She wants to do what all dems want to do. Take it.
https://www.realclearmarkets.com/ar...rren_wants_to_do_to_their_savings_103393.html
On August 15, Elizabeth Warren, the senior Senator from Massachusetts, introduced a bill she calls “The Accountable Capitalism Act.” Since her bill has zero chance of being passed by the 115th Congress, the only reason for Warren to introduce this bill at this time is to improve her chances of defeating her Republican opponent, Geoff Diehl, in November.
Elizabeth Warren is a progressive, and her Accountable Capitalism Act reflects the essence of progressivism. Warren’s bill would give an unelected bureaucrat, the “Director” of a newly-created “Office of United States Corporations” within the Commerce Department the power of life and death over all large private U.S. companies.
What could go wrong?
Well, what could (and would) go wrong is what always goes wrong when property rights are infringed by governments in the name of “progressive” goals: the costs and risks of economic activity would go up. Higher costs and risks inevitably equate to lower economic growth, less job creation, lower real wages, and slower accumulation of wealth.
Of course, progressives have always been big on the notion that centralizing power in the hands of “experts” in Washington can deliver big benefits at no cost. Here is how progressive apologist Matthew Yglesias put it in his August 15, 2018 piece in Vox:
“Elizabeth Warren has a big idea that challenges how the Democratic Party thinks about solving the problem of inequality.
Instead of advocating for expensive new social programs like free college or health care, she’s introducing a bill Wednesday, the Accountable Capitalism Act, that would redistribute trillions of dollars from rich executives and shareholders to the middle class — without costing a dime.”
Right. Senator Warren’s plan wouldn’t cost a dime. It would cost $13.5 trillion. It would also bankrupt every insurance company and pension plan in the U.S. And, while Warren’s “reform” would not completely wipe out your 401k, it would reduce the value of the common stocks in your account by 45%. If you are over 50, this could easily dash your hopes for a comfortable retirement.
https://www.realclearmarkets.com/ar...rren_wants_to_do_to_their_savings_103393.html
On August 15, Elizabeth Warren, the senior Senator from Massachusetts, introduced a bill she calls “The Accountable Capitalism Act.” Since her bill has zero chance of being passed by the 115th Congress, the only reason for Warren to introduce this bill at this time is to improve her chances of defeating her Republican opponent, Geoff Diehl, in November.
Elizabeth Warren is a progressive, and her Accountable Capitalism Act reflects the essence of progressivism. Warren’s bill would give an unelected bureaucrat, the “Director” of a newly-created “Office of United States Corporations” within the Commerce Department the power of life and death over all large private U.S. companies.
What could go wrong?
Well, what could (and would) go wrong is what always goes wrong when property rights are infringed by governments in the name of “progressive” goals: the costs and risks of economic activity would go up. Higher costs and risks inevitably equate to lower economic growth, less job creation, lower real wages, and slower accumulation of wealth.
Of course, progressives have always been big on the notion that centralizing power in the hands of “experts” in Washington can deliver big benefits at no cost. Here is how progressive apologist Matthew Yglesias put it in his August 15, 2018 piece in Vox:
“Elizabeth Warren has a big idea that challenges how the Democratic Party thinks about solving the problem of inequality.
Instead of advocating for expensive new social programs like free college or health care, she’s introducing a bill Wednesday, the Accountable Capitalism Act, that would redistribute trillions of dollars from rich executives and shareholders to the middle class — without costing a dime.”
Right. Senator Warren’s plan wouldn’t cost a dime. It would cost $13.5 trillion. It would also bankrupt every insurance company and pension plan in the U.S. And, while Warren’s “reform” would not completely wipe out your 401k, it would reduce the value of the common stocks in your account by 45%. If you are over 50, this could easily dash your hopes for a comfortable retirement.
