Home values are plummeting, home foreclosures are on the rise, consumer debt is reaching unsustainable levels and prices for energy, health care and education are soaring out of reach for many working families. The nation’s economy is in the worst shape it’s been in years—maybe even headed toward recession. Working families are worried. Lawrence Mishel, president of the nonprofit Economic Policy Institute (EPI), explained the need for a stimulus package focused on the needs of working families: “The recession is about paycheck economics—jobs, wages and family budgets. When most Americans don’t have the cash or the confidence to continue the spending that keeps the economy running, demand for goods dries up, businesses lay off workers, corporate bottom lines flat-line and the economy plunges into a downward spiral.” |