It is now clear that Wall Street's failures have spread throughout the American economy. Our country is now faced with the most serious economic crisis since the Great Depression.
Years of Republican mismanagement and deregulation have eroded our economic strength and imperiled our national security. When President Clinton left office, America was on track to post record surpluses and had begun paying down the national debt. The Bush administration, and its Republican enablers in Congress, destroyed that opportunity. Instead, they spent billions waging a misguided war in Iraq, allowed Wall Street to gamble with the money of hard-working Americans, continued to send billions to the Middle East for oil instead of investing in American renewable energy, and allowed millions of jobs to move overseas.
The time has come to reverse this damage. With a Democratic White House and a strong Democratic Congress, we can begin the process of rebuilding our nation's prosperity. On the path to economic security and growth, we must take the following steps:
* Reinforce our failing financial and credit markets;
* Provide sensible relief to struggling homeowners;
* Protect the hard-earned retirement savings and benefits of senior citizens;
* Cut taxes for middle-class Americans;
* Invest in our nation's infrastructure;
* Introduce sensible regulations and safeguards into our financial sector;
* Help companies keep jobs in America with directed incentives and tax breaks; and
* Spur renewable energy development and green-collar jobs with tax incentives.
We have a hard road ahead of us, but, together, we can prevail. With hard
work and determination, we can return to the prosperity of the Clinton era, build a strong and stable economy, pay down our debt, and invest in our children's future.