WASHINGTON – U.S. Sen. Jerry Moran, R-Kan., told the Wall Street Journal on Wednesday the growing debate over economic mobility for Americans provides an opportunity for Republicans to clearly define their vision for helping poor and middle-class Americans. As founding member and co-chair of the first bipartisan Senate Economic Mobility Caucus, Moran believes helping individuals move up the economic ladder is no more partisan an idea than the American Dream itself.
“It’s very beneficial for us to talk about the things we are for, the things we care about, and most importantly how they impact the lives of people around the country,” Moran said in an interview with Damian Paletta. “I suppose there are different views, different philosophies about how to allow everybody the opportunity to move upward on the economic scale, and so there are legitimate philosophical and policy differences. That’s to be expected in a diverse democracy like ours. But we ought to do everything we can to avoid this being the political show that is trying to categorize Republicans and Democrats in ways that is only useful for partisanship.”
Moran has authored bipartisan bills that would improve the opportunity gap. The American Savings Promotion Act would allow for the creation of prize-linked savings accounts, which incentivize personal savings by offering participants chances to win prizes based on savings account deposit activity while never putting their savings at risk. Prize-linked accounts are proven to increase savings-rates, which empower individuals to better endure financial strain and progress up the economic ladder. More than 40 percent of American households currently lack the savings to cover basic expenses for three months if an unexpected event leads to a loss of stable income.
Moran has also authored Startup Act 3.0, bipartisan legislation that would grow the economy by creating an environment where anyone with a good idea has the opportunity for success. Startup Act 3.0 addresses four key factors that contribute to entrepreneurial success: talent, taxes, regulation and innovation. One of the best ways to grow the economy and create jobs is through entrepreneurship. Since 1980, nearly all of the net new jobs in our country have been created by companies less than five years old.
