WASHINGTON, Sep 29, 2008 (BUSINESS WIRE) -- Terence M. O'Sullivan, General President of the Laborers' International Union of North America, made the following statement today on the failure of Wall Street bailout legislation in the U.S. House of
Representatives:
If Congress is to have the hope of passing legislation that rescues our financial system with significant public support, they must not shower Wall Street with $700 billion while denying working people suffering from this crisis so much as a nickel.
Many Americans believe Wall Street should be asking for bail, not a bailout, and understandably so.
The economic crisis requires immediate action, but to truly get our economy back on track, our country needs more than a bailout - we need to create good jobs that help sustain the economy and families. With record unemployment, tens of thousands of jobs being lost every month, plummeting home values and threatened retirement funds, there is no better time than now to build America - our highways, bridges, energy systems, schoolhouses and other basics that have deteriorated
due to years of neglect and which we all rely on every day.
According to the U.S. Department of Transportation, every billion dollars invested in our transportation system -- just one-seven-hundredth of the cost of the proposed bailout - creates 47,500 good jobs. And, there are 3,000 crucial projects ready to quickly begin but for funding, which would create 855,000 good jobs immediately, according to the American Association of State Highway and Transportation Officials ...http://www.marketwatch.com/news/story/build-america-create-jobs-get/story.aspx?guid=%7BA24A9BCA-452C-4ADC-812B-A381AEA1B678%7D&dist=hppr
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