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Andrew Yang on Budget & Economy

Democratic Presidential Challenger & Tech CEO

 


Subsidize rent for resident artists in buildings

We propose creating a Deputy Mayor of Entertainment, Nightlife and Culture. The Deputy Mayor will focus on rebuilding these essential industries to recover from the pandemic while also building a "more fun" future for New York. Now, more than ever, we must invest city resources in efforts that will help bring struggling nightlife establishments back to life and support the creation of new businesses.

New York City is home to some of the most famed and celebrated cultural institutions, but we cannot forget about our local artists who create artwork through all mediums right here in New York. That is why our administration will partner with larger institutions to help subsidize rent for resident artists in buildings. These up-and-coming creators deserve a place to cultivate their craft and the city has a role to play in supporting their dreams.

Source: Mayoral campaign website YangForNY.com , Mar 25, 2021

Create the People's Bank of New York City

A Yang administration will launch the newly created People's Bank of New York City, initially funded with a $100 million loan from New York City. The People's Bank has two objectives: (1) ensure every New Yorker can access basic financial products and services, like checking accounts, and has the opportunity to save money affordably, build credit, and secure small business loans; and (2) Support small business lending in underserved communities by guaranteeing loans and loan portfolios.
Source: Mayoral campaign website YangForNY.com , Mar 25, 2021

Way forward is a new human-centered capitalism

We have record high corporate profits, but what else are at record highs? Mental illness, stress, debt, substance abuse, overdoses, suicides. Instead of following corporate profits, we should be measuring health and wellness, life expectancy, mental health and freedom from substance abuse, clean air, and clean water, how our kids are doing. The way forward is a new human centered version of capitalism that actually uses the markets to improve our family's lives.
Source: 8th Democrat 2020 primary debate, St. Anselm College in NH , Feb 7, 2020

Our winner take all economy causes social problems

If we get the economics right, many social problems that we care so deeply about will actually change along with our balancing out an economy that's become the most extreme winner- take-all economy in the history of the world. Many Americans do not feel like they're being included in the gains. Terrible social ills are at record highs now because even as the companies do better, we do not feel those gains in our own families.

My flagship proposal is a freedom dividend of $1,000 a month for every American starting at age 18. So imagine your 18th birthday, and you're getting a thousand bucks a month. Your senior year, you have a financial literacy class to help you decide how you're going to make use of this income. This would actually make our economy works for young people.

Source: CNN Town Hall 2020: Presidential/NYC Mayoral race , Feb 5, 2020

People have jobs, but many need two or more to get by

Corporate profits are at record highs in America today. Also at record highs, depression, financial insecurity, student loan debt, even suicides and drug overdoses. If you're a recent college graduate, you have a 40 percent chance of doing a job that doesn't require a college degree. That doesn't show up in the headline unemployment rate, nor does all of the families that are working two or three jobs to get by.
Source: Newshour/Politico/PBS December Democratic primary debate , Dec 19, 2019

We need to take best parts of both capitalism & socialism

Andrew believes the capitalism/socialism dynamic is outdated. Capitalism has driven untold innovation in this country, but technology is highlighting issues with the way it values our work/labor. He believes we need to take the best parts of both systems to build an economy that works for us -- Andrew calls it human-centered capitalism.
Source: USA Today on 2019 Democratic primary , Nov 7, 2019

Redefine GDP to account for health & wellbeing

There's record high GDP in stock market prices, you know what else they're at record high is? Suicides, drug overdoses, depression, anxiety. It's gotten so bad that American life expectancy had declined for the last three years. The way we win this election is we redefine economic progress to include all the things that matter to us like our own heath, our wellbeing, our mental health, our clean air and clean water, how our kids are doing?
Source: July Democratic Primary debate (second night in Detroit) , Jul 31, 2019

American Mall Act to transition closed malls to other uses

Q: You propose $6 billion for the American Mall Act?

YANG: Amazon is closing 30% of our malls and stores and paying zero in taxes while doing it. And these malls become sinkholes. They cause blight, become havens for crime and bad actions. We need to help communities transition these malls to become community centers or schools or even residential. In the absence of that kind of move, these ghost malls become the last place anyone wants to be and they destroy property value for miles a

Source: Fox News Sunday interviews in 2019 , Jul 28, 2019

Freedom Dividend of $1000/month for every adult American

Yang's proposal would provide every American over 18 years old with $1,000 per month. He contends that this would grow the economy by 13 percent and increase the labor force by 4.5-5 million people. Stems from his belief that AI and automation will wipe out millions of jobs and is the path to avoiding economic ruin. He says he rebranded to "Freedom Dividend" because it tests better with conservatives.
Source: Axios.com "What you need to know about 2020" , Apr 7, 2019

2008 quantitative easing benefited institutions, not people

Consider the bailouts that took place during the financial crisis. You may not recall that the U.S. government printed over $4 trillion in new money for its quantitative easing program following the 2008 financial collapse. This money went to the balance sheets of the banks and depressed interest rates. It punished savers and retirees. There was little to no inflation.

We did this nominally so that the banks would lend money to businesses, who would then create jobs and shore up the economy. In practice, most of the money went to the balance sheets of the banks and to inflate asset bubbles all over the country, primarily in assets like real estate in Manhattan and Silicon Valley and the stock prices of private companies like Uber and Airbnb. Many human beings did get rich from the money printing bonanza, but they were people among the best situated, not the least. We did this because we believe in institutions far more than we believe in our people.

Source: The War on Normal People, by Andrew Yang, p.172 , Apr 2, 2019

Measure standard of living instead of GDP

Yang supports changing how the U.S. measures economic success, by moving away from traditional benchmarks like GDP growth and the stock market and focusing instead on the country's standard of living, life expectancy and other metrics. He would also develop a new U.S. currency called a "Digital Social Credit" that could be exchanged for real dollars.
Source: PBS News hour on 2020 Presidential hopefuls , Mar 19, 2019

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Mike Rawlings (D,Dallas)
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Former Mayors:
Rocky Anderson (I,Salt Lake City)
Tom Barrett (D,Milwaukee,WI)
Mike Bloomberg (I,New York City)
Cory Booker (D,Newark,NJ)
Jerry Brown (D,Oakland,CA)
Julian Castro (D,San Antonio,TX)
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Phil Gordon (D,Phoenix)
Tom Menino (D,Boston)
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Michael Nutter (D,Philadelphia)
Sarah Palin (R,Wasilla,AK)
Annise Parker (D,Houston)
Jerry Sanders (R,San Diego)
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Page last updated: May 14, 2021