Poverty is on the rise, record numbers of people are relying on food stamps and we’ve seen no relief for the foreclosure crisis. There are increasing rates of child abuse and domestic violence linked to this recession. State governments don’thave financial resources to cope at the exact moment when those resources are most needed. Nineteen states and the District of Columbia have lowered Medicaid payments or eliminated people from eligibility. The senior economist of the International Monetary Fund recently warned of another Great Depression
We don’t need a stimulus, we need a recovery. And that means investing$1 trillion over the next two years.
The Congressional Progressive Caucus (CPC) has proposed a plan to dojust that–a detailed $1 trillion recovery plan to kick start the economy, invest in sustainable, long term growth and target individuals and communities that are most desperate for resources.
Obama political adviser David Axelrod said this weekend that the new Administration is looking at a stimulus bill in the range of $675 to $775 billion over two years. But is that enough at this moment of metastasizing economic pain and deepening recession? Not according to CPC Co-Chair, Representative Lynn Woolsey ofCalifornia, who said, “…anything much less than $1 trillion would belike trying to put out a forest fire with a squirt gun.”
In addition to much needed investments which have already been laid out–like the extension of unemployment insurance while joblessness soars, increasing food stamps, and assisting cash-strapped states with Medicaid–the CPC plan goes a step further. It takes a holistic approach to economic recovery and the needs of ordinary Americans by addressing infrastructure, human capital, keeping people in their homes, job creation, fiscal relief for state, local and tribal governments,education and job training and tax relief for lower-income families.