WASHINGTON–White House hopeful Sen. Hillary Rodham Clinton (D-N.Y.) in a New Hampshire speech on Tuesday, called for ending tax breaks for big oil and gas firms and U.S. firms sending jobs overseas and allowing the government to negotiate Medicare drug prices.
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Clinton Outlines Progressive Vision to Aid Middle Class, Address Rising Income Inequality
Hillary Clinton laid out her progressive vision for strengthening the middle class in the face of rising income inequality and globalization today. In a speech at the Manchester School of Technology in New Hampshire, she called for a return to shared prosperity and tax fairness, while expanding access to quality education and healthcare for all Americans.
I believe that one of the most crucial jobs of the next President is to define a new vision of economic fairness and prosperity for the 21st century a vision for how we ensure greater opportunity for our next generation, Clinton said. I consider myself a thoroughly optimistic and modern progressive. I believe we can grow our economy in the face of global competition and in a way that benefits all Americans. I believe we can curb the excesses of the marketplace and provide more opportunities for more Americans to succeed.
Despite worker productivity increasing 18% over the last six years, family incomes have gone down $1,300. Last year, the share of national income going to corporate profits was the highest since 1929, while the amount going to the salaries of American workers was the lowest since that time.
I believe that our government can once again work for all Americans it can promote the great American tradition of opportunity for all and special privileges for none, Clinton said.
Hillary Clinton would:
1. Level the playing field and reducing special breaks for big corporations.
2. Eliminate incentives for American companies to ship jobs and profits overseas.
3. Reform the governance of corporations and the financial sector.
4. Restore fiscal responsibility to government.
5. Give every young person an opportunity to attend college, and ensure that education starts early in life and continues into adulthood.
6. Increase support for community colleges and alternative schools.
7. Help working people earn enough to support their families and help them save for the future.
8. Ensure that every American has quality, affordable health care.
9. Make investments necessary for creating new jobs.
Hillary Clintons Modern Progressive Vision:
Today in New Hampshire, Hillary Clinton outlined her vision for economic growth with fairness. She outlined her views on how America could restore a strong middle class in the face of globalization and the Bush Administrations concerns for the special interests.
Rising Inequality Undermines the Middle Class
The fruits of our modern global economy are showing up in the corporate bottom line, not in workers paychecks. CEOs have seen their pay go from 24 times the typical workers in 1965 to 262 times the typical workers in 2005. Last year, the share of national income going to corporate profits was the highest since 1929 while the share going to the salaries of American workers was the lowest.
Globalization and economic policy dynamics are generating rising income inequality In 2005, all income gains went to the top 10% of households, while the bottom 90% saw their income decline despite the fact that worker productivity has increased for six years. In 1970, the top 1% of households held roughly 9% of our nations income. In 2005, they held 22% — the highest level since 1929.
Harder for Americas middle-class and working-class families to make ends meet. Costs are up: health care premiums are up 87 percent since 2000. While productivity growth has gone up 18%, family incomes have gone down $1,300.
This Administrations policies have fostered these economic outcomes.
Large corporate interests receive protection and benefits
No-bid contracts to Halliburton
Significant tax breaks to oil companies
Tax incentives to corporations shipping jobs overseas
A $1,000-per-patient subsidy to private Medicare plans
Every baby born today starts life with $29,000 of our national debt on his or her shoulders the largest birth tax in our nations history.
A New Progressive Vision: Principles and Policies
We need a new vision of economic fairness and shared prosperity: The foundation of a strong economy is the investments we make in each other in education, health care, clean energy and new technologies. Shared prosperity, which supports the hopes, dreams and aspirations of all our people, is the true measure of our economic success.
We can achieve these ideals and this vision by:
1. Leveling the playing field and reducing special breaks for big corporations. That means scaling back oil and gas subsidies; allowing Medicare to negotiate lower prices with big drug companies; and requiring big oil companies to either invest in alternative energy or pay into the Strategic Energy Fund to spur clean energy research and development.
2. Eliminating incentives for American companies to ship jobs and profits overseas. Specifically, the tax code rewards companies for offshoring jobs by enabling them to defer paying American taxes for as long as they hold the money abroad. The current policy puts companies that create jobs in America at a competitive disadvantage. We must pursue tax policies that reward the decision to create jobs in America, rather than abroad.
3. Reforming the governance of corporations and the financial sector. It is inconsistent with our values to allow CEO pay to skyrocket while workers wages and benefits are under threat. There needs to be greater public scrutiny of CEO pay, and more independence of Boards of Directors.
4. Restoring fiscal responsibility to government. That means balancing the budget; saving Social Security; reducing our dependence on foreign creditors (e.g. China); returning high-income tax rates to the 1990s levels; reforming the AMT; and ensuring that corporations pay their fair share of taxes.
5. Give every young person an opportunity to attend college, and ensure that education starts early in life and continues into adulthood. College should be made more affordable so that students of all backgrounds can attend. Also, every child should have ready access to high quality pre-K.
6. More support for community colleges and alternative schools. We should expand regional skills alliances to ensure workers have the valuable skills they need
7. Help working people earn enough to support their families and help them save for the future. That means simplifying and expanding the EITC; overhauling the unemployment insurance system; and making it easier for workers to join unions.
8. Ensure that every American has quality, affordable health care. It is intolerable that 45 million Americans are without health insurance, particularly considering that we are spending nearly $500 billion on the war in Iraq.
9. Make investments necessary for creating new jobs. New job sources are needed to preserve and expand the middle class. Investments in alternative energy can create new jobs for the 21st century; expanded access to broadband will bring opportunities to underserved/disadvantaged communities; the manufacturing base can be re-energized through creative partnerships; and innovationwith increased government support for R&Dwill help us find and develop the jobs of tomorrow.
Paid for by Hillary Clinton for President Exploratory Committee