SEIU PROPOSES MULTIBILLION CASH INVESTMENT TO REVIVE ECONOMY, LAUNCH NEW ERA OF HOPE FOR WORKING FAMILIES

SEIU PROPOSES MULTIBILLION CASH INVESTMENT TO REVIVE ECONOMY, LAUNCH NEW ERA OF HOPE FOR WORKING FAMILIES

2million member union calls for Wall Street bailout to include $350 billion injection to address urgent needs of workers

With Washington moving toward a bailout of Wall Street banks, the Service Employees International Union (SEIU) called for action on legislation that will launch a new era of prosperity and address the real economic concerns of America’s working families. SEIU leaders representing the union’s two million members overwhelmingly approved a resolution calling for legislation to address the priorities of working people.

“The era of corporate cronyism and worship of the market is over—we need a new economic model that puts the government on the side of the people,” said Andy Stern, SEIU International President. “It’s time to take a deep breath and have a full discussion about how we solve our problems now while creating an investment strategy to revive the American economy.”

The resolution comes as Capitol Hill lawmakers and regulators consider the final details of a $700 billion bailout package that fails to address the inadequate oversight, lack of transparency, and excessive risk-taking practices of private equity firms, hedge funds, and other unregulated institutions that are now culminating in what is globally perceived as the most severe economic crisis since the Great Depression. In particular, the SEIU resolution calls for dedicated investment in programs that would improve the lives of tens of millions of Americans, including:

   1.      Relief for struggling homeowners. Estimated cost: $0.
   2.      A national health care plan. Estimated cost: $130 billion over two years.
   3.      A plan for energy independence and green job creation. Estimated cost: $20 billion over two years.
   4.      Retirement security. Estimated cost: Negligible
   5.      Improved infrastructure. Estimated cost: $22 billion over two years.
   6.      Tax reforms to correct a system that currently favors CEOs and business while contributing to a growing income divide. Estimated cost: $80 billion.
   7.      Reforms that ensure workers have real freedom to choose a voice at work. Estimated cost: $0.
   8.      Affordable education. Estimated cost: $100 billion over two years.

The resolution comes as SEIU continues its unprecedented, multimillion dollar initiative to elect a progressive, working families majority at every level of government. More than 1,000 SEIU members have taken time off their jobs to work full time on the effort and 100,000 nurses, janitors, child care providers, and other workers are volunteering after work and on weekends as part of the initiative.