Everything Wrong with Elizabeth Warren’s “Economic Patriotism” Plan

If Sen. Elizabeth Warren’s new “Economic Patriotism” plan sounds a bit familiar, it’s because portions of it come directly from the old Soviet USSR government regime.

The plan, which is being touted by Sen. Warren’s campaign team as being a proposal that will benefit American workers and industries along with helping the environment, should scare anyone who cares about having even a little bit of freedom from government interference in the workplace. In fact, the plan won’t even reach its stated goals of creating good jobs in the United States and preventing companies from outsourcing. In fact, it could have the opposite effect, destroying the economy for middle-class and lower-class individuals.

There are various facets of the Economic Patriotism plan.

First off, Sen. Warren demonizes large companies for putting a priority on turning large profits and satisfying shareholders. The statement is truly an odd one; in fact, it sounds like an accusation that could have come from the likes of Karl Marx or Vladimir Lenin. Companies in a capitalist country are supposed to turn a profit and please their shareholders. If they didn’t, shareholders would dump their stock, and the companies would wind up bankrupt.

Next, Sen. Warren touts the government interference she wants to use to make companies do what she wants; that is, bring back good jobs to the United States. She intends to start by artificially keeping the value of the dollar low in order to boost exports and creating yet another government agency to produce four-year job plans. While this may sound like good news to anyone who wants a good job, it is wise to consider when the last time was that a government-created job plan actually worked on a large scale. The same government that is allowing Social Security to go bankrupt in the next fifteen years simply can’t be trusted to become the nation’s primary job planner and creator.

Another aspect of Sen. Warren’s plan would force the government to only purchase goods that have been made in the United States. However, the senator’s stringent regulations on companies manufacturing goods in the United States would almost ensure that there would be plenty of goods that would simply not be created in the country. Sen. Warren plans to force companies that do business with the federal government to offer all employees a minimum wage of at least $15.00 an hour, along with benefits such as 12 weeks’ paid family and medical leave — plus the ability to form unions. Such a move would almost certainly lead to companies either automating their workforce to the detriment of human workers, or letting full time employees go and hiring part-time contractors instead.

Naturally, no economic plan from a Democratic candidate would be complete without taking climate change into account, and Sen. Warren’s plan does not disappoint on this score. The senator calls for centralized planning and the creation of a “Green Manufacturing Plan” that would spend up to $2 trillion over the next ten years to meet Green New Deal clean energy manufacturing targets. Sen. Warren also wants to spend a whopping $100 billion on helping foreign countries purchase clean energy technology from the United States.

While the economy certainly has issues that need addressing, allowing the government to micromanage companies is certainly not the answer. In fact, it is guaranteed to make matters worse as companies, in an effort to preserve themselves and maintain profits, will automate the workforce, use part-time contractors, or even leave the country altogether to find a more business-friendly atmosphere.

In the end, government dictates simply cannot “fine-tune” the capitalist system without turning the nation into a top-down regime.

~ Liberty Planet


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