09/24/2008

AFT Says Bailout Profits Should Go to National Priorities

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The AFT said in a Sept. 24 letter to congressional leaders that, since a bailout plan for Wall Street will severely limit the next administration's ability to address serious domestic issues, any profits should be used to address national priorities and not be given to financiers.

"If the bailout is successful and the distressed Wall Street firms become profitable, it should be American taxpayers, not Wall Street executives, who benefit from any profits," said AFT president Randi Weingarten.

Weingarten said any profits should be invested by the next administration in tackling the rising costs of healthcare, energy and higher education. The government also needs to address climbing unemployment rates and declining state and local revenues that are forcing cuts in K-12 education in some states and contributing to a crumbling national infrastructure.

The letter from Weingarten was sent to House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.).