Statement of SEIU President Andy Stern RE: Expected Senate Approval of Wall Street Bailout

"Washington is missing a huge opportunity to provide real solutions to the financial crisis facing American families.  Now, it's up to American families to change Washington."

WASHINGTON, DC -With the U.S. Senate poised to approve a bailout plan for Wall Streettonight, Andy Stern, president of the Service Employees InternationalUnion (SEIU), expressed disappointment that Congress appeared ready topass up an opportunity to address the economic concerns facing millionsof American families:

"It'svery disappointing that Congress is passing on this opportunity toinvest in a new economic model that puts government on the side of thepeople.

"The reality is that this bill isn't going to solve the problems facing our economy.  Ifwe really want to revive the economy over the long-term, we mustaddress the underlying financial issues facing American families, theconsumers who are the backbone of our nation's economic health.  Risingunemployment, stagnant wages, the healthcare crisis, a tax system thatfavors the wealthy over the workers - these inequities are at the rootof our nation's financial crisis.  If Congress can put$750 billion aside to save Wall Street, we expect at a minimum thatthey make the same commitment to invest in addressing these issues.

"The bad news is that these problems aren't going to go away on their own.  Things aren't going to change unless we fundamentally change the way we do business in Washington. 

"The good news is that a little over a month from now, we have an opportunity to make that change a reality.

"On November 4^th, we won't have to put our economic fate in the hands of a Republican administration.  Wethe people will have the power to make our own choice: between the oldpolitics of corporate cronyism and worship of the market - or thepromise of change.  The promise of quality healthcare thatevery person in this country can afford, and the ability to retiresecure in the knowledge that your savings won't be lost in a turbulentstock market.  The promise of a sustainable energy policy that provides new jobs and long-term energy independence.  The promise of a new American dream.

"Barack Obama has a plan to fulfill that promise for change.  Andwhen he is elected President, SEIU's 2 million members are going tomake sure that he implements that plan, so we can create a new Americaneconomic model that works for Main Street, not just Wall Street.

"Washington is missing a huge opportunity to provide real solutions to the financial crisis facing American families.  Now, it's up to American families to change Washington."

On Thursday, SEIU and the other unions of Change to Win proposed an economic package that would invest in programs to 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.