[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
90_HR0176
LRB9005815CBcb
1 HOUSE RESOLUTION
2 WHEREAS, The American people generally, and the poor in
3 particular, are reeling under the weight of downsizing in
4 both the private and public sectors of our economy; and
5 WHEREAS, This has spawned a pervasive anxiety among
6 middle income and poor people about the lack of adequate and
7 secure income being available to them for the present and the
8 future; and
9 WHEREAS, This anxiety about the future is causing us to
10 turn on one another and not to one another; and
11 WHEREAS, This state of affairs is the result of our
12 nation being hit in recent years with the Triple Whammy of
13 (1) the flight of millions of jobs to cheaper labor markets
14 abroad, (2) the displacement of millions of our people from
15 jobs by virtue of new technologies purchased by corporations
16 that are rendering human skills obsolete, and (3) cuts in
17 federal, State, and local government jobs and spending; and
18 WHEREAS, The only hope of providing adequate and secure
19 income for those displaced from the opportunity to receive
20 wage income is to stake them to a share in the ownership of
21 the technologies that are displacing them (as Lincoln staked
22 millions of propertyless Americans to the ownership of land
23 under the Homestead Act of 1862), therefore, be it
24 RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
25 NINETIETH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we
26 respectfully urge the Governor, the Members of the Illinois
27 General Assembly, and the Seventh District Federal Reserve
28 Bank at Chicago to adopt an idea whose time has come: the use
29 of the Federal Reserve Board Discount Window to provide
30 special access to banks and financial institutions that
31 extend Capital Credit (Self Liquidating Credit) to ordinary
-2- LRB9005815CBcb
1 citizens in order to expand private sector growth in a manner
2 that produces a stream of dividend income for the growing
3 number of American citizens who lack adequate and secure
4 income because their skills are being rendered obsolete by
5 job flight and the new technologies being developed and
6 purchased by corporate America; and be it further
7 RESOLVED, That suitable copies of this resolution be
8 delivered to Governor Jim Edgar and to the Seventh District
9 Federal Reserve Bank at Chicago.