As President and Congress Work to Put Country on Path to Economic Growth, Wall Street Continues to be Roadblock to Real Recovery

Washington, DC - SEIU Secretary-Treasurer Anna Burger released the following statement following news that the unemployment rate has reached 10.2 percent:

Every economic indicator clearly shows that that the actions by President Obama and Congress earlier this year helped stave off a global economic meltdown, saved hundreds of thousands of jobs, and put the country back on a path to economic growth.

"Because of the President's bold leadership, we've seen GDP growth last quarter, the pace of job loss drop significantly since last winter, lower taxes for families struggling to get by, and billions of dollars to get people back to work and save critical public services. And we are glad this week that Congress took action to extend unemployment benefits to millions of Americans.

"Now it's time for Wall Street and big banks to do their part to help our economy recover.

"While the President and Congress continue to act, Wall Street and big banks continue to restrict lending and lines of credit to the small businesses that fuel our economy. They continue to deny states and cities access to the same low interest loans they receive from the Treasury to save jobs and critical public services from being cut. And they continue to foreclose on a home every 7.5 seconds and jack up credit card interest rates and bank fees at a time when families can least afford it.

"And as workers struggle to put food on the table at night, Wall Street is expected to dish out billion dollar bonuses that exceed boom-year levels.

"Today's report is about a lot more than just numbers. Every person in America continues to be impacted by our economic crisis. Whether it's our brother, our co-worker, or our neighbor, we all know someone who has suffered through job loss or foreclosure.

"Last week I met Maria Guerra. She's a janitor in Chicago who co-signed a mortgage with her brother to help him buy a home. While she feels lucky to still have a job in this economy, her brother was laid off and his unemployment ran out awhile ago. The bank won't help him, Maria's own economic security is in danger, and her brother has had to choose between putting food on the table and paying his mortgage.

"Maria was one of 5,000 ordinary Americans from 20 states who converged on the American Bankers Association convention last week in Chicago to demand Wall Street and big banks stop standing in the way of our economic recovery. And we're going to continue to take action in cities across the country until they listen."

With 2.1 million members in Canada, the United States and Puerto Rico, SEIU is the fastest-growing union in the Americas. Focused on uniting workers in healthcare, public services and property services, SEIU members are winning better wages, healthcare and more secure jobs for our communities, while uniting their strength with their counterparts around the world to help ensure that workers--not just corporations and CEOs--benefit from today's global economy.

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