By Edward J. McElroy
AFT President

Remedy for a faltering economy—vote!

It's the economy—again. Whether you call the current situation a slowdown, a contraction or a dreaded recession, seven years of failed economic policies have shortchanged many crucial domestic investments and hurt poor and middle-class Americans. The economy is the number-one issue on voters' minds as they consider which candidate they want to replace George Bush, whose legacy of risky, ill-advised and ideologically driven fiscal policies may well leave him remembered as the subprime president.

The economy has been undermined by loss of jobs, reduced consumer spending and slowing manufacturing activity, along with the rising cost of energy and healthcare, and the mortgage and credit crises. The federal budget deficit has skyrocketed as a result of the war in Iraq and homeland security spending. Many of those expenses could not have been anticipated, but President Bush's unwavering insistence upon multiple tax giveaways skewed toward the wealthy has propelled the deficit into the stratosphere, and placed an unnecessary and unconscionable strain on the already weakening economy.

One leading economist estimates the cost of the Bush debt burden to be $200 billion a year-with no foreseeable end date. Taxpayers already have shelled out billions in interest on the national debt. That's money that could have been spent far better.

Consider the human and economic benefits if, for example, this president had taken steps to expand access to high-quality, affordable healthcare. In the last recession, 34 states cut eligibility for public health programs, causing well over 1 million people to lose health coverage. Countless unions are fighting tooth and nail in contract negotiations to maintain sound health benefits that often were previously guaranteed them in exchange for low or no wage increases. Employees increasingly are saddled with paying a greater share of medical costs. And unexpected medical costs are among the top contributing factors underlying personal bankruptcies and mortgage defaults.

The next American president will inherit this economic mess, and it will sharply limit his or her ability to advance an agenda. The right choice for president will mean the difference between a leader who shares our priorities, and can prevent a bad situation from getting worse, and someone whose policies will, in fact, dig the hole even deeper.

The good news is that at least the Democratic nominees for president have plans to strengthen the American economy, while maintaining investments in crucial priorities. The AFT's endorsed candidate, Hillary Clinton, for example, has concrete solutions for the ailing economy. As president, she would advance policies to provide quality, affordable healthcare to every American; restore fairness to the tax system; address the root causes of poverty; and create a climate for investment, innovation and job creation. And she would consider spending on education an investment, not an expense. This stands in sharp contrast to the priorities of the presumptive Republican nominee for president, John McCain, who appears to be hitched to President Bush's economic wagon.

The stakes are high, and we can't change course soon enough. Federal support for public education during the current administration has been inadequate. This puts greater pressure on already cash-strapped states. Making matters worse, we're seeing efforts in many states to enact caps on public spending and slash property taxes. There is no doubt many Americans need economic relief, but these "solutions" are anything but. Property taxes fund vital public services on which we all depend, including, more than likely, your job and the services you provide. If the economy continues to weaken, public schools and other essential services could face severe cutbacks.

When I think about the mess the American economy is in, I get angry. Not only does the sad state of affairs shortchange investment in key priorities today, but my grandchildren could be permanently saddled with burdens resulting from a presidency they will never remember. Looking forward, however, I am hopeful. I owe it to my grandkids to help elect a president who will leave them a more promising legacy. Working together, I believe we will.