Why vote in November? THE ECONOMY

We can turn the economy around,but not if we elect the wrong people.

OR

© Fair Priorities 2010, www.fairpriorities.org. Content may be used or

modified for related purposes if reference is made to Fair Priorities.

Great Recession of 2007 –biggest since the Great Depression

(percent job loss)

(http://www.ourfuture.org/blog-entry/2010093504/american-jobs-tragedy)

Why it happened• Financial deregulation, housing bubble, unwise lending

practices and others, but most immediately:

• Drastic drop in spending on goods & services

(“economic demand”)

– Fall 2008: The bubble pops, $8 trillion of housing wealth and $6 trillion in stock market wealth is lost. (Dean Baker, http://www.cepr.net/documents/publications/deficits-2010-9.pdf)

–– LOST WEALTHLOST WEALTH HUGE drop in spendingHUGE drop in spending

(on goods and services in the economy)

STEEPSTEEP rise in

How can we FIX IT?

FIRST STEP:

• VOTE on Tuesday, November 2.

• Again, please make sure to VOTE on November 2.

• It may not seem like it, but there is a lot at stake.

• The economy will never turn around if we

elect the wrong people to Congress, and some of them are doing well in the polls.

Next, recognize we have come part waywith tools we already have.

– “The stimulus worked

but was not enough

[to fill the massive

hole in spending].

Economists Agree:

Stimulus Created Nearly 3

Million Jobs, - - stimulus worked in staving off a rerun of the 1930s - - economists at

Goldman Sachs, IHS Global Insight, JPMorgan Chase and Macroeconomic Advisers - - say the stimulus boosted gross domestic product by 2.1% to 2.7%.” (The “stimulus” is separatefrom the bank bailout.) (Dave Johnson,

www.ourfuture.org/blog-entry/2010093502/jobs-romer-leaving-wh-says-more-stimulus-needed-right-says-stimulus-killed-rec)

Then, make major government investments to Rebuild America & put people back to work.

– Rebuild manufacturing

– Educate and train our young people and workforce

– Build a green economy – Rebuild our cities, bridges and roads

– End poverty and hunger once and for all

– Modernize run-down school systems

– Expand home care for the elderly & day care for the young

– Build high-speed rail, expand broadband access

– Improve rehabilitation and employment services for people with disabilities

– THE LIST GOES ON - - - - - - - - - -

– Is there anything on this list we don’t need to do? (Would you like to do some of this work?)

Can we afford it?• Large investments to re-start the economy will pay off the

debt faster and maintain a decent standard of living. If we cut the deficit now, the economy will stay in the ditch, meaning less tax revenue, higher unemployment costs and smaller paychecks.

VS.

• A second “stimulus” would pay for itself in several years(due to increased economic activity), without increasing the debt very much. (www.cepr.net/documents/publications/deficits-2010-9.pdf)

BUT• Some in Congress don’t understand we cannot cut the

deficit and maintain a decent standard of living unless we truly Rebuild America.

• Others deliberately block jobs programs to try to get elected by making the White House look bad.

• Others want to do it on the cheap (is that working?)

IF WE DON’T VOTE ON NOV. 2, WE’LL BE STUCK WHERE

WE ARE (MAYBE WORSE) for at least 2 more years.

• Please also contact your 2 U.S. Senators and U.S. House Representative. Ask

them to push for a very large jobs program now.

(202) 224-3121, TTY: (202) 225-1904, www.senate.gov, www.house.gov.

• Further information at www.ourfiscalsecurity.org.