Even as we celebrate health care reform, rebuilding our economy grows more urgent.
It’s an emergency we don’t have a year to debate as we did with health care. Not with virtually every community in the state suffering the worst unemployment most anyone can remember.
Every day families sink further into debt, local governments cut important services and our infrastructure continues to crumble.
There is an obvious way to fix our economy, and it’s as simple as it is just: Make Wall Street pay to rebuild Main Street.
The AFL-CIO is proposing a four-part solution that doesn’t increase the deficit or raise taxes on working families and small business. The proposal relies on a small financial speculation tax on all market transactions, including derivatives, futures and options. It wouldn’t affect retirement accounts and most middle-income investors.
Legendary investors Warren Buffett and Pete Peterson support this idea because it also would protect true investors by limiting unhealthy market speculation.
Economists estimate that such a tax would raise $100 billion to $300 billion annually. The proposal also backs President Obama’s plan to impose fees on Wall Street banks to pay back the cost of their taxpayer-funded bailout, a levy on Wall Street bonuses and abolishing an income tax break enjoyed by hedge fund and private equity managers.
Though the solution seems obvious, it will be fought at every turn by Wall Street’s army of lobbyists.
On Thursday working families, including members of the A. Philip Randolph Institute and the NAACP, will gather for an informational picket at 11:30 a.m. outside the Bank of America at 321 Oberlin Road in Raleigh.
Because when it comes to creating jobs there’s not a moment to spare.