Our nation's economic crisis has been long in coming, but the irresponsible policies of the Bush administration exponentially worsened them. A few facts:

  • 2.6 million U.S. jobs were lost in 2008.
  • Overall unemployment, after peaking at about 10.2 percent in mid-2010, could still be as high as 7.6 percent four years from now.
  • Since 1980, productivity has grown 70 percent, but wages have increased by only 5 percent.
  • Real median family income has only increased by 15 percent, but only because each worker is working longer hours and more jobs and especially because each family is sending more family members into the labor force.

Our nation's housing finance crisis threatens the dreams and security of millions of working families. Skyrocketing foreclosures are compounded by lack of affordable housing. The results are bleak for millions of middle-class working families.

  • More than 8 million home foreclosures are expected in the United States over the next four years.
  • Analysts estimate there are approximately 10,000 foreclosure filings each day.
  • Some 40 million homes in neighborhoods surrounding foreclosures will suffer price declines averaging more than $8,667 per home and resulting in a $352 billion total decline.
  • States such as Florida, California and those in the Southwest and upper Midwest have been devastated with foreclosures and home depreciation.

Because of the budget crises in the states:

  • 1 million people will lose health care.
  • 34 states reduced aid to school districts, resulting in shorter school days, higher textbook fees and lost education jobs.
  • 30 states must reduce services--including services relied upon by the most vulnerable--because of the state budget crisis.
  • 20 states have either imposed or are considering across-the-board spending cuts.
  • 34 states have cut or proposed cuts to their state government workforces.
  • 23 states are under hiring freezes for state government employees.

 

  • 47 million people in the United States-including 8.7 million children-have no health coverage.
  • More than one-third of people who have insurance worry about losing it.
  • Even union workers, who have led the way in securing health benefits for working people, are in danger of losing secure health coverage because of out-of-control costs.
  • More than one-quarter of adults under age 65 with medical bill burdens in 2007 were unable to pay for basic necessities.
  • But insurance and drug companies are making stunning profits. Health insurance CEOs averaged $8.7 million in 2006 compensation and pharmaceutical company CEOs pulled down an average of $4.4 million.

 

To rebuild our economy, we need Congress to pass the Employee Free Choice Act. Tell your lawmakers to act now. By giving workers the freedom to form a union and bargain for a better life we can turn our economy around and improve the lives of millions of working families.

Sign the Petition: Our Economy Should Work for Everyone.