News Release

WASHINGTON – Recent earnings reports from Citigroup, Goldman Sachs and Wells Fargo showed revenue for the first part of January, but were stark lessons in the ways accounting rules can be employed to obfuscate losses.

Borosage: “Devil is in the details, and the people”; warns modern-day “Pecora Commission” must have broad powers and tough leadership

WASHINGTON – Campaign for America’s Future co-director Robert Borosage today praised House Speaker Nancy Pelosi’s announcement that she will form a commission to investigate what happened on Wall Street to cause the economic collapse, but warned that the “devil is in the details, and the people.”

The federal tax code has become increasingly unfair over the past 30 years, giving wealthy individuals more breaks than middle- and low-income Americans, according to a new report released today by the Campaign for America’s Future. The report shows that the tax rates on the top 1 percent dropped significantly since 1980, while the relative tax burden on the middle 60 percent has increased.

WASHINGTON – Campaign for America’s Future co-director Robert Borosage, in Brussels this week for the Global Progressive Forum, said the additional global stimulus is a dramatic and vitally needed initiative.

WASHINGTON – Campaign for America’s Future co-director Roger Hickey said that the federal budget passed by President Obama’s allies in the U.S. House marks a major shift from the failed policies that got us into this economic mess.

WASHINGTON – Campaign for America’s Future co-director Robert Borosage today denounced as “disgraceful” the plans of a group of Democratic senators led by Sen. Evan Bayh, D-Ind., to slow, alter or stop progressive measures championed by President Barack Obama. Sen. Bayh announced the creation of a caucus that includes a dozen senators and “three or four others” who “don’t want to be publicly identified yet” this morning. Borosage says this group must be challenged if they do not support President Obama’s agenda.

WASHINGTON – Economists and progressive leaders argued today that Monday’s White House “fiscal responsibility summit” should focus on continuing strategies to grow the economy through public investment and on health care reform, not on cutting Social Security or Medicare – and not on budget austerity plans that could worsen the current serious recession.

WASHINGTON – With President Obama poised to sign a $787 billion plan to resuscitate the economy in Denver, Colo. today despite a wall of Republican opposition, Campaign for America's Future co-director Robert Borosage praised President Obama for pushing Congress to act quickly.

WASHINGTON – The Institute for America’s Future, the research arm of Campaign for America’s Future, today released the report, “Beyond Recovery: America’s Public Investment Deficit,” highlighting the need for a dramatic change of national priorities to bolster long-term public investment. As the report states,

WASHINGTON – While the Senate finally moves towards a vote on an economic recovery package, Robert Borosage, co-director of the Campaign for America’s Future, called on lawmakers to do the right thing for the American economy and pass a much-needed stimulus package.