Elizabeth Warren to remake capitalism, by Grep Ip. The next leader of the free world?
For the past generation, Democratic presidential candidates have mostly talked of redistributing the rewards of American capitalism while leaving its basic structure intact.
Elizabeth Warren promises to break that mould. The Massachusetts senator, who has moved to the front ranks of the field, talks of remaking capitalism from the ground up. As president, she would drastically cut back the size and influence of big business, push private companies from parts of the economy altogether, and shift power to government and to labour. …
No frontrunner has issued so comprehensive an indictment as Ms Warren, who has blamed business for, among other things stagnant wages, high student debt, global warming, gun violence, the prison population, high medical bills, and the shortage of affordable housing and child care.
And no frontrunner has proposed such sweeping changes to how businesses operate. A President Warren would seek to regulate big tech companies as utilities, break up big banks and split them from securities dealers, ban fracking of oil and gas, phase-out carbon emission from buildings, cars and power plants in eight to 15 years, require big companies to appoint worker representatives to at least 40% of board seats, ban private health insurance and, effectively, for-profit college, and negotiate down drug prices. …
Big government fans are cheering her on:
Ms Warren would impose a 2 per cent to 3 per cent tax on wealth above $US50 million, repeal President Trump’s tax cuts for corporations and the wealthy, impose a new 7 per cent tax on big company profits and a 14.8 per cent tax on incomes above $US250,000 to finance expanded social security benefits.
Maybe Hillary will re-enter the race. Biden is too old and corrupt, Bernie’s had a heart attack, Warren is too left, and the rest are too small or too left.
* Affirmative action hire, because she said she was Native American.