There were a lot of stunning moments in President Donald Trump’s State of the Union Speech Tuesday: the sight of the Olympic gold-medal winning Men’s Ice Hockey team entering the House chamber to raucous cheers, 100-year old Captain Royce Williams, a former Navy pilot, receiving the Medal of Honor to a bipartisan standing ovation, and Sen. Elizabeth Warren applauding a Trump policy.
Warren deserves kudos for bucking the trend of petulance exhibited by too many Democrats that night. They either didn’t applaud, or remained seated, or heckled the president.
But Warren recognized that a good idea is a good idea, standing and clapping for Trump’s request to Congress to pass the Stop Insider Trading Act.
“As we ensure that all Americans can profit from a rising stock market, let’s also ensure that members of Congress cannot corruptly profit using inside information. Pass the Stop Insider Trading Act without delay,” Trump said.
The Stop Insider Trading Act would bar lawmakers, their spouses, and dependent children from buying publicly traded stocks. Warren has been a supporter of similar legislation.
The fat cats in Congress who’ve been making a killing on Wall Street were none too pleased. Their stock haul ensures a comfortable retirement (when and if they retire).
That’s not the case for many Americans, which brings us to another highlight of Trump’s address. The president announced plans to offer those who do not have a retirement savings plan through their employer, such as a 401(k), access to the same plan offered to federal workers.
“We will match your contribution with up to $1,000 each year, as we ensure that all Americans can profit from a rising stock market,” the president said.
The stock market’s gains have given a healthy boost to retirement accounts, which means nothing if you don’t have one. According to the Economic Innovation Group, 42% of full-time working Americans don’t have access to retirement plans.
It’s worse for part-timers: 79% lack access to any retirement plan. For those who worked part-time while raising children, or who’ve spent decades just getting by with little chance to save for retirement, old age can hit hard.
“Once again, more older Americans are sinking into poverty, just as 11,000 are turning 65 every day. A country as rich as ours should be shocked that over 9.2 million of our fellow older Americans struggle to cover basic expenses like food and medicine. Aging with dignity continues to be out of reach for far too many Americans who worked hard and played by the rules,” said Ramsey Alwin, President and CEO of the National Council on Aging, on the 2024 U.S. Census Bureau data on poverty, income, and health insurance.
Helping this vulnerable population should garner the same degree of enthusiasm so many on Capitol Hill exerted for canceling student loan debt. If politicians cared for impoverished seniors as much as they do for students who took out a loan, promised to pay it back, and then wanted the debt erased, then they should give Trump their full support.
This plan deserves applause.
