For Immediate Release
August 25, 2004
Kerry Talks Good-Paying Jobs in PA and WI; Receives Endorsement of 10
Noble Prize Winning Economists
Pledges to Create the Quality Jobs that Have Disappeared Under Bush
Philadelphia, PA - Continuing to lay out the fundamental choice facing
Americans in this election, John Kerry Wednesday met with workers and
families in Philadelphia, PA and Green Bay, WI where he outlined the
Kerry-Edwards plan to strengthen the economy and create jobs for
middle-class families. Kerry's focus on the economy came as 10 Nobel
Prize winning economists endorsed his campaign for president, saying
Kerry has the plan to build a stronger economy in the wake of "George
Bush's reckless and extreme" policies that have endangered our economy.
In a Philadelphia town hall meeting, Kerry specifically focused on his
plan to create quality, high-paying jobs, which have disappeared at an
alarming rate under George W. Bush - including 81,000 in PA. While
Bush's economic policies have made it harder and harder for families to
make ends meet, Kerry pledged today to create good-paying jobs by
cutting taxes, reining in spiraling health care costs and fighting every
day to strengthen and expand the middle class.
"I believe that when you put in a good day's work, you deserve a good
day's pay," Kerry said. "I believe in creating jobs that don't just let
you survive - but let you get ahead. Jobs that let you pay your bills,
send your kids to college, buy a house, save a little for retirement and
go out to dinner or a movie every once in a while. But today, we're
losing those good jobs and replacing them with ones that just don't pay
the bills."
From supporting outsourcing of American jobs to turning surpluses into
record deficits to putting the interests of HMOs and drug companies over
the interests of patients and families, President Bush has turned away
from the middle class and the American Dream. While the Republicans will
try to hide it at next week's convention through slogans, soundbites and
negative attacks, the president's record on jobs is the worst since
Herbert Hoover.
For the last four years, the quality of jobs in America has gotten
worse. We have lost 1.8 million private sector jobs. New jobs being
created pay over $9,000 less than jobs that are being lost and are more
likely to be temporary or part-time and less likely to offer health
insurance. Family income has declined $1,462, at the same time
middle-class families have seen their share of taxes and costs for
energy and health care go up.
"These last four years, we've heard a lot of talk about family values,
well, I think it's time we started valuing families," Kerry said. "And
forcing parents to work nights and weekends instead of being with their
kids is not my idea of valuing families. It used to be that families
could get by with just one breadwinner, and just one job - but not any
more. Now, we've got people working two jobs, three jobs, just to make
ends meet - always juggling, always struggling to keep up."
Kerry and Edwards have a plan to create millions of high-quality,
good-paying jobs in America. They will end tax breaks for companies that
shift jobs overseas and instead give tax breaks for companies that
create jobs here in America. The will also enforce our trade agreements
to make sure American companies and workers are competing on a level
playing field in the world.
Kerry and Edwards will make America more competitive. They will cut
health care costs for America's families and employers, especially small
businesses, and bring down energy costs and move America towards energy
independence while creating jobs in the process. They will help prepare
American workers for the high-paying jobs of the future by expanding
access to higher education and fight for overtime pay for America's
employees.
"When John Edwards and I are in the White House, we're going to bring
quality, high-paying jobs back to America," Kerry said. "Folks who work
hard and do right by their families deserve the chance to get ahead.
Those are the kind of jobs that built this country and those are the
jobs that let you build your dreams."
At a town hall meeting in Cleveland, OH, Edwards joined Kerry today in
highlighting the Kerry-Edwards plan to create new and better jobs in
America.
Following his event in Philadelphia, Kerry traveled to Green Bay, WI.
Meeting with a family and their neighbors on a Green Bay front porch,
Kerry talked about his plan to strengthen the economy by cutting health
care costs for families and business.
-30-
ENDORSEMENT LETTER:
An Open Letter to the American Public
August 25, 2004
President Bush and his administration have embarked on a reckless and
extreme course that endangers the long-term economic health of our
nation. John Kerry understands that sound economic policy requires a
substantial change in direction, and we support him for President.
The differences between President Bush and John Kerry with respect to
leadership on the economy are wider than in any other Presidential
election in our experience. President Bush believes that tax cuts
benefiting the most-wealthy Americans are the answer to almost every
economic problem. The Bush Administration's tax cuts were poorly
designed and therefore have given insufficient stimulus to job creation.
The principal effect of the Bush Administration's fiscal policies has
been to turn budget surpluses into enormous budget deficits. President
Bush's fiscal irresponsibility threatens the long-term economic security
and prosperity of our nation. At a time when our nation should be saving
for the future, to pay the Medicare and Social Security benefits for the
baby boomers, our national debt is swelling; the social contract that
binds one generation to another is being threatened with unraveling.
Increased borrowing from abroad-now almost five percent of our
GDP-leaves our country, our economy and global stability increasingly
vulnerable to changes in sentiments of foreign, or even domestic,
investors. At the same time, his policies have exacerbated income
inequality, failed to address the real wage declines and rising health
care costs beleaguering American families, and ignored the need for
critical investments to spur long-term growth.
John Kerry will chart a different course. We believe that he will
restore fiscal responsibility. He is committed to making key
investments in human capital, such as helping families meet the cost of
higher education. He has a proposal that will address the problem of
rising health care costs. We believe that he has both the ability and
the commitment to work with our allies and trading partners to promote
global growth that lifts up workers around the world.
John Kerry is our choice for America's next President. We hope that you
will join us.
Signed by the following recipients of the Nobel Prize in Economics:
George A. Akerlof
University of California at Berkeley
2001
Kenneth J. Arrow
Stanford University
1972
Daniel Kahneman
Princeton University
2002
Lawrence R. Klein
University of Pennsylvania
1980
Daniel L. McFadden
University of California at Berkeley
2000
Douglass C. North
Washington University St. Louis
1993
Paul A. Samuelson
MIT
1970
William F. Sharpe
Stanford University
1990
Robert M. Solow
MIT
1987
Joseph E. Stiglitz
Columbia University
2001
The views expressed in this letter represent those of the signers acting
as individual citizens. They do not necessarily represent the views of
the institutions with which they are affiliated.
FACT SHEET:
THE DECLINING QUALITY OF JOBS UNDER GEORGE BUSH -- AND THE KERRY-EDWARDS
PLAN TO CREATE GOOD-PAYING JOBS
Under George W. Bush, the quality of jobs in America has gotten worse
and America has lost 1.8 million private sector jobs. Jobs in expanding
industries pay less than jobs in contracting industries and new jobs are
more likely to be temporary or part-time and are less likely to offer
health insurance. At the same time, George Bush is shifting more of the
tax burden onto middle class families, taking away overtime protections
for 6 million workers, and doing nothing to address the spiraling costs
of health care.
John Kerry and John Edwards have an economic plan to create good-paying
jobs by cutting taxes for middle-class families, reining in the
spiraling costs of health care, protecting overtime and raising the
minimum wage.
JOB QUALITY UNDER GEORGE BUSH
Not Only Are Americans Losing Jobs
1.8 million private sector jobs lost; the worst President since Herbert
Hoover in the Great Depression. Under President Bush the American
economy has lost 1.8 million private-sector jobs, America's first
job-loss President since Herbert Hoover. By contrast, by this point in
President Clinton's first term the economy had created 10.2 million
private sector jobs.
7 million jobs short of President Bush's prediction. Annual projections
in the 2002 Economic Report of the President implied 6 million new jobs
would be created between January 2001 and July 2004. Instead, we have
lost 1.1 million jobs. As a result, we are 7 million jobs short of the
prediction which President Bush made after 9/11, the tech bubble, and
the recession. the Economic Report of the President projected an average of 138.3
million in 2004. That corresponds to roughly 138.4 million jobs in
July; the actual jobs total in July was 131.3 million.]
The New Jobs Are Lower Quality
1.3 million more Americans are unable to find full-time jobs. Since
January 2001, the number of Americans working "part time for economic
reasons" has risen from 3.3 million to 4.5 million - a 1.3 million
increase. That is a 40 percent increase. Many or most of these jobs
lack health insurance and other benefits.
Jobs are shifting to lower-paying industries paying $9,160 less.
Nationwide, jobs are growing in industries with low-paying jobs and
contracting in industries with higher-paying jobs. On average, jobs in
growing industries pay $9,160 less than jobs in contracting industries -
that is 21 percent less. Higher Paying to Lower Paying Industries," January 21, 2004]
Jobs are shifting to industries that are 19 percent less likely to pay
health insurance. Jobs in expanding industries are less likely to
provide health insurance. 55 percent of workers in expanding industries
have health insurance while 68 percent of workers in contracting
industries have health insurance - that is 19 percent less. Policy Institute, "Jobs Shift Away from Industries that Provide Health
Insurance to Their Workers," May 12, 2004]
Real wages fell 1.0 percent in the last year and are now lower than they
were when the economic recovery began. In the last year average hourly
earnings have increased 1.9 percent. That is not enough to keep up with
inflation, which has increased 3.0 percent. As a result, real earnings
have fallen 1.0 percent in the last year.
* Wage growth has slowed, reaching the lowest levels on record...
When George Bush took office, wages were growing at 3.8 percent a year.
Wage growth has fallen steadily throughout his term, falling to 1.9
percent rate in the last year. Dollar wages grew only 1.5 percent in
2003, the lowest rate on record (data go back to 1964).
* While inflation has risen. While wages growth has been slowing,
price growth has been picking up. Inflation has gone up at a 4.1
percent annual rate this year, higher than when Bush came into office.
* Real wages are now lower than they were in December 2001 when
the recovery technically began. Wages are now lower than they were in
the first month of the recovery, December 2001. Real average hourly
earnings (in 1982 dollars) fell from $8.24 in December 2001 to $8.23 in
July 2004. Real average weekly earnings (in 1982 dollars) fell from
$279.28 in December 2001 to $277.30 in July 2004.
* 64 percent of the jobs created in the last year are in
industries that pay below average wages. 64 percent of the jobs created
in the last year were in industries that pay less than $15.40 an hour,
the median wage of industries.
* Independent analysts have also found that the large majority of
the jobs are in low-paying industries:
* Morgan Stanley: "It turns out that fully 81 percent of total
job growth over the past year was concentrated in low-end occupations."
* Merrill Lynch: "Almost 90 percent of the net new jobs created
in the 10 months have been in relatively low-wage industries - where
income gains are growing three percentage points slower than the average
wage growth."
* Economy.com: "Since jobs growth resumed last summer, employment
gains have been measurably stronger in low wage industries than in high
wage industries...nearly two-thirds are in low wage and only one-third
in high-wage industries."
Family income has declined $1,462 under President Bush. Under President
Bush the typical family has seen its inflation-adjusted income decline
by $1,462 based on the most recent data showing the change from 2000 to
2002. Under President Clinton the typical family saw its
inflation-adjusted income rise by $7,202.
THE KERRY-EDWARDS PLAN TO CREATE GOOD-PAYING JOBS
John Kerry and John Edwards have a plan to create good paying jobs:
* Create jobs. The Kerry-Edwards plan will create jobs by ending
tax breaks for companies that shift jobs overseas and creating tax
breaks for companies that create jobs here in America. They will
support a New Jobs Tax Credit to encourage job creation. And they will
enforce our trade agreements and end China's manipulation of its
currency.
* Restore confidence by cutting the budget deficit. The
Kerry-Edwards plan will restore fiscal discipline by paying for all
proposals, reining in spending, and cutting the deficit in half in four
years. This will increase confidence in the economy, boosting hiring
and economic growth.
* John Kerry and John Edwards have a plan to make health care more
affordable for America's families and for America's employers. Their
plan includes tax credits to help small businesses pay for health
insurance, and a swap in which the government will assume most of the
cost of catastrophic healthcare (care costing above $50,000) if
companies agree to extend high-quality health care to their employees.
The Kerry-Edwards plan will cut premiums by up to $1,000.
* Cut energy costs and move America towards energy independence.
John Kerry and John Edwards support a comprehensive agenda to advance
the use of renewable energy sources and new energy technologies, and
promote more energy-efficient cars and buildings - a forward-thinking
plan that will reduce pressure on businesses over the long run.
* Create universal access to four years of college through the
College Opportunity Tax Credit. As president, John Kerry will propose a
tax credit on up to $4,000 of tuition for four years of college, making
college accessible for all Americans. This is a crucial step towards
training the workforce of the future to secure and create the
higher-paying jobs of tomorrow.
* Raise the minimum wage. Today, the minimum wage is currently
worth only 33 percent of average American wages - its lowest level since
1949. John Kerry and John Edwards understand that today's eroded wage no
longer meet the needs of American families. As president, John Kerry
will increase the minimum wage from $5.15 to $7.00 by 2007. That will
give 7 million Americans a raise, and help millions of families pay for
basic needs like education, food and health care. With this increase,
parents working full-time will not have to raise their children in
poverty.
* Fight for overtime protections. George Bush's new overtime
regulations will take overtime protections away from 6 million workers,
threatening their pay. John Kerry and John Edwards will fight for
overtime pay for America's employees.
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