THIS IS THE TRANSCRIPT OF A SPEECH TO BE GIVEN BY THE PRESIDENT ON LABOR DAY 2015.
My fellow Americans,
Ever since I was a community organizer I always wondered how life insurance companies could build their magnificent office towers and pay large salaries to their executives. It did not take me long to find out that they make their money by discriminating against the people who need life insurance the most.
The sick and the elderly are denied life insurance so that stockholders of these companies can reap large profits. In order to create better competition in the life insurance industry I am proposing legislation that would level the playing field.
I propose a law whereby life insurance companies cannot deny insurance to those who are sick, or have a pre-existing condition. We will also stop age discrimination. I ask you: who needs insurance the most? The young and healthy or our senior citizens suffering from age related health problems?
We do not want to put life insurance companies out of business. We just want social justice introduced in this business. If, however, life insurance executives refuse to follow the law, we will introduce life insurance coverage through a public option. Contrary to claims that we are unable to provide effective services, the government has long standing experience in this field. We have been providing life insurance for all our military personnel for many decades and never failed to pay the policy in the event of death.
To make it affordable all premiums will be the same for all ages and those who earn less than the poverty level, will receive a premium refund check to cover their costs. As an added consideration, all life insurance premium paid through the public option will be tax deductible.
You will be assured that in the event of your death your beneficiaries will receive the face amount of the policy to help them with their expenses and estate taxes. Those below the poverty level will receive an estate tax refund as a token of social justice.
Let me assure all of you that your present life insurance policies will not be affected and no life insurance company will be put out of business. For those of you who’d like to switch to the public option, you will be able to do so and your premiums will be adjusted to the public rate and become deductible. I believe this will create millions of new jobs and I want the Congress to act on this with the next 30 days so that we can start the new program on January 1 2016, before the presidential elections.
Let’s accomplish another phase of social justice.