Newsline: March 2003
AFL-CIO: "Get Real About the Economy"
 With President Bush's economic policies threatening to deepen the federal deficit and hurt millions of working families while rewarding the wealthiest Americans, the AFL-CIO has issued a new report, Time to Get Real About the Economy: A Check-Up on the Nation's Economic Health at the Mid-Point of the Bush Presidency.
The report details Bush's failing economic policies, noting:
Continued job loss and unemployment: According to the Department of Labor, there are 2.5 job seekers for every job opening. Joblessness is at an eight-year high and is expected to grow. More than 2 million workers have run out of both state unemployment and emergency federal benefits.
Health insurance crisis: The ranks of the uninsured rose to more than 41 million in 2001, and an estimated 300,000 lost coverage during the first six months of 2002. Workers who have insurance are paying more for it. Premiums rose 27 percent for single coverage and 16 percent for family coverage in 2002. Employers are passing along increased costs to workers in 2003.
Retirement savings drain: The stock market saw its first three-year losing streak in 60 years by the end of 2002. Workers have lost billions in retirement savings.
Bankruptcy: Filings continue at a record-setting pace. Last year's were eight percent higher than 2001, and the total number filed between June and September 2002 set the national record for any three-month period.
State fiscal crises: The worst since World War II, with cumulative three-year budget shortfalls that exceed $180 billion. Layoffs and deep budget cuts are upon us, and, for the first time in eight years, states are raising taxes -- a step they are forced to take because of tax cuts at the federal level.
In January, the AFL-CIO countered Bush's proposals for even more tax cuts with a five-point economic proposal, Recovery For All, Not Just for Some: An Agenda to Create Jobs and Lift the Economy.
That proposal calls for a combination of extended unemployment benefits, an increased minimum wage, financial aid for states, tax rebates concentrated toward low and moderate income taxpayers, and job-creation through investments in schools and infrastructure improvement.
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