{"id":138679,"date":"2019-11-23T23:50:26","date_gmt":"2019-11-23T23:50:26","guid":{"rendered":"https:\/\/www.bnreport.com\/high-time-to-examine-economic-positions-of-the-2020-democrat-field-in-election-that-hinges-on-economy-expert\/"},"modified":"2019-11-23T23:50:26","modified_gmt":"2019-11-23T23:50:26","slug":"high-time-to-examine-economic-positions-of-the-2020-democrat-field-in-election-that-hinges-on-economy-expert","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/high-time-to-examine-economic-positions-of-the-2020-democrat-field-in-election-that-hinges-on-economy-expert\/","title":{"rendered":"High Time to Examine Economic Positions of the 2020 Democrat Field in Election that Hinges on Economy: Expert"},"content":{"rendered":"

American voters are being urged to look past personality and soberly evaluate the economic policies put forward by the 2020 Democrat presidential candidates ahead of next years high-stakes election.<\/p>\n

Stanford Professor Michael Boskin argued in an op-ed earlier this year that as the election gets closer, people should look beyond slogans and catchphrases to avoid buyers remorse. The one-time adviser to Ronald Reagan said its high time voters put everyone seeking to occupy the White House through a \u201crigorous analysis\u201d on their \u201csharply divergent economic policies.\u201d<\/p>\n

\u201cThe stakes are high and the outcome will reverberate across the world in a number of spheres, not least the economy,\u201d Boskin wrote in an op-ed for the British newspaper The Guardian<\/a>.<\/p>\n

President Donald Trump, meanwhile, said of next years election<\/a> that \u201cat stake in this fight is the survival of American democracy itself.\u201d He has cast the election as a battle between freedom and tradition on the one hand, and tyranny and socialism on the other.<\/p>\n

\u201cHere, in the United States, we are alarmed by new calls to adopt socialism in our country. \u2026 Tonight, we renew our resolve that America will never be a socialist country,\u201d he said during the State of the Union address. Later, during an address at the United Nations, Trump called<\/a> socialism a \u201cdestroyer of societies.\u201d<\/p>\n

\u201cOne of the most serious challenges our countries face is the specter of socialism,\u201d Trump said. \u201cIts the wrecker of nations and the destroyer of societies.\u201d<\/p>\n

\"President
\"President<\/figcaption><\/a> President Donald Trump speaks to the media at the United Nations General Assembly in New York City on Sept. 24, 2019. (Spencer Platt\/Getty Images)<\/figure>\n

The president believes his fight is against a risky socialist experiment that would throw his roaring Trumponomics-fueled economy into a tailspin. More fundamentally, he views 2020 as not just a fight for economic survival, but for the soul of the nation.<\/p>\n

His chief political rival, former Vice President Joe Biden, has also resorted to tough rhetoric. Biden has claimed that<\/a> reelecting Trump \u201cwill fundamentally change the character of this country for generations.\u201d<\/p>\n

\u201cWe are in the battle for the soul of this nation,\u201d Biden said, announcing his bid in April. \u201cIf we give Donald Trump eight years in the White House he will forever and fundamentally alter the character of this nation. Who we are. And I cannot stand by and watch that happen.\u201d<\/p>\n

\"joe
\"joe<\/figcaption><\/a> Democratic presidential candidate, former Vice President Joe Biden addresses a crowd at Wilson High School in Florence, South Carolina on Oct. 26, 2019. (Sean Rayford\/Getty Images)<\/figure>\n

Green New Deal as Economic Stimulus<\/h2>\n

Economically, a successful Democratic challenge to Trump would most likely see a figure in the Oval Office who backs some form of the expensive and expansive Green New Deal (GND). It is both the Democrats signature vision for a zero-emissions future and their concept for fueling economic growth and providing jobs.<\/p>\n

Most of the 2020 Democrat candidates have expressed support for the GND, and some, like Biden and his \u201cClean Energy Revolution,\u201d have built their economic platforms on its foundation.<\/p>\n

Socialist Sen. Bernie Sanders (I-Vt.) co-sponsored the GND when it was introduced as a resolution in Congress by Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Ed Markey (D-Mass.). Sanders has since unveiled<\/a> his own $16 trillion version of the GND, claiming that not only would it \u201ccreate 20 million jobs needed to solve the climate crisis\u201d but that it would somehow even pay for itself.<\/p>\n

\u201cThe benefits are enormous,\u201d Sanders claims on his campaign website. \u201cBy taking bold and decisive action, we will save $2.9 trillion over 10 years, $21 trillion over 30 years, and $70.4 trillion over 80 years.\u201d<\/p>\n

\"Alexandra
\"Alexandra<\/figcaption><\/a> Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Ed Markey (D-Mass.) announce the Green New Deal at a press conference outside the Capitol in Washington on Feb. 7, 2019. (Saul Loeb\/AFP\/Getty Images)<\/figure>\n

\u201cBut it has another implication, one of special importance to socialists,\u201d wrote Megan Day<\/a> of the far-left Jacobin Magazine, which bills itself as \u201ca leading voice of the American left, offering socialist perspectives on politics, economics, and culture.\u201d Day said the GNDs jobs guarantee component \u201cis one of the most important and exciting offerings of the Green New Deal,\u201d adding that if successfully implemented, it would be \u201ca chance to massively increase the power of working people. They can use that power to wrest more control from the capitalist class.\u201d<\/p>\n

Boskin additionally cautioned that some Democrats are flirting with \u201ceven more radical plans\u201d that are inspired by the GND but go far beyond.<\/p>\n

\u201cA Democratic president could also be expected to tighten financial regulation, and potentially even introduce radical changes to corporate law,\u201d he wrote. An example is Sen. Elizabeth Warrens (D-Mass.) plan to \u201cdemocratize the workplace\u201d by letting employees appoint corporate board members.<\/p>\n

\u201cIt also means transforming large American companies by letting their workers elect at least 40 percent of the companys board members to give them a powerful voice in decisions about wages and outsourcing,\u201d Warren said<\/a> on her campaign website.<\/p>\n

Warren, who said<\/a> shes \u201cproud to be an original supporter of the Green New Deal,\u201d initially proposed her version as a \u201chistoric $2 trillion investment in researching, developing, and manufacturing clean energy technology here in America.\u201d She later made it an even $3 trillion.<\/p>\n

\u201cToday, Im announcing Ill commit an additional $1 trillion over 10 years\u2014fully paid for by reversing Trumps tax cuts for the wealthiest individuals and giant corporations\u2014to match Governor Inslees commitment, and to subsidize the economic transition to clean and renewable electricity, zero emission vehicles, and green products for commercial and residential buildings.\u201d<\/p>\n

\"elizabeth
\"elizabeth<\/figcaption><\/a> Democratic presidential candidate Sen. Elizabeth Warren (D-Mass.) speaks at an event in Des Moines, Iowa, on Nov. 1, 2019. (Scott Olson\/Getty Images)<\/figure>\n

Warrens signature Ultra-Millionaire Tax would take in 2 cents on every dollar of assets above $50 million and 3 percent on fortunes worth $1 billion and more.<\/p>\n

\u201cWhen youre above $50m \u2026 its not only about the real estate. Its about your stock portfolio, the diamonds, the Rembrandt, and the yacht,\u201d Warren said<\/a> of the Ultra-Millionaire Tax<\/a>.<\/p>\n

A simulation on her campaign website<\/a> showed that a hypothetical \u201cheir with a net worth of $20 billion\u201d would pay a \u201c2 percent tax on the $950 million between $50 million and $1 billion, and a 3 percent tax on the remaining $19 billion, for a total annual liability of $589 million.\u201d<\/p>\n

Forbes argued it will face a Supreme Court challenge over its alleged status as an unconstitutional \u201cdirect tax.\u201d<\/p>\n

\u201cIm dying to know whether her headlining tax proposal\u2014the unconventional wealth tax that she claims would generate $2.75 trillion dollars over 10 years from the richest 75,000 families in America\u2014would violate the U.S. Constitution,\u201d wrote Tony Nitti<\/a>, Senior Contributor for Forbes and a licensed CPA, adding, \u201cthe entire tax may violate Article 1, Section 9, Clause 4<\/a>.\u201d<\/p>\n

Competing Visions of Economic Policy<\/h2>\n

Spurning \u201ctraditional\u201d fossil fuels and spurring growth in \u201cprogressive\u201d carbon-free sources of energy, the GND has been conceived as a multi-aim scheme that includes job guarantees, affordable housing, and universal health care. On the other side of the equation, the massive spending it would entail is seen as the engine of a massive economic stimulus push, but with the government, rather than the free market, behind the wheel.<\/p>\n

British economist Ann Pettifor, author of \u201cThe Case for the Green New Deal\u201d and adviser to Congresswoman Alexandria Ocasio-Cortez, admitted that the bold aims of the GND are impossible under free-market conditions. In her book, she argues people should \u201cget real\u201d and recognize that bankers will never \u201cfinance a massive climate stabilization project on terms that are acceptable and sustainable.\u201d Instead, she prescribes increasing state control of the economy and restricting peoples ability to move their capital freely.<\/p>\n

According to Pettifors own conclusions, in order to work as its supposed to, the GND\u2014and by logical extension the plans it has inspired\u2014requires ringfencing capital so it doesnt flee whatever \u201csocialistRead More \u2013 Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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