The reckless actions by congressional Republicans are derailing the economy. Their government shutdown threw many of America’s hardworking families into financial turmoil, cost 120,000 jobs in the first two weeks of October and slowed the economy. This is a man-made disaster with real consequences.
Another man-made disaster is sequestration—the fallout from the last time the Republicans held the economy hostage in the summer of 2011. These automatic, across-the-board budget cuts will cost 900,000 jobs over the next year and many more jobs over the next decade.
We can't allow Republicans to cripple the economy by using sequestration as leverage to cut Social Security, Medicaid and Medicare benefits and gut essential services working people depend on, while protecting tax breaks for Wall Street and the wealthiest Americans.
And we can't allow another manufactured crisis to keep us from focusing on the urgent problems of putting America back to work, raising wages and reducing economic inequality.
We have to put a stop to this craziness. No more shutdowns. No more threats of default. No more ransom demands to cut Social Security, Medicare and Medicaid benefits. No more job-killing budget austerity. No more sequestration. Enough already.
Tell your elected leaders to put working families first. Protect Social Security, Medicare and Medicaid from benefit cuts; repeal sequestration—don't replace it with other harmful cuts; and repeal all tax subsidies for sending jobs overseas.
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In a new book, Restoring Shared Prosperity: A Policy Agenda from Leading Keynesian Economists, edited by Thomas I. Palley and Gustav A. Horn, some of the leading economists in the United States take a close look at the recent financial crisis in the United States and abroad and describe how to speed up and expand the recovery to benefit the entire country. Featuring an introduction from AFL-CIO President Richard Trumka and essays by a host of the brightest minds that think about the economy, including a chapter by AFL-CIO policy director Damon Silvers, the book is a comprehensive look at the facts and myths about America's economy and how to fix it.
- Budget Conference Committee deadline to reach agreement on budget deal
- Bill to fund federal government expires
- Next round of sequestration cuts to be ordered for 2014
- Debt limit extension ends
- Debt limit to be reached
How Did We Get Here?
Congressional Republicans held the economy hostage in the summer of 2011 with a manufactured crisis. They threatened to tank the U.S. economy and allow America to default on its obligations—and they're doing it again.