- Bernie Sanders & the US Senate
- United States of America
It's no secret that America’s staggering gap in both income and wealth between the richest 1% and the rest of America is a primary driver in our economic woes.
Crippling consumer debt, years of decreasing worker wages, and mass layoffs for profit have all resulted in high unemployment, skyrocketing government debt, and more importantly a decimated lower and middle class unable to provide the kind of consumer demand required for sustained economic growth.
However, even under these circumstances businesses have not only managed to survive, but remarkably improve their profits year over year by simply instituting MORE mass layoffs, more outsourcing, and more tax aversion.
Some experts estimate that corporations are sitting on over $2 trillion in profits, yet they still are not creating new American jobs because there is no increased consumer demand for their products and services. The result is an economy at a stand-still.
But there are simple solutions.
We, the undersigned, request that the Bush tax cuts for the top 1% be repealed immediately. Estimates are that this action alone would provide $700 billion in tax revenues over the next 10 years at no cost to 99% of Americans.
Furthermore, and in conjunction, we the undersigned would like these funds to be earmarked for $700 billion of currently shovel-ready, unfunded infrastructure projects.
We believe this will create millions of well paying jobs, significantly reduce unemployment and its heavy costs, pump billions of dollars into local economies and build small businesses, and increase government revenue through payroll taxes for vital social programs like SS and Medicare.
We believe that the extremely wealthy who make up the top 1% of tax payers, and the businesses they represent, have profited tremendously over the last 10 years, often at the expense of the average American.
At the same time, we also believe they have made it clear they have neither the desire or motivation to reinvest any of that significant portion of those profits back into the American economy by way of expansion or job creation.
Therefore, if the businesses won't spend, and consumers can't spend, we believe that leaves government and government alone to immediately act to prevent a double dip recession, or worse, another Great Depression.
We believe this solution would go a long way to doing just that.
The Sensible Solutions to America's Economic Problems petition to Bernie Sanders & the US Senate was written by Robert Chiodo and is in the category Employment at GoPetition.