A rescue plan for the rest of us
Wall Street gets $700 billion. Here's what you want.
The federal government has given Wall Street a taxpayer-financed cash infusion of up to $700 billion in an attempt to avert a steep economic downslide. But people on Main Street are also hurting, and a majority of Americans think the government hasn't done enough for them, according to a new poll by the Consumer Reports National Research Center.
Fifty-six percent of respondents said the government needs to do more to help average citizens through these difficult economic times. But only 17 percent of those polled said the government needs to do more for banks and financial institutions. In the poll, a nationally representative telephone survey of 2,000 adults conducted in late October, 29 percent said the government went too far in bailing out the financial industry. Thirty-nine percent were unsure whether the financial rescue plan went too far.
Which reforms would help Main Street most? Our respondents' wish list includes fixes for immediate problems and for problems that could saddle generations to come. The following eight reforms are of most concern, respondents said. Roughly 8 out of 10 people said they're important or very important.
- Ensure the financial health of the Social Security program.
- Reduce the national debt.
- Protect pensions and other retirement accounts when companies or financial institutions go under.
- Increase spending on energy exploration, energy efficiency, and alternative energy sources.
- Ensure affordable health care for all Americans.
- Increase regulation of financial institutions to ensure responsible practices.
- Extend federal insurance to all deposits in savings and money market accounts.
- Cut taxes for working Americans.
