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After Hundreds of Billions in Bailouts, Wall Street Preaches Austerity for Main Street


Location: Washington, DC

Congressman Dennis Kucinich (D-OH) today continued his unstinting defense of the middle class calling the most recently proposed budget plan a boondoggle for the top 1% at the expense of Social Security, Medicare and Medicaid.

The full text of his remarks follows.

"You think cutting Social Security, Medicare and Medicaid should be part of a budget deal?

"America's economic collapse was fed by Wall Street greed in the form of a $6 trillion housing bubble. This brought large budget deficits. Some who were at the center of the housing crash are pushing for deep cuts to social programs to cure the budget deficit.

"The CEO of Goldman Sachs, which received a $10 billion direct bailout and tens of billions of dollars in loans at below market interest rates, has preached about cutting Social Security benefits and increasing the retirement age.

"While Wall Street was bailed out with hundreds of billions of tax dollars from Main Street, Main Street Americans lost more than 40% of their wealth from 2007 to 2010. Nearly one in six U.S. residents is officially poor -- the highest rate in 50 years. Twenty-two percent of U.S. children live in poverty. We are today facing an economic situation that resembles the years leading up to the Great Depression.

"The prevailing budget plan calls for deep cuts in spending on education, environmental protection, Social Security, Medicare and Medicaid --while corporations and the top 1% would get tax cuts of nearly $3 trillion over the next decade. This is not how to protect a Democracy."

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