What is Economic Security
The International Committee of the Red Cross (ICRC) defines economic security as the ability of individuals, households or communities to cover their essential needs sustainably and with dignity. This can vary according to an individual’s physical needs, the environment and prevailing cultural standards. Food, basic shelter, clothing, and hygiene qualify as essential needs, as does the related expenditure; the essential assets needed to earn a living, and the costs associated with health care and education also qualify.
Economic security is composed of basic social security, defined by access to basic needs infrastructure pertaining to health, education, dwelling, information, and social protection, as well as work-related security.
Why Is Economic Security Important
Research has shown economic security strengthens tolerance and well being as well as personal growth and development. This, in turn, can have a positive ripple effect on the community and the country as a whole. The economic well being of all citizens in America, mainly vulnerable households can be affected by sudden or unpredictable events. It is the responsibility of the government to have policies in place such as, work supports, and family structures that can help citizens and the country prosper.
Sustainability and self- reliance are the product of security, law and legal order. Substantial investments into security and legal order are considered a need. Threats such as terrorism, drug trafficking, human trafficking and illegal immigration scourge which needs to be reduced if not eliminated. Through policies and conflict prevention, cost-effective investments are made to remove the underlying symptoms and in turn promote economic stability.
Perceptions On Economic Security
What does economic security mean to us, ordinary people? The majority of Americans are positive about economic security, being able to live relatively comfortably is most definitely within reach. However, for many on a personal level, financial improvement has shown no or little progress. For this segment of voters, this has caused huge anxiety on the financial front. Reflecting on how divided the country is, only 62% of Americans said U.S. elections are fair. This is what some of the presidential candidates’ campaigns are saying, according to their websites.
The race to become the challenger to Donald Trump is on. Hate him or love him, during Trump’s presidency, the economy has shown improvement and many Americans rate the national economy in an excellent or good manner. Public opinion is extremely complex yet important to presidential candidates. Political candidates acknowledge the economy is progressing well but give no credit to their opponent.
Presidential Candidates
Bernie Sanders the Vermont senator is all about transforming the country and creating a government based on the principles of economic, social, racial and environmental justice. He says every person in the U.S. is entitled to a decent job and a living wage, quality health care, a complete education, affordable housing, a clean environment, and secure retirement. His opinion is that America is the richest country on earth. He said “We have 40 million in poverty, 34 million with no health insurance and half our people living paycheck to paycheck,” he wrote on Twitter. “I refuse to accept that as normal.”
Joe Biden, former vice president, a senator from Delaware, is all about rebuilding the middle class and making it racially inclusive.
The infrastructure plan is focused on investing in high-speed rail, transit, bicycle, and pedestrian infrastructure and building “complete streets“ that are safe for a variety of transportation modes. He believes in tuition-free public universities. He agrees the economy is booming and insisting it is a direct result of Obama’s policies. He gives no credit to Donald Trump. In his words, Donald Trump is squandering it. He has framed his campaign as a direct challenge against Donald Trump.
Elizabeth Warren, a senator from Massachusetts since 2013, Warren was previously a professor at Harvard Law School, helped create the Consumer Financial Protection Bureau, and wrote a book on middle-class incomes. Elizabeth Warren also acknowledges that the economy is doing well but predicts that it is going to crash. In her opinion, increased taxes will enable the building of roads, bridges and water systems. In turn, this will create job opportunities. A wealth tax on the wealthiest will partially fund universal childcare, student loan debt relief and medicare for all Additional money in her opinion will build the economy.
Way Forward
Presidential candidate strategies will change should there be a change in the economy. Historically, we are aware the state of the economy is fickle. Although most voters have the sense of being left behind, for now, it is the opinion of most Americans that the economy is doing well. Based on that perception there will not be a need for democratic presidential campaign change of strategy.
The hope of most of the presidential candidates is that Trump fails to connect with the average voters. Thoughts are that the presidential candidates themselves do not lose sight of the relatively positive economic environment.
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