“Our fight is for big structural change,” said Senator Elizabeth Warren (D.-Mass.), announcing last Saturday that she is running for president. Her goal, she said, was to “take power from the wealthy and well-connected,” and to “change the rules” of our “economy” and “democracy.”
Days earlier, Senator Warren became co-sponsor of neophyte Congresswoman Alexandia Ocasio-Cortez’s “Green New Deal” resolution.
The “Green New Deal” promises to replace airplanes with high-speed railroads, banish most cars, outlaw fossil fuels and nuclear power, retrofit every building in America, and provide guaranteed income for those “unable or unwilling to work” – and to achieve all this in only 10 years.
Most economists regard these utopian fantasies as literally insane. But Warren, 69, is not going to let a 40-year-younger newcomer snatch the Progressive Heroine banner from her. If self-described socialist Ocasio-Cortez promises free unicorns and magic fairy dust for everyone, Warren will match or surpass her to avoid being outbid with freebies that buy Democratic voters.
Senator Warren one-upped her young rival’s proposed 70 percent income tax on the rich with a “wealth tax” to seize 2 to 3 percent of the value of everything “the wealthy and well-connected” have – their savings, homes, yachts, and all other possessions and assets. Because this “wealth tax” would take another big bite every year, it would soon devour the rich.
“I want these billionaires to stop being freeloaders,” Warren told CNBC. “I want them to pick up their fair share.” But American taxation is far more “progressive” than Europe’s; our top 1 percent pay 45.7 percent of all income taxes, and our top 20 percent pay 87 percent, while the bottom 50 percent pay almost nothing. Her proposal, said Warren, would “redistribute” $2.75 trillion from the wealthy (to greedy, spending-addicted politicians).
Sweden used to have a “wealth tax” that brought the government roughly $600 million per year. But fleeing millionaires and billionaires took $200 billion out of the country. Progressives in 1913 promised that only the rich would ever pay income tax. They lied. If you earn only $32,400, you are among the top 1 percent of rich people worldwide.
Last August, Senator Warren proposed her “Accountable Capitalism Act,” which would require every American corporation with more than $1 billion in annual revenue to obtain a federal charter. The charter would require company directors to consider the interests of all corporate “stakeholders” – including employees, customers, shareholders and the communities in which the company operates.
This, editorialized Investor’s Business Daily, would mean that “instead of focusing on maximizing returns for the owners of the companies, corporations would have to consider things like the environment, racial justice, community activists, workers and whatever else Warren decides to stuff into that impossibly vague ‘stakeholders’ term.”
This gives politicians the power virtually to nationalize all major corporations, pack boards of directors with union and other leftist people, and end the Citizens United Supreme Court ruling that lets corporations have freedom of political speech. Her law would effectively ban corporate political advertising.
Senator Warren loves to circumvent the Constitution. Her Consumer Financial Protection Bureau was funded not by Congress. but by the largely-autonomous Federal Reserve, so CFPB had all the authoritarian power of a government bureaucracy but no purse-string restraint by elected members of Congress. Before President Barack Obama said it, Warren declared: “You didn’t build that,” meaning that if company employees were educated in public schools or drove on public roads, the company owed its success – and a huge chuck of its earnings – to the government.
Senator Warren has a family worth of up to $10 million, in large part from Harvard University. This thief has not repaid the millions she pocketed by holding a professorship intended for a genuine Native American. Warren has not worn blackface, like other Democrats, but this racist exploiter dishonestly made herself rich by wearing “red face,” pretending to be an American Indian.
She announced her candidacy in Lawrence, Massachusetts, where in 1912 textile workers staged a famous strike. Trouble is, the socialist-anarchist Industrial Workers of the World (IWW) union forced out the strikers’ AFL union representatives; but in the end, as Wikipedia notes, because IWW disdained “written contracts as encouraging workers to abandon the daily class struggle” against capitalism, it let Lawrence’s workers lose almost everything they had gained.
Today, working-class Lawrence has unemployment more than 50 percent higher than America as a whole. Is this because anti-capitalist ideology frightens off business investment? Senator Warren’s class warfare warpath against free enterprise, and her love of big government, would destroy America.
Lowell Ponte is a former Reader’s Digest Roving Editor. His articles have appeared in the Wall Street Journal, the New York Times and other major publications. His latest book co-authored with Craig R. Smith, “Money, Morality & the Machine,” reveals how bad money drives good morals out of society and how you can protect your family from the future of “Star Trekonomics.” For a free, postpaid copy, call toll-free 800-630-1492.