Hillary Clinton: Building the Growth and Fairness Economy

Hillary Clinton gave her first big economic policy speech on Monday, laying out a laundry list of several policy specifics, and alluding to more policy proposals to be developed in speeches over the course of the campaign.

Kevin Drum boils it down to the “Reader’s Digest” version at Mother Jones. Hillary Clinton’s Big Economic Speech Abridged to 500 Words:

Hillary Clinton gave her big economic speech today. As is my wont, I plowed through the transcript and excerpted only those parts that are actual policy proposals. This is sometimes a judgment call, but I think I got most of them. I didn’t include any vague prescriptions that she promised to explain in detail in later speeches.

By my count, Hillary’s laundry list includes 26 specific proposals, some with more detail than others. Not bad, even for a Clinton. So for those of you who aren’t interested in the blah blah blah, and just want the meat, here’s the Reader’s Digest version of the speech, condensed to about two minutes of reading time.

Let me begin with strong growth.

….Empower entrepreneurs with less red tape, easier access to capital, tax relief and simplification…. business tax reform to spur investment in America, closing those loopholes that reward companies for sending jobs and profits overseas….comprehensive immigration reform….infrastructure bank that can channel more public and private funds, channel those funds to finance world-class airports, railways, roads, bridges and ports….greater investments in cleaner, renewable energy right now.

….Fund the scientific and medical research that spawns innovative companies and creates entire new industries….breaking down barriers so more Americans participate more fully in the workforce — especially women….family-friendly policies….fair pay and fair scheduling, paid family leave and earned sick days, child care are essential to our competitiveness and growth.

….Beyond strong growth, we also need fair growth.

….We have to raise the minimum wage and implement President Obama’s new rules on overtime….crack down on bosses who exploit employees by misclassifying them as contractors or even steal their wages….defending and enhancing Social Security….encourage companies to share profits with their employees….reforming our tax code….Buffett Rule….closing the carried interest loophole….the decline of unions may be responsible for a third of the increase of inequality among men….we have to get serious about supporting workers.

….Every 4-year old in America [should] have access to high-quality preschool in the next ten years….80% of your brain is physically formed by age of three….intervention to help those often-stressed out young moms understand more about what they can do and avoid the difficulties that stand in the way of their being able to get their child off to the best start….reviving the New Markets Tax Credit and Empowerment Zones to create greater incentives to invest in poor and remote areas.

….The third key driver of income alongside strong growth and fair growth must be long-term growth.

….A new $1,500 apprenticeship tax credit….reform capital gains taxes to reward longer-term investments that create jobs more than just quick trades….[Make] sure stock buybacks aren’t being used only for an immediate boost in share prices….Empowering outside investors who want to build companies but discouraging “cut and run” shareholders who act more like old-school corporate raiders.

….Serious risks are emerging from institutions in the so-called “shadow banking” system….I will appoint and empower regulators who understand that Too Big To Fail is still too big a problem….ensure that no firm is too complex to manage or oversee….prosecute individuals as well as firms when they commit fraud or other criminal wrongdoing….when the government recovers money from corporations or individuals for harming the public, it should go into a separate trust fund to benefit the public.

And the obligatory paean to bipartisanship and comity:

….You know passing legislation is not the only way to drive progress. As President, I’ll use the power to convene, connect, and collaborate to build partnerships that actually get things done. Because above all, we have to break out of the poisonous partisan gridlock and focus on the long-term needs of our country.

Roosevelt Institute Chief Economist and Nobel laureate Joseph Stiglitz gave the speech a thumbs up:

New York—Roosevelt Institute Chief Economist and Nobel laureate Joseph Stiglitz released the following statement following Hillary Clinton’s economic address. Stiglitz and Roosevelt staff have held multiple briefings with Clinton campaign staff over the past several months on Roosevelt’s Rewriting the Rules of the American Economy agenda.

“This speech showed a clear understanding that our economy is no longer working for most Americans, that the rules of the economy matter, and that we need to fundamentally rewrite the rules to ensure our nation and its people can live up to their full potential. Growth is not achieved by pulling a number out of thin air but by focusing on and investing in our families and communities, ensuring Americans can earn enough to afford a middle-class life, and making our financial markets work for everyday Americans rather than the short-term interests of CEOs and speculators. Today Hillary Clinton began to offer the kind of comprehensive approach we need to tackle the enormous economic challenges we face, one that is squarely in line with what we have called for at the Roosevelt Institute.”

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