thank you __PUNCT__ so much __PUNCT__
thank you __PUNCT__ david __PUNCT__ for that veri kind introduct __PUNCT__
i appreci your be here with me __PUNCT__
in a few minut __PUNCT__ i will be have an opportun to discuss some of the issu that affect middl __PUNCT__ class famili here in iowa and across america __PUNCT__ with three local resid who have been kind enough to particip __PUNCT__
and then we have a chanc to throw it open to the audienc __PUNCT__
i appreci david mitchel __PUNCT__ ph __PUNCT__ and kati vanderpool __PUNCT__ ph __PUNCT__ and don cousin __PUNCT__ ph __PUNCT__ for be part of thi discuss __PUNCT__
and i also want to thank janet adam __PUNCT__ your former state repres and my counti coordin __PUNCT__ for help to put thi event togeth __PUNCT__
ye __PUNCT__ let give janet a round of applaus __PUNCT__
__PUNCT__ applaus __PUNCT__ i delight that mayor eugen grai is here __PUNCT__
thank you for welcom me to your citi __PUNCT__
and i also want to introduc someon els who i proud to call a friend and also on of my nation co __PUNCT__ chair at my campaign __PUNCT__ and that your former governor __PUNCT__ tom vilsack __PUNCT__
tom __PUNCT__ thank you __PUNCT__
__PUNCT__ applaus __PUNCT__ todai __PUNCT__ we go to continu the convers that i have across iowa and america about how we rebuild the road to a strong and prosper middl class __PUNCT__
yesterdai __PUNCT__ in cedar rapid __PUNCT__ i propos a new econom blueprint for __NUM__ centuri america __PUNCT__ a plan to creat new job __PUNCT__ to make a commit to clean energi and innov __PUNCT__ which will be a job engin and creator __PUNCT__ just as it is be now here in iowa __PUNCT__ to restor fair to our economi __PUNCT__
it not right that peopl at the veri top ar do so well and everybodi els is mark time __PUNCT__
we have the largest inequ in our countri that we had sinc the great depress __PUNCT__
that is not a recip for success for the vast major of american __PUNCT__
we need to put our fiscal hous in order again __PUNCT__
six and a half year ago __PUNCT__ we had a balanc budget and a surplu __PUNCT__
that ha been squander __PUNCT__ to our great detriment __PUNCT__
__PUNCT__ applaus __PUNCT__ i want to renew the basic bargain that i grew up with __PUNCT__ that i wa taught about __PUNCT__ that if you work hard and you respons __PUNCT__ you can get ahead in our countri __PUNCT__
and todai i want to speak about on import part of that basic bargain __PUNCT__ the promis of a secur retir __PUNCT__
you know __PUNCT__ as american we believ that if you help make america stronger __PUNCT__ safer and more prosper __PUNCT__ then you should be abl to count on your retir year be better __PUNCT__ healthier and more secur __PUNCT__
but the realiti todai is far differ from what that basic bargain us to deliv __PUNCT__
fewer than on __PUNCT__ half of american famili have retir save account in ani given year __PUNCT__ and those who do contribut ar save too littl for their futur __PUNCT__
nearli on __PUNCT__ third of all household enter retir do not have enough save to replac even on __PUNCT__ half of their incom __PUNCT__ and that is includ social secur __PUNCT__
on __PUNCT__ half have save just __MONEY__ or less in a __NUM__ __PUNCT__ k __PUNCT__ or ira type plan __PUNCT__
the privat save rate last year fell to it lowest level sinc the great depress __PUNCT__
all of thi fit togeth __PUNCT__
if you not make monei that is a part of a rise economi __PUNCT__ it hard to save __PUNCT__
and if the cost of health care and educ and energi keep go up __PUNCT__ it even harder to save __PUNCT__
so mani american have work hard their entir live __PUNCT__
thei contribut to their commun __PUNCT__ thei done everyth right __PUNCT__
but when it came time to retir __PUNCT__ thei came up short __PUNCT__
thei worri that their children will have to support them __PUNCT__
thei worri that thei have to keep work __PUNCT__
and i have met peopl across our countri work not just into their late sixti or seventi __PUNCT__ but into their earli eighti becaus thei just don't have enough to keep thing go for them __PUNCT__
thei worri that medicar and social secur won't be enough to make end meet __PUNCT__
and then the younger gener is try to rais their own kid __PUNCT__ care for ag parent __PUNCT__ plan for their own retir __PUNCT__
and as their govern turn a blind ey __PUNCT__ thei face the pressur themselv of stagnant wage and all of these increas cost __PUNCT__ and __PUNCT__ on top of what happen now __PUNCT__ a soften hous market __PUNCT__ which ha alwai been the main sourc of wealth and secur for most american __PUNCT__
too mani famili in america todai feel like thei stand on a trap door __PUNCT__
thei just on diagnosi __PUNCT__ on pink slip __PUNCT__ on miss mortgag payment awai from fall through and lose everyth __PUNCT__
what been the bush administr answer to these real __PUNCT__ world problem __PUNCT__ well __PUNCT__ it alwai the same answer __PUNCT__ help those with the most and good luck to everybodi els __PUNCT__
thei want to privat social secur and let individu bear the risk __PUNCT__
thei want to creat retir save account __PUNCT__ which allow the wealthiest american to get the best deal __PUNCT__
thei have littl concern for everybodi els __PUNCT__
thei put tax break for drug compani and oil compani ahead of retir secur for hardwork american __PUNCT__
dure the last six and a half year __PUNCT__ on presid bush watch __PUNCT__ the share of american worker cover by employ __PUNCT__ sponsor retir plan ha fallen below __NUM__ percent for the first time __PUNCT__
four million fewer worker have access to employ sponsor pension than thei did when presid bush took offic __PUNCT__
now __PUNCT__ thei call their vision of our countri the __PUNCT__ ownership societi __PUNCT__
the realiti is __PUNCT__ thei own it __PUNCT__
you work for it __PUNCT__
i call it the __PUNCT__ yoyo societi __PUNCT__ you on your own __PUNCT__
that how thei seem to think that america should be __PUNCT__
i reject that __PUNCT__
for six long year __PUNCT__ the middl class in our countri ha been as though it were invis to their presid __PUNCT__
you know __PUNCT__ if you work hard __PUNCT__ you pai your bill and you have noth left over to save at the end of the month __PUNCT__ you invis __PUNCT__
if you work two job __PUNCT__ like a lot of peopl ar todai __PUNCT__ but neither of them ha a retir plan __PUNCT__ you invis __PUNCT__ too __PUNCT__
if you work all your life to do what is right __PUNCT__ onli to realiz you cannot afford to retir __PUNCT__ well __PUNCT__ you sure invis as well __PUNCT__
well __PUNCT__ you not invis to me __PUNCT__
and when we take back the white hous __PUNCT__ you will no longer be invis to the presid of the unit state __PUNCT__
__PUNCT__ applaus __PUNCT__ i believ it time for a new bargain with the american peopl __PUNCT__ a bargain that reflect the chang global economi and the new realiti of our ag __PUNCT__
i believ if you do work hard and you contribut to your countri __PUNCT__ you should have the opportun to save and invest __PUNCT__
and through the disciplin of good plan and the miracl of compound interest __PUNCT__ you should be abl to build wealth for yourself and a better futur for your famili and a secur retir __PUNCT__
that what i want to talk about todai __PUNCT__ my plan to help a new gener of american save and build wealth __PUNCT__
you know __PUNCT__ it realli kind of iron __PUNCT__ becaus part of the american dream ha alwai been you work hard todai to build a better futur and to make it better for your children and your grandchildren __PUNCT__
that how i wa rais __PUNCT__
you know __PUNCT__ my famili live better than my grandpar __PUNCT__
bill and i live better than my parent and hi __PUNCT__
our daughter is live well __PUNCT__
we want everi gener to do better __PUNCT__
if you look at what happen todai __PUNCT__ older peopl have actual more asset __PUNCT__ even though it not enough to retir comfort __PUNCT__ than their own children and grandchildren do __PUNCT__
think of all of the children move back to live with parent __PUNCT__
think of all the singl mom struggl to rais children __PUNCT__ and grandpar have to help __PUNCT__
so thi is not onli about secur a better retir for those who ar on the brink of retir but help to build more asset and wealth for young peopl __PUNCT__ like the on you hear about in a minut __PUNCT__
i think everi american deserv a chanc to build a solid next egg __PUNCT__ to help save for that new home __PUNCT__ to send a child to colleg and to secur that comfort retir __PUNCT__
i believ strongli that we can do thi __PUNCT__
and it import that we do it __PUNCT__
becaus right now our save rate ar below what thei were in __NUM__ __PUNCT__
we don't have much of a nest egg to fall back on __PUNCT__
we sure don't have it ani longer in our govern becaus we back into deficit and debt __PUNCT__
and everi dai we borrow monei from foreign countri __PUNCT__
and what do we borrow it for __PUNCT__ for presid bush two main prioriti __PUNCT__ tax cut for the wealthiest and the war in iraq __PUNCT__
we need to chang those prioriti __PUNCT__
we need to start onc again respect the social secur trust fund and begin to bring our troop home from iraq so that we will have those resourc to spend here at home __PUNCT__
__PUNCT__ applaus __PUNCT__ look at what happen todai __PUNCT__
we spend as a govern __PUNCT__ as our govern __PUNCT__ we spend about __MONEY__ billion a year to encourag retir save __PUNCT__
but under the tax code __PUNCT__ about half of that __MONEY__ billion goe to the top __NUM__ percent of earner __PUNCT__
but onli __NUM__ percent goe to the bottom __NUM__ percent of earner __PUNCT__
we ar subsid the most the peopl who need it the least __PUNCT__
mani worker don't even have the opportun that would encourag them to save __PUNCT__
when you think about how few employe now actual have access to an employ who sponsor a retir plan __PUNCT__ you wonder what go to happen to everybodi els __PUNCT__
but even those who have access to a retir plan __PUNCT__ not nearli enough of them ar encourag or given the opportun to save __PUNCT__
so we got a lot of worker __PUNCT__ more than half in america right now __PUNCT__ without ani employ __PUNCT__ base retir save account __PUNCT__ includ __NUM__ worker right here in iowa __PUNCT__
think about that __PUNCT__ __NUM__ __PUNCT__
it mayb not someth you talk about with your neighbor __PUNCT__ but that a lot of peopl right here in webster citi and across iowa __PUNCT__
and mani part of the workforc ar even wors off __PUNCT__
think about how it affect women __PUNCT__ particularli singl women __PUNCT__
women who work full __PUNCT__ time ar like to have on the same level as their male counterpart a retir plan __PUNCT__
but a lot of women don't work full __PUNCT__ time __PUNCT__ thei work part __PUNCT__ time or __PUNCT__ i like to sai __PUNCT__ thei work two part __PUNCT__ time job to try to make enough monei to support themselv and their children __PUNCT__
you know __PUNCT__ yesterdai for lunch we stop at a maid __PUNCT__ rite on our wai from cedar rapid to marshalltown __PUNCT__ and the waitress who serv us wa a singl mom __PUNCT__
she rais two boi __PUNCT__ thei now in their twenti __PUNCT__
she and her boi have work hard everi singl dai for a lot of year __PUNCT__
she work at a nurs home and she work at a maid __PUNCT__ rite __PUNCT__
she doesn't have much to count on when it come to retir except for social secur __PUNCT__
a lot of these worker ar left behind __PUNCT__
but i think we know what to do __PUNCT__
we just need a presid who believ it import to do thi __PUNCT__
when peopl have access to retir account like __NUM__ __PUNCT__ k __PUNCT__ s that provid gener match __PUNCT__ thei save more __PUNCT__
in a recent studi __PUNCT__ middl __PUNCT__ class american save eight time more when thei were given a __NUM__ percent match __PUNCT__
and we know that by make it easier with automat enrol __PUNCT__ direct deposit and diversifi invest option __PUNCT__ peopl ar more like to build up their nest egg __PUNCT__
that why i announc my plan todai to provid everi singl american with an easi __PUNCT__ automat opportun to save for futur through an account i call an american retir account __PUNCT__
these account will take the best of the __NUM__ __PUNCT__ k __PUNCT__ plan and make them avail to everi work famili __PUNCT__
thei will help famili and individu who ar fall through the crack __PUNCT__
thei will reduc the wai the tax code skew for the wealthi __PUNCT__
thei will begin to bring down thi inequ that is eat awai at our social contract __PUNCT__
and thei will encourag nation save and econom growth __PUNCT__
thi is a major commit to how i think we can begin to right the balanc again __PUNCT__
here how american retir account will work __PUNCT__ to give a strong incent for save __PUNCT__ my plan will offer work and middl __PUNCT__ class famili gener match tax cut __PUNCT__
for famili make up to __MONEY__ a year __PUNCT__ the govern will match dollar for dollar the first __MONEY__ you save __PUNCT__
for famili make between __MONEY__ and __MONEY__ the plan will provid a __NUM__ percent match on the first __MONEY__ of save __PUNCT__
that mean ten of million of middl __PUNCT__ class famili will be elig for match tax cut of up to __MONEY__ and __MONEY__ to help them build a nest egg __PUNCT__
the new american retir account will build upon and strengthen the exist employ __PUNCT__ base retir save system __PUNCT__
if you like your current retir save option __PUNCT__ you keep them as thei ar __PUNCT__
no chang is necessari __PUNCT__
but if you don't have a retir save plan or you don't like the on you have __PUNCT__ you will be abl to open a new american retir account that will provid no hassl __PUNCT__ portabl save opportun throughout your career __PUNCT__
these univers account will allow you to contribut up to __MONEY__ a year on a cash defer basi __PUNCT__
you will get the gener govern match on the first __MONEY__
so although __NUM__ __PUNCT__ k __PUNCT__ s now ar onli avail to some __PUNCT__ thei will be avail to everyon __PUNCT__
save in the account will be easi __PUNCT__
it should not requir a ph.d __PUNCT__ to save for retir __PUNCT__
we encourag employ to let employe directli deposit a portion of their salari into the account __PUNCT__
save will happen automat unless a worker opt out __PUNCT__
we provid expand tax credit to smaller busi to help cover the start __PUNCT__ up cost of establish direct deposit option __PUNCT__
and we ensur there ar secur __PUNCT__ diversifi invest option in these account __PUNCT__
your account will be your __PUNCT__
you will be abl to take it from job to job and roll over ani exist retir save into the account __PUNCT__
thi is particularli import for women __PUNCT__
women __PUNCT__ as we know __PUNCT__ ar more like to go in and out of the workforc __PUNCT__
as a woman who ha work __PUNCT__ i start work __PUNCT__ i think __PUNCT__ when i wa __NUM__ in the summer time __PUNCT__ and i got my first social secur then __PUNCT__
i work part time __PUNCT__
i work full time __PUNCT__
and __PUNCT__ of cours __PUNCT__ when bill wa presid i didn't work outsid the home __PUNCT__ as we might sai __PUNCT__
and so i know that women go in and out of the workforc to rais children __PUNCT__ to take care of their parent __PUNCT__ so mani issu that affect our live __PUNCT__
i would also make it easier for small busi and for self __PUNCT__ emploi peopl __PUNCT__ who often get the worst of all world __PUNCT__ thei can't afford health care __PUNCT__ thei can't afford to save for retir __PUNCT__
we go to address that __PUNCT__
why should we be satisfi with our current system __PUNCT__ a system in which a mother who choos to stai home and rais her children miss out on save opportun that other can access __PUNCT__ why should we be satisfi with a system in which start your own busi mean pass up employ __PUNCT__ sponsor retir benefit __PUNCT__ why should we be satisfi with a system in which part __PUNCT__ time employe don't have incent or an easi wai to save __PUNCT__ well __PUNCT__ i not satisfi __PUNCT__
that why i want to chang the system __PUNCT__ and i want to make it avail to everi american __PUNCT__
under my plan you also be abl to us the save in your american retir account to make major life invest __PUNCT__ like bui a home or pai for higher educ __PUNCT__
in addit __PUNCT__ in light of the grow econom uncertainti face american famili __PUNCT__ we should consid wai to let worker access a portion of their save to weather difficult time __PUNCT__ like an ill or an accid that ha affect you __PUNCT__
in short __PUNCT__ my plan will help ten of million of middl __PUNCT__ class famili go from just get by to get ahead __PUNCT__
now __PUNCT__ i know some peopl will sai __PUNCT__ well __PUNCT__ we can't afford to invest in the american peopl __PUNCT__
well __PUNCT__ i think we can't afford not to invest in the american peopl __PUNCT__
we need to do it __PUNCT__ and we can do it in a fiscal respons wai __PUNCT__
we will cover the cost of these middl __PUNCT__ class retir tax cut with a portion of revenu from freez the estat tax __PUNCT__
for everi on wealthi estat face a less __PUNCT__ gener estat tax exempt __PUNCT__ thousand of middl __PUNCT__ class famili will receiv a tax cut that will help them save __PUNCT__ invest __PUNCT__ and on dai own an estat of their own __PUNCT__
i think it imper that we start give peopl the chanc to acquir wealth again __PUNCT__
otherwis __PUNCT__ we go to becom a two __PUNCT__ tier societi __PUNCT__
we have the rich __PUNCT__ and we have everybodi els __PUNCT__
that is not the america i grew up in __PUNCT__
and i don't think that the wai america work best __PUNCT__
as we encourag individu to save on their own __PUNCT__ we will shore up exist employ __PUNCT__ sponsor pension __PUNCT__
i fought in the senat to ensur that compani fund __NUM__ percent of their defin benefit pension oblig __PUNCT__
i want to strengthen defin benefit coverag __PUNCT__
we go to final close the loophol when i presid in our pension law that allow compani to cut their employe __PUNCT__ pension when thei sell off subsidiari __PUNCT__
on of the most egregi exampl of thi wa when halliburton us thi loophol to rob it employe of __MONEY__ million in pension benefit thei had earn __PUNCT__
and then thei turn around and reward their then __PUNCT__ ceo __PUNCT__ dick chenei __PUNCT__ with a __MONEY__ million sweetheart retir deal __PUNCT__
you could not have a clearer exampl of what is wrong with america __PUNCT__
why on earth should ani compani be permit legal to depriv worker of what thei earn in order to give a ceo the same amount in benefit __PUNCT__ applaus __PUNCT__ we also need to examin our bankruptci code __PUNCT__ to ensur that compani ar not us bankruptci to get out of their oblig to worker __PUNCT__
you know __PUNCT__ bankruptci is an unfortun fact of life for some struggl compani __PUNCT__
but when a compani run into hard time __PUNCT__ we need to give worker and retire a fair chanc to negoti for the benefit thei earn __PUNCT__
i would also restor the pension benefit guarante corpor to it histor role as an advoc for worker retir benefit __PUNCT__
i continu the work that i done in the senat to secur retir benefit for law enforc offic __PUNCT__ militari veteran and __DATE__ hero __PUNCT__
and i work to strengthen spousal protect to ensur that widow and qualifi divorc widow receiv the retir benefit thei ar due __PUNCT__
final __PUNCT__ the bedrock of my retir save agenda is a fundament commit to social secur __PUNCT__
i don't think there ani doubt that we got to fight and final buri the idea of privat social secur __PUNCT__
it is on of those bad idea that deserv to be total buri __PUNCT__
__PUNCT__ applaus __PUNCT__ when i am presid __PUNCT__ privat social secur will certainli not be even discuss __PUNCT__
i reject the view of presid bush and other who have given larg tax cut to the wealthiest __PUNCT__ fail to crack down on offshor tax dodger __PUNCT__ and hand out no __PUNCT__ bid contract to compani like halliburton __PUNCT__ and then insist that we need to cut benefit to middl __PUNCT__ class retire __PUNCT__
how can thei get the top __NUM__ percent of american a tax cut larg enough to essenti fix social secur and then turn around and sai __PUNCT__ oh __PUNCT__ we have no choic but to cut social secur benefit __PUNCT__ don't you believ all these peopl run around cry wolf about social secur __PUNCT__
that is exactli what thei do __PUNCT__
thei try to get peopl confus and upset and agre to a bad deal __PUNCT__
when i am presid __PUNCT__ we have our prioriti in order __PUNCT__
we will return to fiscal respons and fair tax polici first __PUNCT__ and then we will address the long __PUNCT__ term challeng face social secur __PUNCT__
but i not go about demand sacrific from senior and have other dismantl social secur becaus thei claim thei can't cut back on the tax break for wealthi american and big corpor __PUNCT__
when my husband left offic __PUNCT__ becaus we had a balanc budget and a surplu __PUNCT__ there wa a plan in place to extend the solvenc of social secur until __NUM__ __PUNCT__
that give us plenti of time to figur out what els we need to do __PUNCT__
onc georg bush came in and we went back to deficit spend __PUNCT__ the last six and a half year what we seen is a decreas in the life of the social secur trust fund to __NUM__ __PUNCT__
well __PUNCT__ when we get back to fiscal respons __PUNCT__ we start pai back the social secur trust fund __PUNCT__
and that will give us a strong foundat to go toward fix all of the long __PUNCT__ term challeng that social secur face __PUNCT__
in my work __PUNCT__ i will be guid by a belief that each gener ow a great deal to the on that come befor it and ow a great deal to the on that ar come after __PUNCT__
i grate for what my parent did for me and what their gener did for all of us __PUNCT__
you know __PUNCT__ my father wa kind of old __PUNCT__ fashion __PUNCT__
he had a small busi and he didn't believ in debt __PUNCT__
in fact __PUNCT__ it wa the explos of the deficit dure the 1980 that turn my rock __PUNCT__ rib republican father into an open __PUNCT__ mind voter __PUNCT__
__PUNCT__ laughter __PUNCT__ he began to sai __PUNCT__ you know what __PUNCT__ your mother and i save until we could bui our hous __PUNCT__
we save until we could bui a car __PUNCT__
we save __PUNCT__
and now my govern go into debt __PUNCT__
i think there a lot of wisdom in that __PUNCT__
you know __PUNCT__ it the same father who taught me to turn off light when i left a room __PUNCT__
we got to get back to some of those habit __PUNCT__
you know __PUNCT__ i think in the world in which we ar face challeng from new competitor __PUNCT__ threat and danger that ar real __PUNCT__ we got to start act like american again __PUNCT__
we got to roll up or sleev and claim that thi countri is worth fight for and save __PUNCT__ and __PUNCT__ inaud __PUNCT__ that we get back on the right track __PUNCT__
__PUNCT__ applaus __PUNCT__ so i excit to be here to unveil these plan __PUNCT__ becaus i believ that we can do thi __PUNCT__
i absolut confid and optimist __PUNCT__
i know everybodi sai __PUNCT__ well __PUNCT__ we can't get anyth done in washington __PUNCT__
but when you think about it __PUNCT__ presid bush realli want to divid america __PUNCT__ unfortun __PUNCT__
i regret that deepli __PUNCT__
there a lot we can get done if we work togeth __PUNCT__
that what i done in the senat __PUNCT__
you know __PUNCT__ befor i got to the senat a lot of peopl didn't know whether i could or would work with republican __PUNCT__
on of the republican famous said after i got elect __PUNCT__ well __PUNCT__ mayb lightn will strike befor she get here __PUNCT__
__PUNCT__ laughter __PUNCT__ well __PUNCT__ thankfulli __PUNCT__ it didn't __PUNCT__
__PUNCT__ laughter __PUNCT__ but when i got there __PUNCT__ i roll up my sleev __PUNCT__ becaus i wa elect to help the peopl who sent me to the senat __PUNCT__
when i presid __PUNCT__ i go to roll them up even higher __PUNCT__ and we go to get to work togeth __PUNCT__
and on of the thing we go to do is to help american onc again face the futur with secur and have a retir plan that realli help middl __PUNCT__ class american __PUNCT__
that what i pledg to you __PUNCT__
thank you all veri much __PUNCT__
