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The Socialist Party stands for a fundamental transformation of the economy focusing on producing for need not profit with the goal of a new society without social classes and without exploitation based on class race or gender We call for a minimum wage of 12 an hour indexed to the cost of living We support the provision of a livable guaranteed annual income for those outside the work force We call for a full employment policy and programs We call for all financial institutions to be socially owned and operated by a democratically-controlled national banking authority which should include credit unions mutual insurance cooperatives and cooperative state banks in order to meet the diversity of local and regional needs and the needs of various sectors of the economy We call for a steeply graduated income tax and a maximum income of no more than ten times the minimum We oppose the International Monetary Fund the World Bank and the World Trade Organization as instruments of oppression throughout the world We support restoring and increasing federal grants to local and state governments We oppose balancing the federal budget at the expense of funding basic human services We call for a National Pension Authority to hold the assets of private pension funds and a levy against corporate assets for any pension fund deficits We call for increased unemployment compensation We support a program of massive federal investment in both urban and rural areas for infrastructure reconstruction and economic development We call for the elimination of subsidies and tax breaks that benefit corporations and wealthy households at the expense of working people We call for the creation of new jobs through the formation of worker- and community-controlled cooperatives for the purpose of providing quality housing health care education food and clothing for
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