Elizabeth Warren Has a Bad Plan for Everything

Mish

Elizabeth Warren wants to steer the US to the Left, radical Left.

If you are looking for ideas, Elizabeth Warren has a ton of them. All of them are bad. Please consider Elizabeth Warren's Plan.

  1. Wealth tax: Tax net worth over $50 million at 2% a year, and 6% above $1 billion. To prevent the rich from yachting off, add a 40% “exit tax” on assets over $50 million upon renouncing U.S. citizenship. Estimated revenue: $3.75 trillion over a decade from 75,000 households. Most economists, including many Democrats, call that number a fantasy. Courts might also find the tax unconstitutional.
  2. Medicare for All tax: Mandate government coverage for everyone, including for illegal immigrants, with no copays or deductibles. Phase out the private plans of 170 million Americans. She says this would cost $20.5 trillion over a decade, which most economists say is $10 trillion short of reality. Keep the growth of health spending below 4% a year with tools like “population-based budgets” and “automatic rate reductions.” Pay doctors at “Medicare rates” and hospitals at 110% of that. Charge companies with at least 50 workers an “Employer Medicare Contribution,” equal to 98% of their recent outlays on health care, while adjusting for inflation and changes in staff size. These varying fees “would be gradually shifted to converge at the average health care cost-per-employee nationally.”
  3. Global corporate tax: Raise the top business rate to 35%. Apply this as a world-wide minimum on overseas earnings by U.S. companies. Businesses would “pay the difference between the minimum tax and the rate in the countries where they book their profits.” Apply a similar minimum tax to foreign companies, prorated by the share of their sales made in the U.S. Estimated revenue: $1.65 trillion over a decade.
  4. Corporate surtax: Tax profit over $100 million at a new 7% rate, without exemptions. This would go atop the regular corporate rate. Estimated revenue: $1 trillion over a decade from 1,200 public companies.
  5. Slower expensing: “Our current tax system lets companies deduct the cost of certain investments they make in assets faster than those assets actually lose value.” Closing this “loophole,” she says, would raise $1.25 trillion over a decade.
  6. Higher capital gains taxes: Tax the investment gains of the wealthiest 1% as ordinary income, meaning rates near 40% instead of today’s 23.8%. Apply the tax annually on gains via a “mark to market” system, even if the asset hasn’t been sold. Estimated revenue: $2 trillion over a decade.
  7. Finance taxes: Tax the sale of bonds, stocks and so forth at 0.1%. Estimated revenue: $800 billion over a decade. Charge big banks a systemic risk fee, raising $100 billion more.
  8. Individual tax increases: There’s no detailed proposal, but Ms. Warren’s clean-energy plan is “paid for by reversing Trump’s tax cuts for the wealthiest individuals and giant corporations.” She’s budgeted $1 trillion.
  9. Social Security: Increase benefits by $2,400 a year across the board. Raise them further “for lower-income families, women, people with disabilities, public-sector workers, and people of color” by changing “outdated” rules that Ms. Warren says disadvantage them.
  10. Lobbying tax: Tax “excessive lobbying” over $500,000 a year at rates up to 75%. Ms. Warren says this would have raised $10 billion over the past decade, although it probably runs headlong into the First Amendment’s right to petition the government. Use the revenue for “a surge of resources to Congress and federal agencies.”
  11. Green New Deal: Spend $3 trillion, including $1.5 trillion on industrial mobilization, $400 billion on research, and $100 billion on a Marshall Plan. By 2030 hit 100% carbon-neutral power and 100% zero-emission new cars. Retrofit “4% of houses and buildings every year.” For “environmental justice,” put a third of the funds into “the most vulnerable communities.”
  12. An end to fossil fuels: Ban fracking. Halt new drilling leases on federal land. “Prohibit future fossil fuel exports.” Kill the Keystone XL and Dakota Access pipelines. “Subject each new infrastructure project to a climate test.” Give “workers transitioning into new industries” a “guaranteed wage and benefit parity” and “promised pensions and early retirement benefits.”
  13. K-12 education: Add $450 billion to Title I, $200 billion for students with disabilities, $100 billion for “excellence grants,” and $50 billion for school upgrades. “End federal funding for the expansion of charter schools.”
  14. A “right” to child care: Build a federal network of local providers, subject to national standards. Give free care to the “millions of children” whose households are under 200% of poverty, or $51,500 for a family of four. For everyone else, cap child-care spending at 7% of income. Estimated cost: $700 billion.
  15. Free college: “Give every American the opportunity to attend a two-year or four-year public college without paying a dime in tuition or fees.” Add $100 billion to Pell Grants and $50 billion for historically black colleges, tribal schools and more. Estimated cost: $610 billion.
  16. Student-debt forgiveness: Write off $50,000 for households with incomes under $100,000. This would phase out as income rises toward $250,000. Estimated cost: $640 billion.
  17. Housing: Spend $500 billion “to build, preserve, and rehab” millions of affordable-housing units. Condition such funding “on repealing state laws that prohibit local rent control.” Paid for by lowering the death-tax exemption to $7 million from $22 million per couple. At the same time, “raise the tax rates above that threshold.”
  18. Unions: Overturn “so-called ‘right to work’ laws” in 27 states. Guarantee public employees an ability to “bargain collectively in every state.” Amend labor law to aid “sectoral bargaining.” Give the National Labor Relations Board “much stronger” powers, such as “to impose compensatory and punitive damages.”
  19. Corporate governance: Make companies with revenue over $1 billion obtain a new federal charter—separate from the current state charter system—that requires them to “consider the interests of all corporate stakeholders.” Give workers 40% of board seats, and put CEOs under “a new criminal negligence standard.”
  20. Industrial policy: Manage the dollar’s value “more actively” to “promote exports and domestic manufacturing.” Create a Department of Economic Development, and have it write a National Jobs Strategy. Expand the Export-Import Bank. Impose a “border carbon adjustment” fee—that is, new tariffs—on imports from countries that don’t align with U.S. climate policies.
  21. Antitrust: Break up Amazon, Facebook and Google. “Unwind” their mergers with Whole Foods, Instagram, DoubleClick and more. Regulate as a “platform utility” any online marketplace with global revenue of $25 billion. Reverse agriculture consolidation, “including the recent Bayer-Monsanto merger,” and create a “supply management program” to “guarantee farmers a price at their cost of production.”
  22. Banking: Pass “a 21st Century Glass-Steagall Act that breaks up the big banks.” Let the U.S. Postal Service “partner with local community banks” to provide “basic banking services like checking and savings accounts.”
  23. Gun control: Create a “federal licensing system for the purchase of any type of firearm or ammunition.” Raise taxes to 30% on guns and 50% on ammo. Ban sales of “assault weapons,” and make current owners “register them under the National Firearms Act.” Pass a law to let shooting victims “hold the manufacturer of the weapon that harmed them strictly liable.”
  24. Centralized elections: Use federal money to “replace every voting machine in the country.” For federal elections, mandate early voting and same-day registration. If state elections follow the same rules, they can be “fully funded by the federal government,” with “a bonus for achieving high voter turnout.” Estimated cost: $20 billion, paid by “closing loopholes” in the death tax.
  25. Miscellaneous: Spend $100 billion “to end the opioid crisis,” $85 billion “to massively expand broadband access,” $25 billion on “health professional shortage areas,” and $7 billion “to close the gap in startup capital for entrepreneurs of color.” Double the foreign service and the Peace Corps.

Warren's Marxist Manifesto

Kudos to the Wall Street Journal for compiling the above list.

Warren's manifesto is remarkably similar to UK Labour leader Jeremy Corbyn's manifesto.

I case you missed it, Corbyn went down in spectacular flames on December 12. I commented Labour Slaughtered, Corbyn Refuses to Admit He is the Reason

Flashback November 18: Fear of Corbyn Outweighs Fear of Brexit

My Comment: "This election is no longer primarily about Brexit, it's primarily about Corbyn."

Let's discuss just a few of Warren's radical ideas.

Wealth Tax

As the WSJ points out, such a tax would be unconstitutional. That does not stop radical Marxists from proposing them.

Medicare For All and "Free" Stuff

The obvious problem with Medicare for All is there are no cost controls.

The same applies to 14: "Right" to Child Care and 14: "Free" College.

When there are zero cost controls, prices are guaranteed to soar out of sight.

Who is Going to Pay?

Rest assured someone has to pay for all this "Free Stuff".

Even the Leftist UK party figured this out when they trounced Corbyn.

Independents and moderates will be highly unlikely to support Marxist nutcases.

Democratic National Polls

​RCP Poll Averages

The more Warren talks the more radical she sounds, and the more support for her drops.

Warren's Blatant "Capitalist to My Bones" Lie

Unlike Warren, Jeremy Corbyn at least admits he is a Marxist. On that point, Corbyn is at least honest.

Elizabeth Warren made one of the biggest, most obvious lies in political history when she boldly stated she described herself as "capitalist to my bones".

Warren vs Bernie Sanders

In response to obvious lies, Bernie Sanders blasted 'Capitalist to Her Bones' Warren.

"Elizabeth Warren has been a friend of mine for some 25 years," Sanders said. "And I think she is a very, very good senator. But there are differences between Elizabeth and myself. Elizabeth I think, as you know, has said that she is a capitalist through her bones. I’m not.

Yet, Bernie proposes many of the same "free" things and Bernie admits as much.

He added that they have a "somewhat" but "not quite" the same policy outlook.

How to Pay for "Free" Things

Unlike Warren, Bernie does not propose radical ways to pay for free things.

Presumably, under Bernie's manifesto, free things pay for themselves which any thinking person knows is crazy.

But Warren has the additional disadvantage of scaring anyone who can read or spot obvious liars.

This explains her drop in the polls.

Mike "Mish" Shedlock

Comments (44)
Rvrider
Rvrider

My view is that Socialism is unconstitutional. They will burn what is left of the republic if they get into power.

No. 1-23
mkestrel
mkestrel

Warren cannot even tell the truth about her ancestry or home life. While all politicians lie they typically are not so transparent before the election. Any moron that votes for that fruit cake deserves the end result. Any intelligent thinker has already identified her BS.

Jojo
Jojo

Stupid conservative/right talking points! Blah, blah, blah. Stop spreading FUD.

Presidents can't do much of anything on their own. They require Congress to pass the laws necessary to implement whatever their vision may be. Congress is part of the checks and balances system against the Executive branch.

I can see why a conservative, right leaning voter/blogger might not understand the checks and balances system. After all, Leader McConnell doesn't understand it either, given that he has stated that he will be in "total coordination" with the WH (the Executive branch) when Pelosi releases the articles of impeachment to the Senate. Sheeze.

lol
lol

Can't be any worse than the current Double P (print & pretend) plan ,been runnin that scam for a decade,print a crap load of cash out of thin air and buy everything (literally) to keep it from collapsing on it's ass and buy time.Current tally....2 trillion (with a T) every single month lol!

stillCJ
stillCJ

Editor

Increase benefits by $2,400 a year across the board. Raise them further “for ... people of color”< I would also point out that, that is a blatantly racist proposition. But it probably went unnoticed among so many other absurd proposals and Dizzy Lizzie's lies.

stillCJ
stillCJ

Editor

I would like to see the summary of the total cost for all of Dizzy Lizzie's agendas. Go ahead and deduct her proposed new incomes from taxes, but keep in mind the reality is people will always find ways to avoid paying big new taxes. Of course the cost of a destroyed economy will also be difficult to calculate, but it will be tremendous.

bradw2k
bradw2k

At some point Warren and Bernie will team up on one ticket, according to the bumper stickers I already see.

TimeToTest
TimeToTest

This sounds like a case study of “letting the government pick the economic winners and losers”.

Did we leave England for this? Seems full circle.

Blurtman
Blurtman

Regarding her single player plan, covering every person in the world (just sneak into the country) is insane and will result in ramping up the flood of illegals. Hey, come to the USA on vacation, get heart surgery, and have the US taxpayers foot the bill. I believe all of the Dem candidates in the debate agreed that we should cover illegals.

SpeedyGeezer
SpeedyGeezer

This craziness is all a result of a two party system with a nominating process dominated by the extreme segments of the respective parties. Unlike Bernie, who has been socialist for decades, Warren is a more of an opportunist, choosing a path that gives her the best shot at nomination. Thankfully, Bernie has most of that lane locked up. From where I am sitting it is Bernie, not Warren, who has the best shot at winning the nomination from the Left of the party. With Biden, Mayor Pete, Bloomberg and Senator Amy as the moderate alternatives (all with their own flaws), Bernie has a puncher's chance at winning. Trump has a very solid R base and a good economic case for Indies. But one can not help but feel that Trump is one misstep away from alienating Indies and other centrists. This dynamic makes the unthinkable (a socialist President) a real possibility. I am hoping that Andrew Yang (practical progressive) catches a bid over the coming weeks, but he is way off the pace with Iowa looming. So I see Bernie as the most likely D followed by Biden, Mayor Pete, Yang, Bloomberg and Warren.

WarpartySerf
WarpartySerf

I think that having 7 people in the USA with more loot than the bottom half (50%) is wonderful. I think Mish agrees.

Maybe if 1 or 2 people have more than half of the USA population, that might be excessive. That might be too much for Mish too ....

Maybe he'll chime in on the math .....

Irondoor
Irondoor

She’s nutty as a fruit cake. My only question is; when did “colored people” become “people of color”? And is there a difference?

crazyworld
crazyworld

She is far worse than Clinton darling. Us would do better if they vote for Trump.

ReadyKilowatt
ReadyKilowatt

"Elizabeth Warren wants to steer the US to the Left, radical Left."

Warren wants to be president. Her marketing committee came up with this list then ran it through the focus groups to have something for every single-issue voter out there. I doubt she cares about anything other than getting selected to the highest office in the land.

Sechel
Sechel

Right now , we spend but don't fund. Republican tax plan reduced corporate rates and left the lop holes in place. It was a big lie. We were initially told rates would come down and loop holes would be removed. I agree with that but the lobbyists got involved. If you want gov't to deliver something it must be funded.

Warren is attacked because she's for social welfare and not corporate welfare. Both are bad.

Kitcopete
Kitcopete

Ok, so Warren's plans might be bad, but are the alternatives any better? Whether left or right, the standard operating procedure for the past 40+ years seems to be can kicking, which can only work for so long. Lots of indications are that we have reached the point where the can is now too heavy to kick

ksdude69
ksdude69

Id like to know how anyone who lied about being an Indian for college entrance can even run. Furthermore, Biden, Sanders and Warren need to go jump off a cliff with AOC and her little gf Greta chained to them for good measure.

RonJ
RonJ

Warren would need to be impeached on day one for violating her oath of office.

Six000mileyear
Six000mileyear

The wealthy know they could crash the global stock markets and still be far better off than the rest of the population.It's not how much money one has, but the purchasing power of the money.

Herkie
Herkie

25 entries and all good work Mish, wow you were busy.

I am not going to address my own take on all 25, but I will say this about Medicare for all, Medicare I always though should be called MEDIOCRE, it is far more expensive than it should be, premiums are too high and it does nothing to control costs. I do not want Medicare, I have a the VA healthcare system that I am very happy with, or was till they started farming us out on Veteran's Choice to community providers with the more expensive TriCare insurance. I recently told the VA I will no longer accept Veteran's Choice as my care. I want to be cared for in the VA and as a 100% disabled vet I am in the priority 1 category and entitled to care under the law, not from some civilian provider that knows nothing of how the VA works.

As to wealth tax, they do not work, all they accomplish is turning people into crooks as they attempt to hide wealth. And how does the IRS even begin to calculate a person's wealth? Rich people have vast and diverse estates with many of their possessions holding subjective values, very often the only way to know an item's value is to sell it. This is why I have always said lowering or eliminating the estate tax is a major error, because once the estate passes to next of kin the government will never EVER get another crack at that wealth. It ends up with dynastic wealth that accumulates till one day we wake up and all wealth is in very few massive estates. Feudal. Aristocratic wealth that is out of bounds for all time and will act as acid to capitalism because the over concentration of wealth strangles the economy and kills the velocity of money.

The misc. entry on broadband, I do believe that 5G is going to kill cable and satellite broadband anyway, and trillions will be spent on it, $85 billion for broadband is silly when technology is about to change how broadband is distribubted and delivered (and priced) anyway. As to opioids, yes spend what it takes to end that problem, but make the drug company and shareholders, and in some cases the families owning these companies, pay for it. I read about one family that pushed these drugs one very fine cut above common street pushers and have made BILLIONS and tens of billions off of their sale. No government money should be spent till all that money is clawed back and used to fix the problem, there is no way anyone should profit from the vast human misery of this epidemic especially when they knew and lied about the addictive properties.

#11 &12: Not going to happen, at least not without landing us in a permanent and deep depression. Education? I say we need to see that schools are more FAIRLY funded as to distribution of funds, but simply throwing endless billions at schools is not going to make kids smarter or better educated - what we really need here are some free and basic reforms, like holding parents accountable for their kid's poor performance when it is lack of parental involvement that is the cause. Basic discipline in schools, take away the rug rats cell phones first, NO ELECTRONICS in schools, period, even if people whine about how will they call 911 if there is a shooter? Well, we had fire alarms in schools when I was a kid, pull the alarm, it will be quicker at getting police and authorities to the building than phoning up a 911 operator. You do not need a phone in a school to get the attention of local authorities.

I also would demand that kids come to school in UNIFORMS, it hurts nobody, and while uniforms cost money they also save more than they cost, the argument that some can't afford them is crap, their kid does not go to school naked now do they? And in places where uniforms are required there is help for parents that can't afford them.

Pretty much all the rest are tax issues that need to be thrashed out by congress. We can do a lot more to end or diminish the impact of poverty without some of the absurd ideas I have seen floated, and socialism built into the so called Green New Deal is just not going to work for me. That has nothing to do with saving the world from the fake MAN MADE GLOBAL WARMING panic but is instead declaration of war on capitalism. Capitalism is now flawed as it really is crony capitalism with mandatory wealth transfers from bottom to a very few at the top, corporate and affluent welfare for the rich. Society has both the right and duty to claw as much of that back and redistribute it as we see fit, but destroying the capitalist mechanism that was would end future prosperity and render us a third world shithole as a certain president calls them. Capitalism needs fixes regarding pay scales (labor rents) but that can be fixed better by minimum wage hikes (and HONEST indexing to an HONEST cost of living index) and union negotiation. Labor has been gutted by the far right crony capitalists long enough. I would advocate a 50% slowdown by labor till they get the respect and compensation now being sucked up by the greedy pigs of Wall Street. Not a total strike, but a go slow that teaches the owners and executives of industry and business that if you want my labor you goddamned better pay me a living wage.

Casual_Observer
Casual_Observer

Everyone who wants a revolution should support Warren or Sanders. Trump has not proven to do anything differently to cause any upheaval of the system.

Webej
Webej

Nothing radical on the MIC, foreign policy, or changing how the alleged democracy works. That means she's acceptable to the powers that be ... as long as their empire keeps chugging along.

awc13
awc13

"The obvious problem with Medicare for All is there are no cost controls."

oh, there will be cost controls. they will deny or delay procedures that are not in the budget


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