ELIZABETH WARREN MANCHESTER NH ST ANSLEM COLLEGE POLITICS CBS POOL 2020
LU 2 ELIZABETH WARREN MANCHESTER NH ST ANSLEM COLLEGE POLITICS CBS POOL 121219 2020
FEED ALSO CAME IN ON TVU 20, TIMECODES FROM THERE
GOFFSTOWN, N.H. - In a fiery speech today at the New Hampshire Institute of Politics, Sen. Elizabeth Warren criticized a handful of her opponents and pitched herself as the sole Democrat who is not afraid to take on the problems voters face.
Asked after the speech if that was her intent - to effectively say that she can fix the system and everyone else is either not willing to or not paying for all of it - she was clear: "pretty much," Warren told reporters in a gaggle.
"Pretty much. I mean look we know how bad the problems are right now, no one is proposing the kinds of solutions that address those problems. We have a serious problem in America with corruption, with a Washington that keeps working better and better and better for those at the top and not much for anyone else..But Americans know this all across the country and it means in a democratic primary, that's a problem we should be wrestling with, it's one we should be attacking head on - and it's just not happening." 120839
A few quick highlights of news-of-day bites from the gaggle and then more from the speech:
Asked if she's concerned she might miss the January debate despite the DNC's promises to accommodate senators who might be on the Hill for impeachment, Warren said she hopes "this is not a bridge that we will have to cross" 121347 but maintained "I will be there, that is my first responsibility." 121325
"Look, I took an oath of office to uphold the constitution of the United States of America and if we are in debate in proceedings over impeachment, I will be there. That is my first responsibility," she said. 121325
And because Warren is the only woman at the top of the field these days, on the heels of her own comments from a Monday night event in Vegas that men always tell her to "sit down and be quiet," Warren was asked if she was "sensing that at all" in this cycle.
"Yes," she said, laughing. Asked to elaborate, she said "No. Look, you gotta be in the fight and that's what I'm doing." 121242
SPEECH:
Though the wonky speech was chock-full of wealth disparity statistics and Warren's dozens of plans to address economic issues facing families, most notable were the dozens of critiques she launched at her fellow Democratic candidates (and Trump) -- part of a growing trend for Warren, who largely refused to "bash" other Democrats until a few weeks ago.
+ ATTACKS ON OTHER CANDIDATES (THESE MAINLY WERE AIMED AT BIDEN/BUTTIGIEG)
Warren seemed to attack Biden for his comments that Republicans will have an "epiphany" after Trump leaves office and work across the aisle -- and for his comments that some Democrats think he's "naive" because he wants to work with them. She also took swings at anyone who has used "Republican critiques" to attack "progressive policies," an argument she has used to push back on Biden and Buttigieg over their Medicare for All criticism.
"Now unlike some Dem -- some candidates for the Democratic nomination, I am not counting on Republican politicians having an epiphany and suddenly supporting the kinds of tax increases on the rich or big business accountability that they've opposed under Democratic presidents for a generation. Unlike some candidates for the Democratic nomination, I'm not betting my agenda on the naive hope that if Democrats adopt Republican critiques of progressive policies or make vague calls for unity that somehow the wealthy and well connected will stand down."110751
//
She also went after candidates who are holding high-dollar fundraisers - specifically Buttigieg, who she called on to release his bundlers/finance committee (which he has said he will do), and Biden, who commented earlier this year to donors that he didn't think wealthy people should be demonized or punished and "nothing would fundamentally change" if he was elected.
"Most candidates haven't disclosed the names of their bundlers or finance committees. They are spending time in fundraisers with high-dollar donors, selling access to their time for money. Some of them have spent months blocking reporters from entering those fancy, closed-door affairs."115357
"We know that one Democratic candidate walked into a room of wealthy donors this year to promise that "nothing would fundamentally change" if he's elected President."115357
Specifically attacking Buttigieg, she talked about the name the Buttigieg campaign gave early on to some of its top bundlers: the "national investors circle."
"We know that another calls the people who raise a quarter of a million dollars for him his "National Investors Circle," and he offers them regular phone calls and special access. When a candidate brags about how beholden he feels to a group of wealthy investors, our democracy is in serious trouble." 115428
//
By contrast, she said this about her own campaign (she is somewhere around 90,000 selfies, according to the campaign):
"Look, I don't ask for a thousand dollar contribution in exchange for a picture. I'm closing in on 100,000 selfies for a grand total of zero dollars. Yeah." 115528
+ ELECTABILITY/TRUMP
Warren argued that talk of Trump's plans to tackle student debt (as reported by WaPo <https://nam04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.washingtonpost.com%2Flocal%2Feducation%2Feyeing-populist-challenge-from-the-left-trump-seeks-plan-to-tackle-student-debt%2F2019%2F12%2F05%2Fbbb002f8-16aa-11ea-a659-7d69641c6ff7_story.html&data=02%7C01%7CMegan.X.Farrell.-ND%40abc.com%7Cbaf90e749f3944372d5608d77f3a6e6c%7C56b731a8a2ac4c32bf6b616810e913c6%7C1%7C0%7C637117761311859764&sdata=i3sRwjgPjlHDCmkO2uDjrhE3HJpj9kJC6dtwiItyJpg%3D&reserved=0>) and his recent comments <https://nam04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fthehill.com%2Fhomenews%2Fadministration%2F473543-trump-calls-warren-pocahontas-knocks-wealth-tax&data=02%7C01%7CMegan.X.Farrell.-ND%40abc.com%7Cbaf90e749f3944372d5608d77f3a6e6c%7C56b731a8a2ac4c32bf6b616810e913c6%7C1%7C0%7C637117761311859764&sdata=FZaa6smQ5%2B%2FRHrRkP4VPI350KIAeun5d6hJVYrQWDrY%3D&reserved=0>about her wealth tax show that he thinks she's a threat. She also pushed back against the argument that her plans are too far left and compromise her ability to beat Trump.
"And while there are candidates in this primary who are trying mightily to convince Democratic primary voters that this kind of popular agenda will somehow make it harder to beat Donald Trump, do you know who disagrees with that conclusion? Donald Trump." 115828
"Just consider two examples from recent days. First, some candidates have suggested that my broad student loan debt cancellation plan, which is popular and would be a huge boon to our economy, will somehow "alienate" people. Meanwhile, back in the real world, Trump is reportedly so worried about the appeal of this proposal that he's sent his aides scrambling to come up with some knock-off version that he can claim.
And it's the same with the wealth tax. Trump launched an outlandish false attack on it last week in an anti-Semitic rant, because he knows as well as I do that asking billionaires to pitch in a few pennies is reasonable and popular. And let's be honest, he's just one more rich guy who will go to extraordinary lengths not to have to pay more taxes." 115901
+ "I AM THE BIGGEST THREAT"
Warren led off her speech by addressing the scrutiny she's received in the press, and the people who she says fear her: Washington insiders and Wall Street executives.
"I'm serious about delivering real change, and a lot of powerful people know it. Just take a look at who the Washington insiders and the Wall Street executives and the billionaires spend their time and money attacking on TV and in the press. They believe that I am the biggest threat to a corrupt system that has enriched them at the expense of everyone else. And they're right." 110715
+ RESPONSE TO ANYONE WHO CALLS HER A SOCIALIST/RADICAL
Warren argued Democrats who "defend a corrupt system" are not "capitalists" but "cheaters."
"These are the kinds of changes save people money. They spur economic growth and innovation. But every time I talk about them, there's somebody who wants to call me a socialist or a radical, just like they did every time FDR or Barack Obama or any other Democrat fought for real change. Well, here's a newsflash: if you defend a corrupt system, where corporate lobbyists write the rules to squeeze out competition and hurt economic growth and undercut workers, you're not a capitalist. You're just a cheater. "112927
+ BLOOMBERG
Warren didn't call Bloomberg out in the traditional way she has in the past few weeks, attacking him for buying the election, but instead used him as an example for the wealth tax and (somewhat surprisingly) gave him credit for building a "successful business."
"So look, I am no fan of Michael Bloomberg that has been made clear through the years. But here's the deal. Michael Bloomberg built a successful business. And I am, i want to honor that. I think that's great. You've built a successful business here in America. Good for you. . But what we have to be able to do is to say when you make it big, when you make it really big, when you make top one tenth of one---big in America, pitch in two cents. It's about making sure that the wealthy don't pick up the ladder after them. 114537
+ HOW SHE'LL ENACT HER PLANS
Toward the end of her speech, after mapping out dozens of her plans, Warren talked about the "movement" her campaign is building and how that would propel her ability to get things done once elected.
"Now, will I have a magic wand to enact my full agenda? Of course not. No President does. I know I will have to compromise, but that's not where we start. We start with the work of mobilizing a movement, building real leverage, and fighting hard. And I know we won't win every fight. But I can promise that we will hit the ground running using every tool available to build a government that works not just for those at the top but a government that works for everyone." 115113
TVU 20 ELIZABETH WARREN MANCHESTER NH ST ANSLEM COLLEGE POLITICS ABC UNI 121219 2020
Gaggle
Q: this was a pretty explicit speech effectively yuo can fix the system and everyone is either not willing to or not paying for all of it, is that right?
120839
WARREN: pretty much, I mean look we know how bad the problems are right now, no one is proposing the kinds of solutions that address those problems. We have a serious problem in America with corruption, with a washington that keeps working better and better and better for those at the top and not much for anyone else. And today, i talked about all the economic data that showed that.
120905
But Americans know this. All across the country and it means in democratic primary, that's a problem we should be wrestling with, it's one we should be attacking head on and it's just not happening.
Q: (?) rest of the field the way they've gone about their policy?
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WARREN: well, it's that this is the problem we need to tackle. So, I laid it all out in one place together but this is what I've been working on for an entire year and shoot, anyone who's been paying attention in Washington for years now, knows that this is a problem. A problem when the republicans pass a trillion and a half dollar tax cut and all the gains go at the top. A problem when we see the stock market continue to rise, but the gains go to those at the top. A problem, when American families barely get a pay increase and yet, all of their core expenses- housing, healthcare, childcare, sending a kid off to school are just going through the roof.
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Americans need a government on their side. That's why I'm running for president, and that's why I'm giving speeches like this.
Q>> Should congressional and senate candidates be held to the same standard for fundraising?
WARR>> So, we're in a democratic primary for president. And in a democratic primary, we're just running against other democrats. This is a moment when we should be building a grassroots, not blocking the grassroots.
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This is a moment when we should be opening ourselves to voters, not doing closed door fundraisers and special calls to people who give lots of monies. This is our chance to build that movement because that's gonna be our comparative advantage come November 2020 and it's gonna be how we'll make change come January 2021.
Q>> --(inaudible) --- top tier of the Democratic field. Why do you believe that notable?
121058
WARR>> I'm sorry what?
Q>> you're the lone female in the top tier for the field, Why do you believe that is notable?
WARR>> Look I watched last week when Kamala Harris announced that she was being forced out of this race by money at the same time that two billionaires are buying their way into this primary. One on the very same day that Kamla announced that she was dropping out, bought his way on to the debate stage.
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And the other continues to drop tens of millions of dollars in advertising, saying he's going to entirely skip campaigning. You know, we have a broken political system when it's all about either you've got to be a billionaire or you got to suck up to billionaires in order to make it forward. So, I'm gonna do what I can to continue to lift up the issues that Kamala raised. She was an important voice in this debate. I'm also lifting up the issues that Kirsten Gillibrand raised. And co-sponsoring with them on work in the Senate. But also, talking about them in the campaign. The importance of paid family leave.
121212
The importance of preclude, of laws in states that have tried to restrict women's access to full range of health care services. Those are issues that are brought to the table and I think it's really important that we continue to talk about them.
Q: three men in the race that are in the top tier and I remember Monday you talked about how men always tell you to sit down?
WARREN:: mmhmm
Q: are you sensing that at all this time around?
WARR: yes. [laughs]
Q: can you elaborate on that?
121242
WARR: no. look, you gotta be in the fight and that's what I'm doing. I get out there every single day and I talk to as many voters as I can. It's why I've done 179 town halls, it's why I've been to 28 states and PR. It's why we're closing in on 100,000 selfies. I'm out there trying to reach out directly to voters. Because I believe that's how we're going to repair our democracy, and that's how we're going to create opportunities not just for a handful, not just for the same old guys, how we are going to create opportunities for everyone.
Q: Missing a debate for a senate trial, I know the DNC says they will accommodate with the debates but is that a concern?
121325
WARR: Look, I took an oath of office to uphold the constitution of the United States of America nad if we are in debate in proceedings over impeachment, I will be there. That is my first responsibility.
Q: follow up - you would be the only female voice on that stage if you miss the debate for the trial that's gone.
121347
WARR: look, I hope this is not a bridge that we will have to cross but it is absolutely crucial that we go forward as soberly nad non politically on this impeachment process as possible.
Q: what od you make on the Pennsylvania U report on your wealth tax? They say yours are way too high.
121408
WARR: they didn't actually analyze my wealth tax. They changed provisions and then analyzed something else. You know before I ever rolled the wealth tax out, I had independent economists look at it, and we got evaluation from economists, from tax experts about how much wealth it would produce. And I'm very confident about our numbers on this, but I understand, there are people who want to throw out a lot of dust around this because they don't really have a comeback to that central question.
121445
And that is, why aren't we asking the folks at the very top to pitch in a couple of cents so that we could actually invest in opportunity in everyone else. It's a very popular idea among Democrats, Independents, and Republicans. And that's leaving the billionaires scrambling to find some other argument for why this shouldn't be done.
Q>> For the first few months, you didn't criticize anyone, what's changed?
121518
WARR>> Look, I ---
FEED FREEZES
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.. to take that corruption head on. We've got to be willing to draw the contrast between the most corrupt administration in modern history. And a democratic candidate who sees it, who calls it out, who has a serious plan to break up the influence of money in Washington and to actually get some laws passed that aren't just there to help the wealthy and the well connected. But are there to help everyone.
###
SPEECH
110426
Hello St. Anslem College, it is good to be here. And it is good to be back in New Hampshire. Our country reached a crossroads. And in 2020, voters in New Hampshire's first in the nation primary will help determine where we go from here. So, thank you all for inviting your time to be here this morning, investing your time to get this right. It really matters.
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I am very happy to be here at a university that is giving the world a front row seat in our democratic process. You know, nearly 40 years ago, Ronald Reagan declared that the problem with the economy was big government. He claimed that government hurt economic growth and limited freedom. And he was determined to weaken the government's role in markets.
110522
But things didn't work out as he promised. As government pulled back, the rich and powerful stepped in. A small group of wealthy elites and giant corporations gained more control over both our economy and over our democracy. Meanwhile, economic growth slowed, and America's middle class got hollowed out. Reagan had it wrong. Our problem isn't big government. Our problem is a government that has been captured by the rich and the powerful.
110557
Government could help grow the economy, could create opportunities, could support small businesses and entrepreneurship. But instead, we have a government that works only for those at the top. Reagan liked to talk about freedom. But real freedom isn't living under the thumb of a handful of billionaires and giant corporations. Real freedom isn't living deep in debt. One health scare or broken transmission away from disaster.
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Real freedom isn't watching while more and more opportunities get snatched up by the rich and powerful. Real freedom comes when a strong government enforces fair rules and when smart investments give every American the opportunity to prosper. The key question isn't big government versus small government. It's who government works for. I'm running for president to take on a corrupt system and to take our economy working for everyone. [applause]
110715
And I'm serious about delivering real change, and a lot of powerful people know it. Just take a look at who the Washington insiders and the Wall Street executives and the billionaires spend their time and money attacking on TV and in the press. They believe that I am the biggest threat to a corrupt system that has enriched them at the expense of everyone else. And they're right. I do have a plan to make real change. [applause]
110751
Now unlike some dem -- some candidates for the democratic nomination, I am not counting on republican politicians having an epiphany and suddenly supporting the kinds of tax increases on the rich or big business accountability that they've opposed under democratic presidents for a generation. Unlike some candidates for the democratic nomination, I'm not betting my agenda on the naive hope that if democrats adopt republican critiques of progressive policies or make vague calls for unity that somehow the wealthy and well connected will stand down.
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No, my plan is to use the same approach I've used in all my fights for working families. It's what I did before I was even a Senator, when I had an idea for a new federal agency to rein in cheating banks and I actually got it passed into law. [applause] It's how to make real change. I'm building a grassroots movement of Democrats, Independents, and Republicans, united in the belief that we can clean up the corruption in Washington and produce an economy with more growth, more opportunity, and more freedom.
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That is our path to beat Donald Trump in 2020. [applause] Think of it this way. We will beat the most corrupt President in American history by campaigning on the most aggressive anti-corruption platform since Watergate. We will beat a President who has enriched himself and his rich buddies with special rules, tax giveaways by campaigning on a comprehensive plan to make the economy work not just for those at the top, but to make it work for everyone.
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And here's the best part. We'll keep building that movement after the election and we'll make real change starting in January 2021. That's how we're gonna do it. [applause] So, let's start with some basics. I remember the day I grew up. I was in middle school, out in Oklahoma, when my daddy had a heart attack. And he was out of work for a long time. Eventually, we lost our family car and we almost lost our house.
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And that's why, when I became a law professor, I headed straight for the money courses -- teaching contract law, finance, banking, bankruptcy. I wanted to make sure that I understood money and how it affected families. And I figured if I could master these complex and technical areas of law, there'd be another benefit. No one would question whether a young woman with two little kids actually belonged in law teaching. So, there I was.
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Now, I never nursed dreams of running for office. Instead, I spent decades studying why families go broke. I became one of the nation's leading experts on bankruptcy. So nobody should be surprised that I believe in markets. I'm proud of what American businesses can create and I want them to thrive. But markets without rules are theft. And without fair rules, the wealthy and the powerful take all of the gains that markets produce. They take what -- and small businesses can't compete, and consumers have fewer choices. Without fair rules, markets perpetuate racial discrimination.
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Today, our corrupt system has produced too many markets where these things are all happening. The thin slice of folks at the top who benefit from this rigged game push policies that help themselves and then push the costs off on everyone else. They gut environmental protections, they undermine unions, they slash taxes for the rich, and more. Now they claim it's about supporting economic growth, and they pay for research and economic models that rely on absurd and disproven assumptions to try to freshen up those claims.
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They tag any attempt to reform the rigged system as "divisive" and "extreme" -- no matter how many Americans agree with it. Now, this has worked great for those at the top. But after decades of following their policies, it's clear this approach is not working for much of anyone else.Look past the daily headlines about the stock market and the unemployment rate, and you will see a grim, long-term picture of the American economy.
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Families are struggling. After accounting for inflation, average wages have barely budged for decades. Meanwhile, the core costs that most families face -- housing, child care, education, health care, they've shot through the roof. That combination has stretched family budgets to the breaking point. Economic growth is slow. For nearly fifteen years running now, annual economic growth in the United States has not topped 3%.
111339
And if we stay on this track, the Congressional Budget Office projects that economic growth will average under 2% a year over the next decade. The underlying trends are also deeply troubling. For more than a decade, productivity growth has been low. New business formation is sharply down. And while the unemployment rate is low now, job quality has been declining for decades.
The Black-White wealth gap has grown larger.
111414
In 2017, the Black homeownership rate was as low as it was back when housing discrimination was legal in America. In the wealthiest nation on Earth, about 38 million people still live in poverty. In 2017, life expectancy in the United States dropped for the third year in a row. That's what the American economy looks like. But the view from the top is entirely different.
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Rich families are doing fabulously well. Since 1995, middle-class families have seen their net worth go up by 7 percent, think about that, that's over 23 years, while net worth for the top one percent has jumped 187 percent. The American people have done everything they can to keep up - they've gotten more education, they've taken on extra work, they've made careful decisions with their money.
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But tens of millions of people are barely treading water, and even those who are doing okay look around and worry about the future of this country. Only about a third of Americans believe children in the United States will be better off than their parents. And they are right to worry. Young people have been hit by a devastating financial crisis, a recession, and a lifetime of stagnant wages. They're buried in debt, including a massive $1.6 trillion in student loan debt.
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And just to ratchet up the pressure, they're staring at a growing likelihood of catastrophic climate change. Young people today are as hard-working as any generation, but opportunity is collapsing around them. And if they dare to question the corrupt system that has put them in this giant hole, the elites responsible for this mess have the gall to call them lazy and entitled.
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I say: enough. The rich and the powerful have written the rules for our economy so that they suck up all the gains for themselves. It is corruption, plain and simple and it's holding back growth in our economy. This country is brimming with talent and drive, but we need to tackle three structural problems in our economy to unleash that talent:
111711
First, too many big American corporations have hurt workers and our economy by focusing solely on the short-term interests of their investors.
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Second, in market after market, competition has declined. And third, stagnant incomes and rising costs have stretched family budgets past the breaking point. Three central problems in a rigged economy, and three problems we can solve. Part one. Let's start with how our biggest American corporations are run. You know, for most of our nation's history, corporations recognize that they serve not just their investors, but their workers, their customers, and their communities.
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But in the 1970s, a conservative economist put forward a theory that corporations should have only one purpose: maximizing the payoff to their investors. Now that idea took hold in corporate boardrooms across America, and Washington went right along. And boy did it make a difference. At the beginning of the 1980s, large American corporations sent less than 50% of their total earnings to their investors.
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Within thirty years, they sent 93% of their earnings directly to their investors. Think about it this way. Trillions of dollars that could have gone to workers and to long-term development, to new factories and new product lines instead went to short-term payoffs to investors. Trillions of dollars that could have gone to workers instead went to investors. Wages and productivity used to grow together.
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As workers produced more, they got paid more. But that ended by 1980 when productivity continued to rise but wages flattened out. As corporations narrowed their focus solely to investors, American workers stopped getting the share of corporate profits that they had produced. So today, corporate profits that used to be shared among investors and workers,and plowed back into the businesses have instead become a feast to be eaten by those who are already at the top.
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The wealthiest 10% in this country own 84% of American-held shares, and they are gobbling up the corporate profits. Now CEOs are gorging themselves too. The average CEO went from making 42 times what the average worker made back in 1980 to 278 times as much as the average worker last year. We can't fix this broken system by only treating symptoms.
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We can't fix it by talking vaguely about unions or lecturing about the value of hard work. We need big, structural change. [applause] And I got a plan for that. So. [applause] So let me -- Let's just talk about it for a minute. My plan requires very large American corporations to get a new federal charter that binds managers to consider the interests of workers, not just investors in corporate decisions.
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My plan lets employees at big American corporations elect at least 40% of their company's Board of Directors so workers will have a powerful voice in setting wages, stopping outsourcing, and investing in business right here in America. Yup. [applause] My plan limits executive compensation so that corporate leaders focus on the long-term success of the company instead of the short-term moves designed to goose the company stock price and put millions back in the executives' own pockets.
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And my plan shifts power back to workers by ending right-to-work laws across this country and building up private and public sector unions. [applause] Unions helped build America's middle class, and unions will help rebuild America's middle class. [applause] And that's just the beginning.
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My economic patriotism plan and my trade plans reinforce these reforms. Instead of workers continuing to live under the constant threat that their jobs are gonna be shipped to countries that can pay workers next to nothing, my plans allow American workers to compete on a level playing field. Instead of continuing to cater to the interests of big multinational corporations that have already said they have no loyalty to America, my plans put the interests of American workers first.
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Other candidates do not grapple with these fundamental issues of economics and power. Other candidates refuse to let workers elect corporate board members or to restrict executive compensation that encourages outsourcing. Other candidates refuse to challenge America's failed approach to trade that has sent millions of jobs overseas, encouraged pollution, accelerated climate change, and put the profits of multinational corporations above the jobs and pay of American workers.
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My plans attack the root causes of our dysfunctional economy by rewriting the rules. And they don't cost taxpayers a dime. My plans will produce more jobs, more growth, more investment, higher wages, and stronger American companies that we can use to compete and win. [applause] So that's Part 1, changing the way big American corporations put the short-term interests of investors over the interests of workers and everyone else.
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Part 2. Jumpstarting competition and innovation in America. Now, markets don't work in many areas like health care and education, for example. And better markets aren't the solution to every problem. But in any area with a functioning market, competition is essential to create value. When companies compete by providing better products, better services, or better prices, that helps customers.
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And it also rewards every business that out-innovates or out-works their competitors. But too many giant corporations have figured out they can boost their profits much more easily, meh, if they don't have to face competition at all. And the government officials responsible for enforcing the laws on competition have just fallen down on the job. So today, in market after market, a handful of big players dominate.
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Four giant companies control the entire market for beef. Two companies control more than 60% of all mattresses sold in America. Two companies own more than 90% of all retail drug stores. Hospitals, agriculture, drug companies -- the list goes on. These corporate executives who lead these companies will tell you that competition is a great idea -- for other businesses, just not for their own.
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Consolidation hurts our economy. Without competition, monopolists can charge whatever they want, so prices go up. Concentration also undercuts workers' bargaining power, so wages go down. And as the biggest companies grow more powerful, entrepreneurship declines. Giant corporations pose another problem: they can exercise more political influence, which allows them to tilt the rules in Washington more and more to protect themselves and to grow even larger.
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Mark Zuckerberg gets to have a private dinner with the President. Small business owners don't get that kind of access. It is time for a President who will enforce our antitrust laws and yes, break up massive corporations that use their size to undermine our economy and our democracy. [applause]
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Twenty years ago, antitrust prosecutions against Microsoft helped open up space for Google and Facebook to emerge. Today, breaking up big tech companies will clear the way for another generation of innovative tech firms, and stop companies like Amazon from stealing ideas from small outfits and driving them out of business.
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Breaking up big banks will reduce the threat of Too Big to Fail and ensure that community banks and credit unions have a better shot to compete. Breaking up Big Ag will make sure that family farmers aren't squeezed and that they have real options for purchasing and selling. I fought for rules that promote fair competition pretty much throughout my career. That was the idea behind the Consumer Financial Protection Bureau.
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Before the financial crisis, corporations could trick customers with confusing mortgages or credit cards or payday loans. So I proposed a new agency that would enforce some basic rules against cheating, and then I fought to make it real. President Obama signed that agency into law in 2010, and since then, the agency has returned more than $12 billion dollars to people who were cheated.
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We can make government work. We can make government work. You know, the credit market has worked better both for customers and for honest businesses. That was also the idea behind my fight to bring low-cost, over-the-counter hearing aids to American families.
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On average, a pair of hearing aids in America, costs nearly $5,000 dollars. Now, Medicare and most private insurance plans won't cover hearing aids, so millions of people who need them just do without. But why is the price so high? Because of unnecessary regulations that insulated a handful of corporations from any real competition.
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So I led the fight to eliminate these barriers and let people buy hearing aids over the counter. I got the law changed -- yup! (applause) Got it changed and starting soon, Americans will be able to buy hearing aids at local drug stores for a fraction of the price and enjoy the freedom that comes with being able to communicate with the people they love. This is a good thing.
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These are the kinds of changes save people money. They spur economic growth and innovation. But every time I talk about them, there's somebody who wants to call me a socialist or a radical, just like they did every time FDR or Barack Obama or any other Democrat fought for real change. Well here's a newsflash: if you defend a corrupt system, where corporate lobbyists write the rules to squeeze out competition and hurt economic growth and undercut workers, you're not a capitalist. You're just a cheater.
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And anyone who is running for President and claims to want to help small businesses, wants to raise wages, wants to increase entrepreneurship, or wants to promote economic growth and innovation, can't just suck up to the people who are making huge profits by insulating themselves from competition.
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They can't just offer a few small business tax credits or loan programs and ignore concentration. They need to tackle concentrated markets and the power of monopolists -- even if it annoys some Big Tech CEOs.
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Now, my plans also promote innovation. As politicians from both parties let big corporations ship millions of jobs overseas and weaken our manufacturing base in market after market, America has lost a lot of its capacity to innovate.
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We can turn that around. A Green New Deal is necessary to save our planet -- and it's an enormous economic opportunity. Yup. Think of it this way: as this crisis bears down up on us, there is an emerging $23 trillion dollar global market for green technology. America could dominate that market, and we could develop and produce world-changing technology right here at home.
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My Green Manufacturing and climate plans lay out concrete, realistic steps to achieve that goal through a major new federal investment in research and development. Government investments in R&D can boost innovation and growth. And we should be doing way more of it. But unlike the other candidates' plans, my plan requires that anything built using this new research funding from American taxpayers must be manufactured right here in America.
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That's how we're going to create the kinds of good manufacturing jobs we've lost in recent decades. Now an independent analysis shows my Green Manufacturing plan boosts growth and creates more than a million good American jobs. My plan is a reminder of how rigged the game has become. Giant multinational corporations want to scoop up all of the benefits of American taxpayer-funded research, but then they want to turn around and manufacture their products overseas.
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They constantly ask the government to intervene in markets to protect their interests. They want special rules and they want bailouts when things go bad. And then, when it comes to stepping in to help American workers, those same giant corporations are all about "free market" principles again. Well I'm done with that double standard.
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And that brings us to Part 3. Raising incomes and lowering costs for working families. Demand is a critical driver of our economy, and weak demand acts like an anchor. When millions of families are squeezed, they have less money to buy, and that means businesses struggle to sell their goods or services. And when business can't sell, they don't make more investments or increase employment.
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Low demand drags down productivity and longer-term growth. And by the way, that is exactly why Donald Trump's huge tax giveaway to big corporations had almost no effect on business investment. Corporations didn't have market reasons, demand reasons, to invest back in their businesses and so they didn't. Instead, giant corporations handed out most of their tax giveaways to wealthy shareholders and to executives.
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When I am president, we will transform our economy by putting more money in the pockets of working families. We will raise the minimum wage to $15 an hour, lifting pay for nearly 40 million Americans. We'll increase Social Security and disability benefits by $200 a month for 64 million Americans.
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And think about what that means in our economy. That's money people can spend on home repairs, on groceries, on eating out. An independent analysis shows that this would increase long-term growth. What else? We will appoint a Federal Reserve Board that believes in full employment that recognizes that inflation fears have been overblown for years, and someone who is willing to let wages grow. We've got to do this.
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Plus, we will tackle family costs directly: housing, child care, education, health care. Think about what that means to our economy: tens of millions of families will have more money to spend. My housing plan will fix the structural supply problem that's driving prices up. We'll build or rehab more than three million new homes, cut rents by 10% and create 1.5 million good new jobs doing it.
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An independent economic analysis shows my plan will grow the economy. In most states, child care costs more than tuition at the in-state college. My plan provides for universal child care and early learning for all of our babies, age zero to five. My plan stops the exploitation of the people, disproportionately women of color, who do this work and raises the wages for every childcare worker and preschool teacher in America.
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And again, an independent analysis shows my plan will grow the economy. The cost of sending a kid to school after high school is also weighing down on families. Nearly 45 million people have student loan debt, and it can stop them from getting married, from buying homes, or from starting businesses. My plan provides free tuition at public technical schools, two-year colleges, and four-year colleges. It increases the federal investment in high-quality apprenticeships tenfold.
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And it cancels student loan debt for 95% of the people who've got it. And once again, experts agree that broad debt cancellation plans like mine will grow the economy. So housing, childcare, college. Health care costs are also soaring. Premiums have gone up more than 20% over the last five years. Half of all American adults report not getting the care they need because of costs.
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My health care plan delivers the most financial relief, to the most people, more quickly than any plan proposed by any other candidate. I will immediately act to reduce prices for critical drugs like EpiPens and Insulin, so families don't go broke or have to ration treatment.
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I'll give everyone over 50 the chance to join Medicare. Yup. And I'll give everyone in the country, the chance to switch from their current insurance to a Medicare for All option that would be free for 135 million Americans on day one and available to everyone else at a modest cost. And we can do all that without raising taxes on middle class families by one penny.
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And in my third year, when we vote to bring everybody into Medicare for All, we will deliver an enormous economic boost for entrepreneurs, for businesses of all sizes, and for our entire economy. Yup. There's another problem we need to attack, and that's the opioid crisis.
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It is a humanitarian crisis and an economic crisis as well. Donald Trump's Federal Reserve chair says the economic impact of the opioid crisis is "substantial," as workers with untreated addiction leave the workforce and growth sags. Now I've already passed legislation to tackle the crisis, and advocates and experts have said that my plan for actually ending this crisis "is the only one that really grasps how big the problem is."
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Housing. Child care. Education. Health care. A national health crisis. We can make change. Change that will touch the lives of millions of people. Change that will help families build some real security and help their children enjoy more opportunities. And change that will strengthen our economy. All of these plans lift up all working families, but they are also designed to address the shameful racial disparities that persist in our economy.
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Tackling the growing Black-White wealth gap is a moral obligation and we must meet it. With Jim Crow laws and legally-approved discrimination and more, government helped create the racial wealth gap in America, and government should help fix it.
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And here's the thing, closing the gap will also boost the economy. My student debt cancellation plan helps close the gap, which is one of the reasons why the NAACP supports it. My housing plan helps narrow the gap by including historic down payment assistance for residents of formerly redlined areas. My entrepreneurship plan helps close the gap, the startup capital gap between White and Black entrepreneurs and promotes Black small business.
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For decades, some people, including some in our own party, have dismissed these kinds of necessary investments to the middle class as "free stuff." You want to know who is getting free stuff? Amazon, a company that reported more than $10 billion in profits this year and is paying zero dollars in federal income taxes.
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Or billionaires, who can watch their stock portfolios rise by hundreds of millions of dollars and pay nothing in additional federal income taxes. Yup. Today's corporations pay a smaller share of federal tax revenue than they have in a generation. In relation to their wealth, the top one tenth of one percent of Americans are projected to pay less than half of what the bottom 99% of Americans will pay in taxes this year.
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And, think about that. And pundits and politicians are outraged that my plans are too helpful to hard-working people who are trying to get a foothold in America's middle class? Middle-class families are paying more than their fair share of taxes to keep this country running. They should be able to pay the rent or the mortgage without leaving themselves flat busted. They should be able to get an education without getting drowned in debt. They should be able to go to work without child care costs eating up their entire paychecks.
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They should be able to get the health care they need when they're sick without risking bankruptcy. Hard-working people need a government on their side, and we can start by reducing the costs they lay out month after month on housing, child care, education, and health care.
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And here's the best part: we can cover the costs of those plans with targeted taxes on the very wealthiest Americans and large corporations. We can do it. And despite the hand-wringing of a seemingly endless parade of outraged billionaires on television, nobody is going to go broke.
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So look, I am no fan of Michael Bloomberg that has been made clear. Through the years. But here's the deal. Michael Bloomberg built a successful business. And I am, i want to honor that. I think that's great. You've built a successful business here in america. Good for you. But here's the thing. You built that successful business here in America, you did it in no small part using workers all of us helped pay to educate.
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You did it at least in part getting your goods to market on roads and bridges all of us help pay for. You did it at least in part protected by police and firefighters all of us help pay the salaries for. And here's the thing. We're americans. We are glad to do it. We want to make those investments. But what we have to be able to do is to say when you make it big, when you make it really big, when you make top one tenth of one---big in America, pitch in two cents.
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So that everyone else has a chance to make it in this country. A wealth tax on millionaires and billionaires isn't about being punitive or denigrating success. It's about laying the foundation for future successes. It's about making sure that the wealthy don't pick up the ladder after them.
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And it's about building a stronger economy with more growth. We've seen enough evidence that helping billionaires buy more paintings and more yachts doesn't help grow the economy. Real growth comes from putting a wealth tax of a few cents on billionaires' paintings and yachts so that we can provide universal child care, cancel student loan debts, and make other investments in hard-working people in this country.
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So how do we get all of that done? Well, I've got a plan for that. So to turn my plans into reality, I'll use the same inside-outside approach that great Democrats like FDR used to pass sweeping change. Right now, we're building a grassroots movement to win on Election Day in 2020, but after election day, no one gets to go home.
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I want that movement to stay in the fight. I want to keep growing that movement, so that together we can push for the kinds of big, structural change that this campaign is all about.
We'll use every tool possible to fight for this change. We'll fight for comprehensive anti-corruption rules to clean up Washington.
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We'll fight for comprehensive filibuster reform so that Mitch McConnell and big corporations don't get a veto over our plans. And we'll stand ready to use the same 50-vote reconciliation process that Republicans used to attack Obamacare and to pass their trillion-dollar tax giveaway to the rich. Only we're going to use those tools to accomplish the reverse set of policies.
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To raise taxes on the wealthy, to lower taxes--costs on everyone else, and to invest in green manufacturing and other industries that create good American jobs. Wherever possible, I want to work with Congress on new laws. But I don't overlook what's already available. Previous Congresses have already passed a lot of laws that a President can use now to help out our families.
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And I'll use those laws, starting on day one. I am grateful to President Obama for appointing me as an Assistant to the President, where I helped set up the CFPB. And later, when I became a Senator, I used that executive experience to push our federal agencies to use their existing legal authorities to help working families, on everything from student loan debt cancellation to protecting veterans from mortgage scams.
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My plans lay out the actions I will take using the power of the presidency to raise wages, to protect workers, to fight climate change, and more. Now will I have a magic wand to enact my full agenda? Of course not. No President does. I know I will have to compromise, but that's not where we start.
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We start with the work of mobilizing a movement, building real leverage, and fighting hard. And I know we won't win every fight. But I can promise that we will hit the ground running using every tool available to build a government that works not just for those at the top but a government that works for everyone.
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According to a recent survey, only 17% of Americans trust their government to do the right thing at least most of the time. Huge numbers of Democrats, Republicans, and independents understand that Washington is captured by the wealthy and the well-connected. As a candidate, Donald Trump talked a big game and promised to drain the swamp. And then he broke that promise.
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In fact, his Presidency is the most corrupt in modern history. His Administration is stacked with former lobbyists handing out favors to big corporations. Dozens of people who have worked with him are facing investigations, have pleaded guilty, or are already serving jail time. And the President himself is now staring down the barrel of impeachment for abusing his power.
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AUDIENCE MEMBER>> Lock him up.
WARREN>> Yup -- Nope.
Americans of all political stripes are looking for a candidate who is serious about fighting Washington corruption. They know that until someone is willing to do that, nothing else will get done. Demonstrating a real commitment to reform is our best general election contrast with a corrupt President.
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It's how we win moderates, independents, and disaffected Republicans. And it's how we govern successfully. But we're nearly a year into the Democratic primary and no other candidate has put out anything close to my sweeping plan to root out Washington corruption. Now, some candidates have at least put forward campaign finance reform plans. But if you want to know about a candidate's commitment to reform, don't just look at what they say they will do - look at what they're doing right now.
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Most candidates haven't disclosed the names of their bundlers or finance committees. They are spending time in fundraisers with high-dollar donors, selling access to their time for money. Some of them have spent months blocking reporters from entering those fancy, closed-door affairs. We know that one Democratic candidate walked into a room of wealthy donors this year to promise that "nothing would fundamentally change" if he's elected President.
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We know that another calls the people who raise a quarter of a million dollars for him his "National Investors Circle," and he offers them regular phone calls and special access. When a candidate brags about how beholden he feels to a group of wealthy investors, our democracy is in serious trouble.
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And what do the wealthiest donors want in return? Consider just one example: ambassadorships. The President's impeachment right now, is centered on the shady actions of Gordon Sondland, America's ambassador to the European Union. Now Mr. Sondland had one qualification for ambassador: he wrote a check for a million dollars to Donald Trump's inauguration.
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It shouldn't be hard for candidates in a Democratic primary to at least commit to not auctioning off their own ambassadorships to the highest bidder, but most of them have refused. Look, I don't ask for a thousand dollar contribution in exchange for a picture. I'm closing in on 100,000 selfies for a grand total of zero dollars. Yeah.
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I don't do closed door fundraisers with big donors. I don't do special call time with people who raise a quarter million dollars. I don't sell access to my time. And I've said out loud and in public, where any donor can hear it, that I won't auction off ambassadorships to the highest bidder. These are commitments that are going to cause some big donors to stay away, and that may be why most candidates in this primary are not making those commitments.
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I get it. We are all constrained by the current system. Nobody is perfect, and nobody is pure. And there's no question that any Democrat running for President would be a whole lot better than Donald Trump. And I understand the practical and political costs of pushing for real reform.
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But voters will not trust a candidate who won't make a single difficult decision that might cut down on the access and influence of wealthy donors. And voters will be right.
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In 2020, we can run and win on a progressive economic agenda because a progressive economic agenda is America's agenda. Look at it this way, a majority of Democrats, independents and Republicans support my wealth tax plan. A majority of Democrats, independents, and Republicans support my plan to increase Social Security benefits.
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And a majority of Democrats, independents, and Republicans support anti-corruption reforms.
And while there are candidates in this primary who are trying mightily to convince Democratic primary voters that this kind of popular agenda will somehow make it harder to beat Donald Trump, do you know who disagrees with that conclusion? Donald Trump.
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Just consider two examples from recent days. First, some candidates have suggested that my broad student loan debt cancellation plan, which is popular and would be a huge boon to our economy, will somehow "alienate" people. Meanwhile, back in the real world, Trump is reportedly so worried about the appeal of this proposal that he's sent his aides scrambling to come up with some knock-off version that he can claim.
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And it's the same with the wealth tax. Trump launched an outlandish false attack on it last week in an anti-Semitic rant, because he knows as well as I do that asking billionaires to pitch in a few pennies is reasonable and popular. And let's be honest, he's just one more rich guy who will go to extraordinary lengths not to have to pay more taxes.
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My agenda is compelling to voters because it speaks to real problems in their lives. I've done 179 town halls in 28 states and Puerto Rico, and whether it's in West Virginia or Alabama or Iowa or right here in New Hampshire, the people I meet want real solutions. They are looking for candidates who can make a clear case for what's broken and how to fix it.
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Now, for years, establishment insiders in both parties ignored what was happening to our economy. They ignored the growing insecurities and anxieties of working people. They called for more nibbling around the edges, for smaller and smaller solutions that failed to match the scale of our growing problems.
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Every day, you see it on cable news and in the op-ed pages. The same nibbling around the edges, the same attacks on big ideas. The choice for the Democratic Party in this primary is the same choice it faces in every primary: Will we bet on more of the same, or will we bet on change? Will we bet on small ideas, or will we bet on big, structural change?
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If we are going to build an economy that works for everyone, and if we are going to win a change election instead of once again getting run over by a change election, we must stand up to those with power and fight for the American people.
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I'm running for President because I believe the American people are smart and that when we offer good plans that will deliver more financial security, more economic growth, more opportunity, more freedom, to all of our people, then we will win and we will make real change in this country we love so much.
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