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Economy
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The U.S. Economy and Working Americans The troubled U.S. economy is emerging as one of the top domestic issues in the 2008 election, and UFCW members and American workers have an opportunity to get out the vote and elect a leader who will make voters ’ concerns about slow job growth, stagnant wages and the high price of health care, housing and education a priority over the next four years. UFCW members and America’s workers fully understand the economic problems they and their families experience on a daily basis: Income Inequality. Between 2004 and 2005, the average income of the wealthiest one percent of households increased by $119,000, after adjusting for inflation, while the average income of the bottom 90 percent of households increased by about $550. The large jump in income concentration for the wealthiest one percent of the population is at its highest level since 1929. (Center on Budget and Policy Priorities) Health Care. The number of Americans without health care coverage increased to 47 million from 2005 to 2006 and more than 80 percent of uninsured working people lived in working households in 2006. In addition, nearly 8.7 million of American’ s uninsured are children. (U.S. Census Bureau, 2006; Kaiser Commission on Medicaid and the Uninsured, 2006) Education. Between 2000 and 2005, the average cost of tuition for students attending four-year public universities rose by 40 percent. While student aid is on the rise, it is not enough to keep students from borrowing money from other sources. (The College Board) Globalization. Since 2001, the trade deficit has doubled, and the United States has lost 1.8 million manufacturing jobs to China. Anxiety about foreign competition is no longer limited to the manufacturing sector, and American workers in service industries are increasingly competing against low-wage counterparts around the world. (The Economic Policy Institute) Housing. With home prices weakening and family debt on the rise, it is becoming more difficult for families to draw on the equity in their homes to pay bills and put their children through college. New home sales in November 2007 decreased by 34 percent from the previous year and existing homes sales saw a decrease of 20 percent. The share of mortgages entering foreclosure is at the highest level on record since 1979, and economists are concerned that the problems in housing could spillover and hurt the broader economy. (Center for American Progress) Retirement Benefits. The share of private sector workers with a pension dropped from 50.3 percent in 2000 to 43.2 percent in 2006. (Center for American Progress)
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