Prepared for the Progressive Economic Narrative Group by USAction Education Fund 1

An America that Works for the 99% Why isn’t the economy working?

For 30 years, the 1% have got richer at the expense of the 99%. For the past 30 years the rich got richer while the middle-class and working families got

squeezed and crushed. Corporations pushed up profits by pushing down wages and benefits and shipping our

jobs overseas.

The richest 400 families own more than 150 million Americans, half the country. Taxes on the richest were cut in half.

The rich can’t spend enough to keep the economy going. The $100 million earned in one year by the CEO of Bank of America could have provided median incomes to 2000 families.

If our nation’s economic growth had been shared fairly for the past 30 years, wages would be 60% higher than they are now.

Corporations are sitting on $2 trillion in cash – instead of creating jobs in America they are making CEOs and shareholders richer. Corporate taxes are at an historic low in terms of the economy and share of federal revenues.

As the 1% grabbed more and more, the 99% got squeezed, saved less and borrowed

more, particularly from their houses. When the housing bubble burst, the government bailed out Wall Street but let homeowners go underwater, drowning the economy.

How do we get our economy moving forward again? By making our economy work for the 99%. The American middle-class is the engine of the economy. We all do better, when we all

do better. The people who wrecked our economy should be paying for it, not profiting from

it. Deregulating Wall Street and trickle-down tax cuts for the rich didn’t create jobs. Workers who get decent wages and benefits, who can support their families, who shop on Main Street – that’s who create jobs. It’s simple really: Our economy works better when every American who wants a job is working.

A strong middle-class, the engine of the economy, is built by the decisions we make

together. Decisions to invest in our people, expand opportunity and provide security - a

world-leading education, quality affordable health care, protections at work, retirement security.

Decisions that will pave the way for businesses to innovate and meet the future: green jobs; fuel efficient cars and high speed rail; fixing our crumbling; bridges, roads, water and sewer lines; a modern, energy-saving electric grid; high-speed internet in every home and business.

Prepared for the Progressive Economic Narrative Group by USAction Education Fund 2

Writing rules that boost businesses that do the right thing: create good jobs here in America; make safe products; safeguard our food, water and air; save energy and make and install green sources of energy.

What do we – the 99% – have to do together for our country? Make our democracy work for us, the 99%. We’re not broke, we’ve been robbed... By the Wall Street speculators who wrecked our

economy and got bailed out. By the corporate lobbyists who bought our democracy out from under us. By the super-rich who paid politicians to cut their tax rates in half while their incomes went up 500%.

o Over the two years of the 2007-2008 election cycle, politicians, parties, and PACS raised $301,000 every hour of every day, to influence and win federal elections.

We know the problem – our democracy has been robbed by the 1%. It’s up to us to

organize together, in our communities across the country, to make our democracy and our government work for the 99%.

We are fighting for and America that works for the 99%, with liberty and justice for all:

Good jobs for everyone in America. o Rebuild our infrastructure, create green jobs for energy independence,

educate our kids and care for our elders, pave the way for businesses that create good jobs in America.

Make Wall Street, corporate America and the super-rich pay. o Tax Wall Street speculation to pay for Main Street job creation. o End tax breaks for corporations that ship profits and jobs overseas. o Ending the Bush tax breaks for the rich could cut tuition in half for every

two and four year college student in America. Invest in our families: educational opportunities for our children, keeping Social

Security, Medicare and Medicaid secure. End corporate control of our democracy – put our democracy back in the hands

of the 99%. o Stop corporate funding of elections. o Make it possible for candidates who refuse big money contributions to

win with the support of contributions from the 99%. The choice is clear. We stand with the 99% - the working families and the small businesses that create two-thirds of American jobs. They stand with the 1% - the Wall Street speculators and CEOs who cut our wages, crashed our economy and shipped our jobs overseas. The question we have to ask every member of Congress is: which side are you on?