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Elizabeth Warren Has Plans To Remake Our Society and Economy In Ways That Benefits All Americans.

June 12, 2019

 

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On June 10,2019, The New York Times published a story under the by-line of  Thomas Kaplan and Jim Tankersley entitled “Elizabeth Warren Has Lots of Plans. Together, They Would Remake the Economy. The article discusses the detailed policy proposals that Senator ElizabethWarren has rolled out almost every week in her pursuit of the presidential nomination.  I have copied and set out below the list of most of those policy proposals contained in the article and provided access to the Warren document setting out each proposal. I also included examples of pertinent provisions of each policy. I urge all who may read this to read those proposals of greatest interest to themselves. They are comprehensive but thankfully brief and easily understandable,

Each plan, begins as it should, with an analysis of the problem her proposal seeks to address. This is a refreshing departure from the usual political rhetoric that seems to define a public problem as something identified by media attention, a politically powerful interest group, or unfortunately, some simplistic ideology often posing as patriotism.  With Warren’s “plans,” if the reader is not convinced it is a problem that needs addressing or that her analysis is faulty or based on incorrect facts or erroneous assumptions or bias, then that plan fails.

Taken together, her plans, if implemented, would represent a fundamental reset of American society. Nothing in her plans should be described as socialism, democratic or otherwise.  Nor, should she be labeled a Populist of any stripe. Warren is no foe of capitalism.  She seems to be trying mightily to save it from itself. Her approach appears pragmatic and focused on benefitting all Americans.  If her political program must be labeled then, perhaps, something like Democratic Capitalism or Economic Democracy would probably be more appropriate.

 

The Warren Plans:

 

JAN. 24
Wealth tax 

 

The Ultra-Millionaire Tax taxes the wealth of the richest Americans. It applies only to households with a net worth of $50 million or more—roughly the wealthiest 75,000 households, or the top 0.1%. Households would pay an annual 2% tax on every dollar of net worth above $50 million and a 3% tax on every dollar of net worth above $1 billion. Because wealth is so concentrated, Saez and Zucman project that this small tax on roughly 75,000 households will bring in $2.75 trillion in revenue over a ten-year period.

 

FEB. 19
Universal childcare

 

Here’s how it works:

The federal government will partner with local providers — states, cities, school districts, nonprofits, tribes, faith-based organizations — to create a network of child care options that would be available to every family.
These options would include locally-licensed child care centers, preschool centers, and in-home child care options.
Local communities would be in charge, but providers would be held to high national standards to make sure that no matter where you live, your child will have access to quality care and early learning.
Child care and preschool workers will be doing the educational work that teachers do, so they will be paid like comparable public school teachers.
And here’s the best part. The federal government will pick up a huge chunk of the cost of operating these new high-quality options. That allows local providers to provide access for free to any family that makes less than 200% of the federal poverty line. That means free coverage for millions of children.

 

 

MARCH 8
Breaking up big tech companies

 

In this tradition, my administration would restore competition to the tech sector by taking two major steps:

First, by passing legislation that requires large tech platforms to be designated as “Platform Utilities” and broken apart from any participant on that platform.

Companies with an annual global revenue of $25 billion or more and that offer to the public an online marketplace, an exchange, or a platform for connecting third parties would be designated as “platform utilities.”

These companies would be prohibited from owning both the platform utility and any participants on that platform. Platform utilities would be required to meet a standard of fair, reasonable, and nondiscriminatory dealing with users. Platform utilities would not be allowed to transfer or share data with third parties.

For smaller companies (those with annual global revenue of between $90 million and $25 billion), their platform utilities would be required to meet the same standard of fair, reasonable, and nondiscriminatory dealing with users, but would not be required to structurally separate from any participant on the platform.

To enforce these new requirements, federal regulators, State Attorneys General, or injured private parties would have the right to sue a platform utility to enjoin any conduct that violates these requirements, to disgorge any ill-gotten gains, and to be paid for losses and damages. A company found to violate these requirements would also have to pay a fine of 5 percent of annual revenue.

Second, my administration would appoint regulators committed to reversing illegal and anti-competitive tech mergers.

Current antitrust laws empower federal regulators to break up mergers that reduce competition. I will appoint regulators who are committed to using existing tools to unwind anti-competitive mergers, including:

Amazon: Whole Foods; Zappos
Facebook: WhatsApp; Instagram
Google: Waze; Nest; DoubleClick

Protecting the future of the internet

So what would the Internet look like after all these reforms?

Here’s what won’t change: You’ll still be able to go on Google and search like you do today. You’ll still be able to go on Amazon and find 30 different coffee machines that you can get delivered to your house in two days. You’ll still be able to go on Facebook and see how your old friend from school is doing.

Here’s what will change: Small businesses would have a fair shot to sell their products on Amazon without the fear of Amazon pushing them out of business. Google couldn’t smother competitors by demoting their products on Google Search. Facebook would face real pressure from Instagram and WhatsApp to improve the user experience and protect our privacy. Tech entrepreneurs would have a fighting chance to compete against the tech giants.

Of course, my proposals today won’t solve every problem we have with our big tech companies.

We must give people more control over how their personal information is collected, shared, and sold — and do it in a way that doesn’t lock in massive competitive advantages for the companies that already have a ton of our data.

We must help America’s content creators — from local newspapers and national magazines to comedians and musicians — keep more of the value their content generates, rather than seeing it scooped up by companies like Google and Facebook.

And we must ensure that Russia — or any other foreign power — can’t use Facebook or any other form of social media to influence our elections.

 

View at Medium.com

 

MARCH 16
Housing»

 

The centerpiece of my plan is the American Housing and Economic Mobility Act, which I introduced for the first time in the Senate last year and reintroduced this week.

My bill makes historic federal investments to increase housing supply. It invests $500 billion over the next ten years to build, preserve, and rehab units that will be affordable to lower-income families. A big chunk of that investment leverages private dollars so that taxpayers get the most bang for their buck.

How would we pay for this new investment? Simple. Currently, an heir doesn’t pay a dollar of estate taxes until they inherit a fortune of $22 million or more. I would lower that threshold to $7 million — which is where it was when President George W. Bush left office — and raise the tax rates above that threshold so ultra-millionaires and billionaires pay a larger share. Those changes affect only 14,000 of the wealthiest families each year, but according to the Moody’s analysis, they fully cover the cost of my plan.

Think about that: by asking 14,000 wealthy families a year to pay a bit more, we can reduce rents by 10% for millions of families and create 1.5 million good new jobs.
My bill also makes additional targeted investments in communities that desperately need it. It invests half-a-billion dollars in rural housing programs. It invests $2.5 billion in the Indian Housing Block Grant and the Native Hawaiian Housing Block Grant to build or rehab 200,000 homes on tribal land. And it invests $4 billion in a new Middle-Class Housing Emergency Fund, which will support the construction of new housing catering to middle-class renters in communities with severe housing supply shortages.

 

MARCH 27
Agriculture

 

I will tackle consolidation in the agriculture and farming sector head on and break the stranglehold a handful of companies have over the market. Here’s how:

First, I will appoint trustbusters to review — and reverse — anti-competitive mergers, including the recent Bayer-Monsanto merger that should never have been approved. I opposed this merger from the start and was deeply disappointed to see the Trump Administration approve it earlier this year. l will appoint regulators at the Federal Trade Commission and the Department of Justice who are serious about using the tools they have to produce competitive markets and who are committed to reviewing recent mergers in the agriculture sector and breaking up companies where mergers have reduced competition.

Second, my team will be committed to breaking up big agribusinesses that have become vertically integrated and that control more and more of the market. The Department of Justice has not revised its guidelines on vertical mergers in 35 years. And in that time, we have seen merger after merger linking together every aspect of the chain in farming. We do not want to see other sectors come to resemble the chicken sector. My administration will bring vertical integration cases to break up integrated agribusinesses.

I strongly support a national right-to-repair law that empowers farmers to repair their equipment without going to an authorized agent.

We need to reform the checkoff programs to root out corruption. I support legislation that will make the checkoff program voluntary and ensure that Boards cannot engage in anti-competitive practices or lobby the government.

I believe we should prohibit abusive contract farming in the livestock sector. Our farmers deserve better.

I will push hard for new country-of-origin rules for beef and pork — and use the trade tools available to me as President to push Canada and Mexico to accept them.

We also must stop foreign governments and companies from buying up American farmland. Foreign companies and countries like China and Saudi Arabia already own 25 million acres of American farmland. That’s about the size of Virginia. And one in four American hogs has a Chinese owner. That jeopardizes our food security, which threatens our national security too.
Iowa has the right idea. It passed a law prohibiting foreign individuals or entities from purchasing farmland for the purpose of farming. I support a national version of that law, and as President, will use all available tools to restrict foreign ownership of American agriculture companies and farmland. And I’m committed to stronger beneficial ownership laws so that foreign purchasers can’t set up fake American buyers to get around these restrictions.

I want Washington to work for family farmers again, not just for the agribusiness executives pocketing multi-million dollar bonuses or the Wall Street traders sitting at their desks speculating on the price of commodities. I want family farmers to be fairly rewarded for their hard work. That is how we build an economy that works for everyone.

 

 

APRIL 2
Corporate executive accountability

Also, see my blog at https://trenzpruca.wordpress.com/2018/10/07/wake-up-america-elizabeth-warren-has-a-plan-to-save-capitalism/

APRIL 11
Corporate taxation

 

From 1988 to 2012, the effective tax rate for American corporations — the rate they actually pay relative to their profits — went down significantly. In a recent eight-year period, 25 big companies alone claimed $286 billion in tax breaks. And that was before the Republican tax bill slashed the corporate tax rate and handed hundreds of billions of dollars more to corporations.

That’s why I’m proposing a big new idea: the Real Corporate Profits Tax. This new tax applies to the profits very large American companies report to their investors — with no loopholes or exemptions. It will make our biggest and most profitable corporations pay more and ensure that none of them can ever make billions and pay zero taxes again.

How the Real Corporate Profits Tax Works

This new tax only applies to companies that report more than $100 million in profits — about the 1200 most profitable firms in the country last year. That first $100 million is left alone, but for every dollar of profit above $100 million, the corporation will pay a 7% tax. Any company profitable enough to hit the Real Corporate Profits Tax will pay that tax in addition to whatever its liability might be under our current corporate tax rules.

That means Amazon would pay $698 million in taxes instead of paying zero. And Occidental Petroleum would pay $280 million in taxes instead of paying zero.

It’s a small new tax — but because our richest, biggest corporations are so skilled at minimizing their taxes under our current system, that small new tax will generate big new revenue. According to an estimate from economists Emmanuel Saez and Gabriel Zucman at the University of California-Berkeley, the tax will bring in $1 trillion in revenue over the next ten years — just from the massive profits of the thousand or so richest companies in the country.

 

 

APRIL 15
Public Lands

 

On my first day as president, I will sign an executive order that says no more drilling — a total moratorium on all new fossil fuel leases, including for drilling offshore and on public lands. I’d also reinstate the methane pollution rule to limit existing oil and gas projects from releasing harmful gases that poison our air, and reinstitute the clean water rule to protect our lakes, rivers, and streams, and the drinking water they provide.

As President, I will set a goal of providing 10% of our overall electricity generation from renewable sources offshore or on public lands. That’s nearly ten times what we are currently generating.

As president, I will use my authorities under the Antiquities Act to restore protections to both monuments and any other national monuments targeted by this Administration.

It’s time to make Land and Water Conservation Fund spending mandatory to ensure that we continue to preserve and enhance public lands for conservation and recreation

As president, I will fully fund our public land management agencies and eliminate the infrastructure and maintenance backlog on our public lands in my first term

I will recruit 10,000 young people and veterans to jumpstart a 21st Century Civilian Conservation Corps — and increase the budget of AmeriCorps’ one-year fellowship program to fund it. This will create job opportunities for thousands of young Americans caring for our natural resources and public lands, deepening their lifelong relationship with the great outdoors.

Creating universal access to public lands to respect every American’s birthright and to grow the size of our outdoor economy.

The National Park Service is funded by taxpayers, and it’s long past time to make entry into our parks free to ensure that visiting our nation’s treasures is within reach for every American family.

as many as 10 million acres in the West are not accessible to hunters, anglers, and other outdoor enthusiasts. It’s time for us to open more public lands to responsible recreation — and prioritize accessibility for all Americans to enjoy the great outdoors. I commit to unlocking 50% of these inaccessible acres, to grow our outdoor economy, help ease the burden on our most popular lands, and to provide a financial boost across rural America.

 

 

APRIL 22
Student debt cancellation and free college

 

I’m calling for something truly transformational — the cancellation of up to $50,000 in student loan debt for 42 million Americans.

My plan for broad student debt cancellation will:

Cancel debt for more than 95% of the nearly 45 million Americans with student loan debt;
Wipe out student loan debt entirely for more than 75% of the Americans with that debt;
Substantially increase wealth for Black and Latinx families and reduce both the Black-White and Latinx-White wealth gaps; and
Provide an enormous middle-class stimulus that will boost economic growth, increase home purchases, and fuel a new wave of small business formation.
Once we’ve cleared out the debt that’s holding down an entire generation of Americans, we must ensure that we never have another student debt crisis again. We can do that by recognizing that a public college education is like a public K-12 education — a basic public good that should be available to everyone with free tuition and zero debt at graduation. My plan for universal free college will:

Give every American the opportunity to attend a two-year or four-year public college without paying a dime in tuition or fees;
Make free college truly universal — not just in theory, but in practice — by making higher education of all kinds more inclusive and available to every single American, especially lower-income, Black, and Latinx students, without the need to take on debt to cover costs.

Some people will say we can’t afford this plan. That’s nonsense. The entire cost of my broad debt cancellation plan and universal free college is more than covered by my Ultra-Millionaire Tax — a 2% annual tax on the 75,000 families with $50 million or more in wealth. For decades, we’ve allowed the wealthy to pay less while burying tens of millions of working Americans in education debt. It’s time to make different choices.

Here’s what my new plan would do:

It cancels $50,000 in student loan debt for every person with household income under $100,000.
It provides substantial debt cancellation for every person with household income between $100,000 and $250,000. The $50,000 cancellation amount phases out by $1 for every $3 in income above $100,000, so, for example, a person with household income of $130,000 gets $40,000 in cancellation, while a person with household income of $160,000 gets $30,000 in cancellation.
It offers no debt cancellation to people with household income above $250,000 (the top 5%).
For most Americans, cancellation will take place automatically using data already available to the federal government about income and outstanding student loan debt.
Private student loan debt is also eligible for cancellation, and the federal government will work with borrowers and the holders of this debt to provide relief.
Canceled debt will not be taxed as income.

College shouldn’t just be a privilege for those who can afford to take on the significant expenses associated with higher education. Like K-12 education, college is a basic need that should be available for free to everyone who wants to go. That’s why I’m proposing a historic new federal investment in public higher education that will eliminate the cost of tuition and fees at every public two-year and four-year college in America. The federal government will partner with states to split the costs of tuition and fees and ensure that states maintain their current levels of funding on need-based financial aid and academic instruction.

Experts estimate my debt cancellation plan creates a one-time cost to the government of $640 billion. The Universal Free College program brings the total cost of the program to roughly $1.25 trillion over ten years.

The actual costs of these new ideas are likely to be even less than that. Experts find that my debt cancellation plan will create an economic stimulus, and study after study shows that investments in higher education provide huge returns for every dollar. But even setting aside the eventual returns to these investments, we can fully cover the cost of these ideas with revenue from my Ultra-Millionaire Tax on the wealthiest 75,000 families in the country — those with fortunes of $50 million or more.

 

 

APRIL 26
Military housing

 

Under my proposal, every base will have a housing office staffed with advocates for the service member — not beholden to a private contractor. That office will have independent authority to inspect housing on base to ensure that it is safe, clean, and meets all state and local requirements.

Under my proposal, military tenants will get a “bill of rights,” in writing, when they move in. The first of those rights is that families can withhold payment for landlords who don’t play by the rules. Second, if repairs or remediation are needed the work order cannot be closed until the service member approves. And if relocation is required during repairs, the landlord pays that too — and in a worst case scenario, a service member should be able to relocate off base without penalty.

 

 

 

MAY 2
Puerto Rico debt relief

 

Today, I am re-introducing the U.S. Territorial Relief Act, legislation that would provide Puerto Rico with a path to comprehensive debt relief.

This legislation would give U.S. territories like Puerto Rico the option to terminate their debt if they meet certain criteria, like being struck by a disaster, suffering major population loss, and staggering under overwhelming debt. The Territorial Relief Act would give Puerto Rico a shot at getting out from under its crushing debt load and building a future for itself.

My bill would also set up a fund so that certain holders of Puerto Rican bonds would be compensated when those bonds are terminated. Pensions would be left intact. Puerto Rican residents, individual investors, and credit unions are among the groups that could use the fund. Vulture funds and bond insurers would not get a penny from this fund.
And my bill would require an independent audit of Puerto Rico’s debt. Everyone needs to know exactly how big the hole is, how much of the debt ended up being issued in the first place, whether it was legally issued, and what it’s going to take to fix it.

 

MAY 8
Opioid crisis

 

A Comprehensive Plan to End the Opioid Crisis

The CARE Act proposal is modeled on the Ryan White CARE Act, providing resources directly to first responders, public health departments, and communities on the front lines of this crisis — so that they have the resources to provide prevention, treatment, and recovery services for those who need it most.

Under the CARE Act, states and communities will receive $100 billion in federal funding over the next ten years — because that’s what’s needed to make sure every single person gets the treatment they need. Here’s how that breaks down each year:

$4 billion for states, territories, and tribal governments;
$2.7 billion for the hardest hit counties and cities, including $1.4 billion to counties and cities with the highest levels of overdoses;
$1.7 billion for public health surveillance, research, and improved training for health professionals;
$1.1 billion for public and nonprofit entities on the front lines, including those working with underserved populations and workers at high risk for addiction, and to support expanded and innovative service delivery of treatment, recovery, and harm reduction services;
$500 million to expand access to naloxone and provide this life-saving overdose reversal drug to first responders, public health departments, and the public.
Resources would be used to support the whole continuum of care, from early intervention for those at risk for addiction, to harm reduction for those struggling with addiction, to long-term support services for those in recovery. Along with addiction treatment, the CARE Act would ensure access to mental health services and help provide critical wraparound services like housing support and medical transportation for those who need them.

I have a plan to pay for it: my ultra millionaire tax on the richest 75,000 families in America.

Here’s how it works. If you have more than $50 million, we’re going to ask you to pay a tax of 2 cents per dollar on every dollar after your fifty-millionth and first. It raises $2.75 trillion over the next ten years — enough to pay for my plans to cancel student loan debt and provide uniA Plan For Economic Patriotism

By Elizabetversal free college, fully fund universal childcare, and end the opioid epidemic. And guess what — we’d still have nearly a trillion dollars left over.

 

 

MAY 15
The military and climate change

 

It starts with an ambitious goal: consistent with the objectives of the Green New Deal, the Pentagon should achieve net zero carbon emissions for all its non-combat bases and infrastructure by 2030.

I’ll ask contractors that have not achieved net zero carbon emissions to pay a small fee — one percent of the total value of the contract — and I’ll use that money to invest directly in making our military infrastructure more resilient.

I’ll direct the Secretary of Defense to appoint a senior official within the Defense Department and each of the military services to ensure that, top to bottom, our military is prioritizing the climate threat.

And I’ll invest billions of dollars into a new, ten-year research and development program at the Defense Department focused on microgrids and advanced energy storage

Finally, I want the Pentagon to produce an annual report evaluating the climate vulnerability of every U.S. military base at home and abroad, using real scientific methodology, so that we can make more informed plans moving forward.

 

MAY 16
Pentagon contracting

 

My plan would ban giant defense contractors from hiring senior DOD officials and general and flag officers for four years after they leave the Department. It would also require contractors to identify the former DOD officials who work for them and what they’re working on. In order to fully eliminate the opportunity for conflicts of interest, a former employee or executive of a defense contractor who joins the government would be totally banned from working on anything that could influence their former bosses.

Ban DOD Officials from Owning Contractor Stock.

Limit Foreign Government Hiring of American National Security Officials.

Expose Defense Contractor Lobbying. Defense contractors should be required to disclose the true scope of their lobbying activities — including who they’re meeting with at the DOD, what they’re lobbying about, and what (unclassified) information they’re sharing.

 

 

MAY 17
Abortion

 

Create federal, statutory rights that parallel the constitutional right in Roe v. Wade.

Pass federal laws to preempt state efforts that functionally limit access to reproductive health care.

Guarantee reproductive health coverage as part of all health coverage.

Ensure equal access and reproductive justice.

 

 

MAY 31
Indicting a sitting president

 

Congress should make it clear that Presidents can be indicted for criminal activity, including obstruction of justice. And when I’m President, I’ll appoint Justice Department officials who will reverse flawed policies so no President is shielded from criminal accountability.

Pass a law clarifying Congress’s intent that the Department of Justice can indict the President of the United States.

Amend obstruction of justice statutes to explicitly allow for indictment when the President abuses the powers of the office

Appoint an Assistant Attorney General in charge of the Office of Legal Counsel (OLC) who will reverse the OLC opinion arguing that the President cannot be indicted.

 

JUNE 4

“Economic Patriotism”

 

Aggressively using all of our tools to defend and create American jobs including:
More actively managing our currency value to promote exports and domestic manufacturing.

Leveraging federal R&D to create domestic jobs and sustainable investments in the future. We spend only half as much as we did in the 1980s on federal research and development. Meanwhile, when American taxpayers do invest in R&D, we often see American companies take that research and use it to manufacture products overseas,

Production stemming from federally funded research should take place in the United States.

Taxpayers should be able to capture the upside of their research investments if they result in profitable enterprises

R&D investments must be spread across every region of the country, not focused on only a few coastal cities

Increasing export promotion to match the efforts of our competitors.

Deploying the massive purchasing power of the federal government to create markets for American-made products.

Restructuring worker training programs to deliver real results for American workers and American companies.

Dramatically scale up apprenticeship programs. We currently invest $200 million annually in apprenticeship programs. We should increase that tenfold and make a $20 billion commitment to apprenticeship programs for the next ten years.

Institute new sectoral training programs.

the creation of a new agency — the Department of Economic Development — that will have the single goal of defending good-paying American jobs and creating new ones.

 

 

JUNE 4
Green manufacturing

 

Green Apollo Project

America already leads the way in developing and producing certain types of clean energy, from wind to biofuel. I’ll build on that foundation with a $400 billion federal commitment over ten years to clean energy research and development — more than 10 times what we invested in clean energy R&D in the last ten years.

Green Industrial Mobilization

My plan makes a massive $1.5 trillion commitment to federal procurement of clean, green, American products over the next ten years. At $150 billion a year, that represents a 30% increase in total annual procurement. This will create immediate demand, spurring innovation and investment in the American clean energy sector.

Green Marshall Plan

I’m proposing a new federal program — backed with $100 billion in funding — dedicated to working with foreign governments and companies so they purchase and deploy American-made clean, renewable, and emission-free energy technology.

Equitable Investment

The Green New Deal commits us to a “fair and just transition for all communities and workers,” and that requires us to recognize that climate change doesn’t affect every community equally. Here at home, lower-income communities, communities of color, and Indigenous nations have often borne the brunt of climate change and other environmental harms. At the same time, communities dependent on fossil fuel extraction for economic stability worry about what transitioning to clean and renewable technology will mean for their jobs. And globally, wealthy industrialized nations have disproportionately benefited from fossil fuel use and are better equipped to weather the effects of a changing climate, while other countries disproportionately suffer the impacts.

View at Medium.com

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