Elizabeth Warren (D-MA), the Massachusetts senator best known for claiming Native American ancestry she doesn’t actually have, has now caught up with former front runner Joe Biden in the race for the Democrat presidential nomination. That’s being welcomed by her “progressive” supporters on the far left — but Democrat donors don’t seem so happy about the prospect of the fanatically anti-business senator moving into the White House.
In the battle between the traditional and radical wings of the Democratic Party, Elizabeth Warren is firmly on the radical side. Her recent gains in the polls, putting her neck-and-neck with the amiably useless but solidly traditional Joe Biden for the presidential nomination, has energized the far Left. However, among businesses that traditionally donate to the Democrats — and there are many — it hasn’t gone down well at all.
- Warren has never made any secret of her dislike of banks and financial institutions. Many of the radical policy ideas that win her support on the left are based around bashing the finance industry — even though it’s one of the most successful parts of the US economy.
- Wall Street and other financial centers don’t just generate wealth in their own right; they give the US economy leverage that can and does help other American businesses. It’s better for our manufacturers when the dollar is a respected currency around the world and many countries work closely with American banks.
- Warren wants to upset all that by hammering banks and investors with a series of punitive taxes. One of her flagship proposals is a “wealth tax” that would encourage people to hide their money in the Bahamas rather than invest it in the American economy.
- She also wants to force equity firms to take on the pension liabilities and debts of any company they acquire. This is another disastrous idea that would deter the investment many of our businesses need to grow.
- Now donors are making their feelings known. One investor said, “You’re in a box because you’re a Democrat and you’re thinking, ‘I want to help the party, but she’s going to hurt me, so I’m going to help President Trump.”
- Other donors have also protested about her aggressive rhetoric. Warren says she doesn’t care — if bankers are annoyed, she says, that means she’s doing the right things. The Democratic National Committee might not agree, though.
- So far the DNC is really struggling to raise money for this election. In August, they collected only $7.9 million in donations, compared to $23 million for the GOP. If Warren keeps on scaring away anyone who’s still willing to donate to the Dems, the DNC is likely to turn against her in a big way.
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