In the polls for the past several months, the top three among the contenders for the Democratic nomination for President have been Joe Biden, Elizabeth Warren, and Bernie Sanders. I doubt that Biden will make it all the way to the end of this marathon; and I sense that Sanders’s shtick has started to wear thin and that he is fading. That would leave Elizabeth Warren as the most likely to get the nomination.
Heaven help us.
Warren has her own shtick. The basic idea is to claim that the U.S. economy is fundamentally not working for most people, and then to stir up resentment against anybody who has achieved any success, aka “the wealthy” or “the well-connected” or “the corporations.” These people are oppressing you, and you need Elizabeth to fight back. In her February 2019 speech announcing her candidacy, it was that “millions of American families are . . . struggling to survive in a system that has been rigged by the wealthy and well-connected.” Then there are the evil banks, who “steer [you] into overpriced credit products, risky sub-prime mortgages, and misleading insurance plans.”
But don’t worry — Warren has all the answers, in the form of some dozens of “plans,” each one a top-down directive from the federal government to get those evil exploiters to behave. Universal child care! 100% clean energy! Expanding social security! Hundreds of billions for housing! Trillions for free college and debt forgiveness! Wealth taxes on the rich! Tens of trillions for tackling the “climate crisis”! More tens of trillions for free health care for all! And those are just a small sample. It’s a good thing that the government’s resources are infinite. You name it, and there’s a “plan” and a new collection of regulations and orders and a few hundred billion or a few trillions or tens of trillions from the infinite free loot from above that will solve the problem instantly, at least once Elizabeth is in charge.
In the aggregate she is proposing a total transformation of the U.S. economy, . . .Read More