Fortunately, there is one thing that can help, if put into place – a financial transactions tax (FTT). Of course, it would not cure all the world’s economic ills. But an FTT could raise between US$200-billion and US$900-billion. It would help put establish an economic base for social protection, and provide major funding to address poverty issues.
The International Trade Union Confederation (ITUC), to which PSI belongs, has submitted a statement to the UN Summit that sets out detailed policies and actions which would give a renewed impetus to meeting the MDGs. This includes trade union endorsement of a financial transactions tax.
I urge PSI affiliates to write to your governments now to inform them of the trade union position on an FTT, and send them a copy of the ITUC statement. The more we talk about the FTT, the more quickly it could become a reality.
See the ITUC statement here.