TRANSCRIPT:

Thank you for being here today. 

I am here to discuss affordability, and the 3 pillars on which my agenda is built: income, healthcare, and housing.

So.  We are here in Evanston, outside the historic Lorraine Morton Civic Center. Why today?  Because one week ago reality happened:

Millions of Americans who got their health insurance through the Affordable Care Act lost their ability to pay.

A typical young family here in Chicago, who got their insurance on the exchange, is now paying twice as much in premiums.  Usually on the order of $25,000 a year.

…that is, if they don’t drop out.

And we will all pay for this.  There is no escaping the cascading effects:

• increased private insurance costs

• Medicare price escalation (cost shifting)

• and the hidden Giant cost: reduced productivity from poorer health.

Affordability is 3 things: Income, heathcare and housing.

Now I have no doubt that every other candidate in this race can say the word “affordability” as if it’s magic. Hell, Donald Trump has started saying it. But I have spent 30 years working on economic problems.  Affordability is not a talking point!

These gaps on these charts.  The difference between income and the cost of goods, income and medical care, income and housing. These gaps are why a 79 year old tells me they are working at a call center as their retirement plan. These gaps are why a teacher tells me that they are picking up Uber shifts to make ends meet. These gaps are why younger folks wonder if they will ever be able to buy their own home.

NOW, let’s talk concrete proposals.

Number 1:  Income.  More income solves a lot.

So first, I propose a small business profit sharing plan.  40% of Americans work in small businesses.  I want a federal tax incentive to create an additional profit-sharing pool for employees.  It will wind up being revenue-neutral, and it will put money in people’s pockets.

Second, make the earned income tax credit bi-weekly.  That means more regular cash flow.

Third, I want a critical jobs project to fill demand for nurses, electricians and plumbers.  This means tuition and training reimbursement.

So you know I’ve done the math: for the 267,000 nurses we are short by 2028, funding half their education is $10 Billion.  That is a tiny drop in the bucket of the Federal budget.

Now if you’re curious why I suggested these examples, it’s the economy.  Two giant demand factors drive them: the growing aging population, and of course the boom in technology.  So, start there.  Fill the need.  Move to the next. Think of them as economic lighter fluid.

Number 2: Healthcare.   We must relentlessly address the three legs of the healthcare stool: providers, insurance, and medicine

One, revamp the FDA clinical trials process.  We should be using the lesson we learned from COVID, that it is possible to move many drugs through the system faster and cheaper.

Two, we need a senior “529” plan.  I want a tax deferred savings plan for medical expenses for seniors so they don’t spend themselves down into poverty in order to access Medicaid.

Three, something I call Project Payback:  Give us four years and we’ll pay for school.  We need more doctors (some of whom need visa help) in communities that have poor access. Cost is $13 Billion for half their tuition.  Again, a tiny dent in the federal budget.

Four: I want to pilot Medicare For All.  Maybe the Federal government’s size could bring down costs?  But we can’t responsibly just say it without knowing more. Let’s federally fund the test case for two years so we can be smarter.

And five, I think way more hospital merger scrutiny is needed. How do we do that?  We get people on Congressional committees who have the economic expertise that matters.

Number 3: Housing.  Let’s talk about housing.  This gap is huge.  It is a legacy of the mortgage crisis, of Trump’s supply tariffs, even chaotic ICE raids.

So, what can we do concretely?

One–condition federal funding on housing in dense, public-transit heavy neighborhoods.  Why?  Because the economist here tells you that is the most efficient way to use our Federal dollars.  Those places have already built up infrastructure, and they also require lower household living costs.  Economies of scale.

Living in the 9th district is incredibly desirable.  People want to live here.  Let’s use that economic lever.

Two, we need building incentives for efficient, quality modular housing. And for repurposing. That means federal dollars for communities that can streamline processes. That will speed up the supply gap.

And three…income solves a lot of problems, including housing.

Thank you for listening.  I look forward to talking about solutions to affordability in this campaign – not just wishful thinking.