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FOR IMMEDIATE RELEASE
Monday, May 18, 2009
Washington, DC

ADDITIONAL STIMULUS NEEDED FOR MAIN STREET

Progressive Democrats of America is the first major political organization to join economists Paul Krugman and James K. Galbraith and former Labor Secretary Robert Reich in calling for additional federal stimulus. Even as the NYT reported alleged difficulties in the federal government's efforts to spend the first stimulus package, PDA pointed out that State government budget cuts and tax increases of $350 billion are projected to negate nearly half of it, threatening the "green shoots" many have struggled to see amid the carnage of the current Great Recession. So looking ahead just a matter of months, unless additional federal stimulus is placed in the pipeline, the allocation and expenditure of the first stimulus may be overrun and overcome by events.

PDA called for the additional stimulus in the release of an assessment of the financial and economic crisis and "Action Plan" that calls for a number of measures to revive and strengthen the faltering economy, including, besides the additional stimulus:

• No further bailouts and subsidies for the financial sector and instead nationalize and/or break up large banks and other firms whose failure could create systemic risk.
• Provide meaningful rather than token debt relief for consumers, with a moratorium on mortgage foreclosures and amendments to the bankruptcy laws as needed to empower judges to reduce the principal owed to levels reflecting current values.
• Near-term, end the current wars in Iraq, Afghanistan and Pakistan; in the medium term, close many or most U.S. military bases overseas; reexamine and substantially reduce military expenditures.
• Investigate and prosecute fraud and unlawful conduct that contributed to excessive debt and disgorge profits from wrongdoers. Make Wall Street speculators pay for bailout expenditures thus far through a securities transaction tax as well as recovery of ill-gotten gains, and raise additional funds through a corporate minimum income tax, the elimination of subsidies for excessive CEO pay, and the termination of overseas corporate tax havens.
• Reinstitute worker rights protection at the federal level by re-staffing the National Labor Relations Board, revitalizing the Occupational Safety and Health Administration, and enacting the Employee Free Choice Act (EFCA).
• Enact the Trade Reform, Accountability, Development and Employment Act.
• Enact universal healthcare on the single-payer model by extending Medicare to all Americans and strengthen the social safety net (bankruptcy laws, unemployment insurance, food stamps, pension protection, Social Security) to improve the quality of life of our people and the competitiveness of US businesses.
• Begin to restructure the real economy to create more and better jobs at higher wages and revisit unfair “free” trade policies and agreements that undermine these goals.

"Unless and until the president and Congress address the real economy where products are manufactured and sold, Main St. will continue to struggle to survive," said Tim Carpenter, the national director of PDA. After a $12 trillion giveaway to Wall Street, it's time to provide aid to the people who actually create something of value."

Progressive Democrats of America is one of the nation’s fastest-growing grassroots political organizations; it has active chapters in 45 states. PDA is dedicated to reviving the progressive tradition of the Democratic Party through grassroots organizing and working with elected Democrats to advance peace, justice and social, economic and environmental responsibility. More information is available at: http://pdamerica.org.

MEDIA CONTACTS:
Laura Bonham, PDA Communications Coordinator
Phone: 435-336-2123
Tim Carpenter, Executive Director
Toll Free: 877-239-2093