A New Economic Course
Speech Inventory: SP-2601 [Health, Debt, Schools, Retirement]
Abstract This speech is designed for a third-party candidate declaring his or her candidacy for a position in Congress. The primary rationale for the candidacy is concern over the financial health and future of American households.
The speech argues that American households are struggling with their finances—even during periods when the broader economy appears strong—and that neither major political party has demonstrated the ability to address these challenges in a sustainable way.
At the same time, Social Security is moving toward a funding crisis that will require difficult decisions that Republicans and Democrats have repeatedly failed to confront.
Rising out-of-pocket health-care costs, burdensome student debt, inadequate retirement savings, and the approaching Social Security shortfall are not isolated problems but interconnected challenges.
Recent policy debates on renewal of the ACA premium tax credits, student debt reform, and improved retirement savings incentives show that Congress is incapable of balancing the needs of struggling households in a way that is fair to taxpayers.
Absent changes to the political system, the projected Social Security deficits will lead to automatic cuts to Social Security benefits in around seven years.
The third-party health care, student debt and retirement incentive proposals outlined in this speech are both desirable on their own merits but are also necessary for the adoption of a Social Security reform adjusting both future taxes and benefits.
Thank you all for being here.
We are standing at a crossroads—not just in this district, but across our entire nation.
Look around us.
We are told by the headlines that our economy is strong.
We are told by the talking heads in power that everything is on the right track—and we are told by the talking heads out of power that the sky is falling.
[Pause]
My perspective is different.
Even when the macroeconomy is strong, everyday households are struggling. Struggling to save. Struggling to pay off debt. Struggling to maintain health insurance or cover the out-of-pocket costs of a routine medical procedure.
