Statement by AFT President Randi Weingarten on Bailout Bill

WASHINTON – The AFT shares the deep concern of most Americans regarding the economic crisis facing our nation. We are hopeful that the important recent action by Congress will allow us to avoid further damage to our economy.

It is unfortunate that other efforts to help, including providing assistance to restructure existing mortgages, extending unemployment insurance, strengthening public infrastructure, and assisting states so they can avoid deep cuts in education and healthcare programs were not included.

The unprecedented cost and nature of this bailout have the potential to severely limit the next administration’s ability to address other serious issues facing the country. If the bailout is successful and the distressed Wall Street firms again become profitable, it should be American taxpayers, not financiers, who benefit from any profits. Given the large investment just made by Congress, any gains that are realized must become available to address the national priorities that await the next president.

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