they promised in the past. It will take a federal bailout of these institutions. Just as we need to reform the banking industry following their bailout, we should reform public institution accounting after we bail them out.
Because the actuarial treatment of pensions in government accounting is so messed up we are now funding, with current dollars, promises made in the past. If we were to use the US treasury curve to discount the defined benefit plans at funding, it would move a long way to solving the unfunded pension plan issue. Better would be to move toward a defined contribution plan in conjunction with social security as the expected retirement of public employees.
Lastly, just as we want to stop corporations from buying our federal government we want to stop unions from buying our state and local governments.
Fiscal conservatives, the Tea Party, and corporations now own the economy. The hording of wealth and thwarting of efforts to stimulate job growth make them the inhibitors of recovery.
The ball is in their court, step up and support America!