WASHINGTON — The U.S. economy is in worse shape than it was two years ago on all the key indicators important to working families, the AFL-CIO said today in releasing a report that summarizes economic markers, Time to Get Real About the Economy: A Check-Up on the Nation’s Economic Health at the Mid-Point of the Bush Presidency.
“Americans feel anxious about the economy for serious reasons. Jobs are fewer today than two years ago, individuals are filing for bankruptcy at a record pace, health care is more expensive and less available, and states are cutting back on basic services important to families – from education to health care to public safety,” said AFL-CIO President John J. Sweeney.
The AFL-CIO report notes that:
— The nation has lost 1.7 million jobs over the past two years after adding five million jobs in 1999 and 2000. According to the U.S. Department of Labor, there are 2.5 job seekers for every job opening.
— Unemployment is at an eight-year high and expected to grow.
— The number of people without health insurance rose to nearly 41 million in 2001. Most Americans without insurance – 80 percent – are in working families.
— Workers’ health insurance premium payments rose 27 percent for single coverage and 16 percent for family coverage in 2002.
— Personal bankruptcy filings in the three-month period ending last September set the national record for any three-month period in U.S. history.
— States are experiencing their worst financial crisis since World War II, with cumulative three-year budget shortfalls that exceed $180 billion.
With more than 40 states facing budget deficits, dozens of states have cut hours out of the school week, raised college tuition, delayed construction of schools, cut public health services, cut child care assistance, ended youth violence programs, stopped jury trials, and raised taxes.
“Working families want to know that their jobs and health care will be there tomorrow. They want a plan for long term growth to reverse these damaging trends,” said Sweeney.