Segal Unveils Plan for Economic Recovery

Segal Unveils Plan for Economic Recovery

Democratic Congressional candidate David Segal unveiled a detailed, seven-page plan yesterday for how he would deal with the recession and unemployment if he is elected to the First District seat.

“Rhode Islanders and people across the country are still waiting for Congress to take action on their behalf with the same urgency with which it supported the banks,” Segal said. “In fact, the very same corporate interests whose irresponsible and greedy behavior precipitated the financial crisis have been roadblocks to recovery.”

As a state rep and city councilor in Providence, Segal said he had a long record of fighting for working families against big banks, utilities, and other corporate interests—and he pledged to continue that fight in Congress.

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

Like Democratic primary opponent David Cicilline, Segal supports expanding access to credit for small businesses and says the country needs to invest more in public transit—to the tune of $2 billion according to his plan.

But Segal has gone further than other candidates in pushing for reform of international trade agreements and criticizing NAFTA for costing Americans jobs, according to campaign manager Rachel Miller.

Segal also is calling for a renewable energy standard of 25 percent by 2025, increasing funding for research and development in renewable and efficient energy, and expanding access to Pell grants. And he said Congress should pass the Paycheck Fairness Act to close the 19 percent gap between what men and women earn.

Segal said all of these programs could be funded through a .25 percent tax on all stock transactions and a .20 percent tax on futures contracts, swaps, and credit default swaps. The first $100,000 in trades involving retirement plans, health plans, and education savings accounts would be exempted from the tax.

His campaign said the tax targets those “speculators” responsible for the recession, without affecting average investors. “David Segal is really pointing to the people who caused the crisis and calling on them to pay for us getting out of it,” Miller said.

Segal will be discussing specific planks of his plan at events over the next week. A schedule will be posted on Facebook.