July 13, 2015 saw Presidential candidate Hillary Clinton give a major speech on how we can build a growth economy and why we need to build a growth economy that is fair to all Americans. The speech was lost in the media’s preoccupation with Donald Trump’s attention grabbing immigrant bashing, but her speech’s importance should not be lost in the crazy days of summer with the election still so far away.
Hillary Clinton declared that the “defining economic challenge of our times” is ” to raise incomes for hard working Americans so that they can enjoy a middle-class life.” She once again stressed how the cards are stacked in favor of the top while things are stacked against the rest of us.
Her statement is quite the contrast when you look at what Scott Walker said the same day about the minimum wage. He called the minimum wage,”lame.” Try living and pursuing happiness on $7.25 an hour before take-outs.
Her speech highlighted the fact that Corporate America maximizes short term profits at the expense of long term growth. Hillary Clinton has a partial solution giving corporations tax incentives to hire and train new people by giving them a $1500 tax credit. This suggestion would probably help encourage small businesses to hire more, after all they provide Americans with 60% of new jobs.
She reminded her listeners how her husband’s administration created 23 million jobs and balanced a budget and left us with a surplus.
Her speech included the following primary areas for job growth and making the economy more fair to the American worker.
1. In order to prevent future Great Recessions she wants to reign in excessive risk taking by Wall Street.
2. We should focus on long term growth.
3. Costs are rising faster than wages thereby the American worker needs a higher minimum wage.
4. She stressed the need for public investment, such as making our airports world class, investing in the improvement of our railways, roads, bridges and ports.
5. Bring in the underground economy by reforming our immigration policy. By reforming the system we can increase our Gross Domestic Product by billions of dollars.
6. We need to be a world Super Power in alternative energy by stressing clean renewable energy more and more jobs will be created.
7. We need to fund scientific and medical research. These areas provide new industries such as the human genome. We have already improved the jobs picture by stressing investment in precision medical devices and the continued efforts of brain research.
8. A modest idea was proposed to have more companies share with their employees the profits, rather than decrease pay, this helps give an incentive to the worker and it helps to boost the stock value.
The speech in addition to the campaign issues of Senator Bernie Sanders makes the number 1 issue for Democratic candidates income inequality and how to raise the wages of our citizens. Hillary highlighted the increasing costs of day care and the fact that other costs are rising while wages have remained stagnant.
While Republican candidates highlight building a wall between Mexico and the United States, Democrats want to improve the life style of the Middle-Class. While Walker makes you wonder if he will want to eliminate the minimum wage because it is lame, Democrats want to give Americans a raise from $7.25 and hour to $10.10. The differences between the two political parties could not be more stark. Let the race to the White House continue to illuminate the possibilities of a better America.