As the video above illustrates, we continue to have an economic crisis in the nation. While Wall Street has recovered and returned to profitability, working people continue to suffer 15 million unemployed with at least 10 million more under employed. It is more than a crisis - the reality is that the financial class has looted the U.S. economy. They took 13 trillion dollars out of the economy and caused 4 million people to lose their homes and another 4.5 million to fall into foreclosure. Millions have lost their unemployment benefits and their health care. See the story below from Bloomberg news of how the banks borrowed 7.7 $ Trillion dollars .
We should have recovered from the economic collapse by now, but Republicans block all efforts to stimulate the economy. It is simply not true, not accurate, that we are broke. California remains the richest state in the richest nation in the world. We have a crisis because the richest 0.1 % are making enormous profits and they are not paying a fair share of taxes. Many of the largest corporations and the richest people pay no taxes at all. They are not paying taxes for schools, police, roads, bridges, fire protection and basic services. Responding to a recession by budget cuts is self defeating. All you have to do is to look at Ireland, Greece, and Great Britain to see what follows. It is a cycle down. We learned this during the Great Depression – its called Keynesianism.
We should be investing in re building our crumbling infrastructure and putting teachers, cops, and childrens protective workers back to work.