Hampshire. The Granite State holds its president ial primary on februar. Hello, st. Anselm college, and it is good to beer and it is good to be back in new hampshire. Be our country has reached a crossroads, and in 2020 voters in new hampshires first in the nation primary will help determine where we go from here. So thank you all investing your time to beer this morning, investing the time to get this right. It reallywe matters. I amth very happy to be here Ata University that is giving the world of front row seat in our democratic process. Ic nearly 40 years ago Ronald Reagan declared that the problem with the economy was Big Government. He claimed that would hurt Economic Growth and limited freedom. And he was determined to weaken the governments roleig in markets. But things didntke work out ase promised. As government pulled back, the rich and powerful stepped in. A small group of wealthy elites and giantar corporations gained more control over both our economy and over our democracy. Economic growth , slowed and americas middleclass got hollowed out. Reagan had it wrong. Our problem isnt Big Government. Our problem is a government that has been captured by the rich and the powerful. Growing the economy could create opportunities and 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 isnt living under the thumb of a handful of billionaires and giant corporations. Real freedom isnt living deep in debt, one health scare or one broken transmission away from disaster. Real freedom isnt 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 where Smart Investments give every american the opportunity to prosper. The key question isnt Big Government versus small government, it is who Government Works for. I am running for president to take on a corrupt system and get our economy working for everyone. [applause] i am serious about delivering real change, and a lot of powerful people know it. Take a look at who the washington insiders and wall street executives and billionaires spend their time and money attacking on tv and in the press. They believe i am the biggest threat to a corrupt system that has and rich them at the expense of everyone else. They are right. I do have a plan to make real change. [applause] unlike 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 have opposed under democratic president s for a generation. Unlike some candidates for the democratic nomination, i am not betting my agenda on the naive hope that if democrats adopt ofublican critiques progressive policies or make vague calls for unity, that somehow the wealthy and wellconnected would stand down. No. I plan is to use the same approach i viewed in all of my fights for working families. Its 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] sen. Warren its how to make real change. Im 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. That is our past to beat donald trump in 2020. Path to beat donald trump in 2020. [applause] sen. Warren the most corrupt president in american history. Campaigning in the most aggressive anticorruption plan since watergate. We will beat a president who has enriched himself and his 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. [applause] heres the best part. We will keep building that movement after the election. ,e will make real change starting in january 2021. [applause] so, lets start with some basics. I remember the day i grew up. I was in middle school out in oklahoma. My daddy had a heart attack. He was out of work for a long time. Eventually, we lost our family car and well most lost her house. When i became a lot professor, i headed straight for the money. Teaching contract law, finance banking, bankruptcy. I wanted to make sure that i understood money and how it affected families. I figured if i could master these complex technical areas of law, there would be another benefit. No one would question whether a young woman with two kids actually belonged in law teach in. Teaching. I never nursed dreams of running for office. Instead, i spent decades studying why families go broke. I became one of the nations leading experts on bankruptcies. Nobody should be surprised that i believe in markets. I am proud of what american businesses can create. I want them to thrive. Markets without rules are theft. [applause] sen. Warren without fair rules, the wealthy and the powerful take all of the gains that markets produce. Small businesses cant compete. Consumers have fewer choices. Without fair rules, markets perpetuate racial discrimination. Today, i corrupt system has produced too many markets where these things are all happening. The thin slice of focus at the gameho benefit from this push policies that help themselves and push the cost on to anyone else. They gut environmental protections. They undermine unions. They flash taxes taxes for the rich. They claim its about supporting Economic Growth. It relies on absurd and disproven assumptions to try to freshen up those claims. They tagged any attempt to reform the system as devices divisive and extreme, no wonder no matter how Many Americans agree with this. This has worked great for those at the top. After decades of following their policies, it is clear that this approach is not working for much of anyone else. Daily headlines about the stock market and the unappointed rates. You will see a grim, longterm picture of the American Economy. Families are struggling. Inflation,nting for wages have barely budged for decades. The core cost that most families face, housing, child care, education, health care, have shot through the roof. That combination has stretched Family Budgets to the breaking point. Economic growth is slow. Now, annual5 years Economic Growth in the United States has not talked 3 . 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 trend is also deeply troubling. For more than a decade, productivity growth has been low. New business formation is sharply down. While the Unemployment Rate is low now, job quality has been declining for decades. White wealth gap has grown why whiter. In 2017, the black homeownership rate was as low as it was back when held that housing discrimination was legal when housing discrimination was legal in america. In the wealthiest nation honors, 38 Million People still live in poverty. 2017, Life Expectancy in the United States dropped for the third year in a row. Thats what the American Economy looks like. The view from the top is entirely different. Rich families are doing fabulously well. 1995, middleclass families have seen their net worth go up by 7 . Thats over 23 years. 1 has worth for the top jumped 187 . The American People have done everything they can to keep up. They got more education, they have taken on extra work. They have made careful decisions with their money. Tens of millions of people are barely treading water. Even those who are doing ok, look around and worry about the future of this country. Only about one third of americans believe children in the United States will be better off than their parents. They are right to worry. Young people have been hit by a devastating financial crisis, a recession. A lifetime of stagnant wages. They are buried in debt. Including a massive 1. 6 trillion in Student Loan Debt. Just to ratchet up the pressure, they are staring at a growing likelihood of catastrophic Climate Change. Young people today are as hardworking as any generation. Opportunity is collapsing around them. If they dare to question the corrupt system that has put them in this giant hole, the elites responsible for this mess have andgall to call them lazy entitled. I say enough. [applause] sen. Warren the rich and powerful has have written the rules for our economy so that they suck up all the gains for themselves. It is corruption and it is Holding Back Growth in our economy. [applause] this country is brimming with talent and drive but we need to tackle three structural programs in our economy to unleash that talent. First, too many big american corporations hurt workers and our economy by focusing solely on shortterm interests of their investors. Aftermarket,rket competition has declined. Incomes andant rising costs have stretched Family Budgets past the breaking point. Three central problems in a rigged economy. Three problems we can solve. Part one, lets start with how our biggest american corporations are run. History,of our nations corporations recognized that ,hey served their investors their workers, their customers, and their communities. 1970s, economists put forward a theory that corporations should have only one purpose, maximizing the payoff to their investors. That idea took hold in Corporate Boardrooms across america. Washington went right along. Boy, did it make a difference. 1980s,eginning of the large american corporations spent less than 50 of their total earnings to their investors. Within 30 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 longterm development, two new factories and product lines, instead went to shortterm payoffs to investors. Trillions of dollars that could have gone to workers instead went to investors. Wages and productivity used to grow together. Workers produce more, they got paid for. That ended by 1980. Productivity continue 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. Today, corporate profits that used to be shared among investors and put back into businesses have instead become a feast to be eaten by those who are already at the top. The wealthiest 10 in this , 84 of american held shares. They are gobbling up corporate profits. Ceos are gorging themselves, too. The average ceo went from making 42 times what the average worker two 278 times980 as much as the average worker. We cant fix this broken system by only treating symptoms. We cant fix it by talking vaguely about unions or lecturing about the value of hard work. We need big structural change. [applause] sen. Warren i have a plan for that. [laughter] [applause] lets talk about it. 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 and corporate decisions. My plan lets employees of big american corporations elect at least 40 of their Companies Board of directors so workers will have a powerful voice in setting wages, stopping outsourcing, and investing in business is right here in america. [applause] sen. Warren my plan limits executive compensation so Corporate Leaders focus on the longterm success of the company movesd of the shortterm designed to goose the Company Stock price and put millions back in the executive pockets. 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] sen. Warren unions helped build americas middle class. Unions will help rebuild americas middle class. [applause] sen. Warren thats just the beginning. Plan andic patriotism my trade plans reinforce these reforms. Instead of workers continuing to live under the constant threat that their jobs are going to 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 multinational corporations that have said they have no loyalty to america, my plans put the interests of American Workers first. Other candidates do not grapple with these fundamental issues of economics and power. Other candidates refuse to let workers elect Corporate Board members, restricting executive compensation that encourages outsourcing. Other candidates refuse to challenge americas failed approach to trade. It has sent millions of jobs overseas. Encourage pollution, accelerated Climate Change, and put the profits of multinational corporations above the jobs and pay of American Workers. Causess attack the root of our dysfunctional economy by rewriting the rules. They dont cost taxpayers a dime. My plans will produce more jobs, more growth, more investment, higher wages, stronger American Companies that we used to compete and win. [applause] sen. Warren thats part one. Changing the way big american corporations put the shortterm interests of investors over the interests of workers and everyone else. Part two. Jumpstarting competition and innovation in america. Areass dont work in many , Like Health Care and education. Better markets arent the solution to every problem. In any area with a functioning market, competition is essential to create value. When Companies Compete by providing better products, better services, better prices, that helps customers. Businessewards every that out innovates or out works their competitors. Too many giant corporations have figured out they can boost their profits much more easily if they dont have to face any competition at all. Responsiblefficials for enforcing the laws on competition have just fallen down on the job. Aftermarket, at handful of big players dominate. For giant Companies Control the entire market for beef. Two Companies Control 60 of all mattresses sold in america. Two companies own more than 90 of all retail drugstores. Hospitals, agriculture, drug companies. The list goes on. These Corporate Executives who leads these companies will tell you that competition is a great idea for other businesses. Just not for their room. Consolidation hurts our economy. Monopolistsetition, can charge whatever they want. Prices go up. Concentration undercuts workers bargaining power. Wages go down. 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. Mark zuckerberg gets to have a private dinner with the president. Small Business Owners dont get that kind of access. It is time for a president who will enforce our antitrust laws. Yes, breakup massive corporations that use their size to undermine our economy and democracy. [applause] sen. Warren 20 years ago, antitrust prosecutions against microsoft helped open up space for google and facebook to emerge. Today, raking up Big Tech Companies would 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. Breaking up big banks will reduce the threat of too big to fail and ensure that Community Banks and Credit Unions have a better chance to compete. Raking up big bag will make sure that family farmers arent squeezed and that they have real options for purchasing and selling. Fought for welfare competition throughout my career. That was my idea behind that Consumer Protection bureau. Before the financial crisis, corporations could trick customers with confusing mortgages or credit cards or payday loans. I proposed a new agency that would enforce some basic rules against cheating and i thought to make it real. President obama signed an agency into law in 2010 and since then, that agency has returned more than 12 billion directly to people who were cheated. [applause] sen. Warren yeah. We can make government work. The credit market has worked better both for customers and for honest businesses. That was also the idea behind my fight to bring lowcost, overthecounter hearing aids to American Families. On average, a pair of hearing aids in america costs 5,000. Medicare and most insurance plans wont cover hearing aids. Mill