Donald Trump in This Fight Is Our Fight, by Elizabeth Warren


On Budget & Economy: Campaigned for Glass-Steagall; but administration opposes it

I don't love all regulations--no one does--but some problems can be solved only when our government writes and enforces a set of rules.

For starters, we should put in place a modern version of Glass-Steagall and separate plain-vanilla banking like checking accounts and savings accounts from crazy risk-taking on Wall Street. This doesn't have to be partisan. My first cosponsor for a twenty-first-century Glass-Steagall bill was the Republicans' 2008 presidential nominee, Senator John McCain. In 2016, Donald Trump campaigned on this idea, and, at his insistence, adopting Galss-Steagall was added to the Republican platform. But the Republican leadership has refused to move any such legislation and now President Trump has put in place an economic team that is headed in the opposite direction.

Here's another idea: The SEC should hire a leader who doesn't work for Wall Street.

Oh, and here's a good one: when CEOs break the law, they ought to go to jail, just like anyone else.

Source: This Fight is Our Fight, by Sen. Elizabeth Warren, p. 93-4 Apr 18, 2017

On Tax Reform: Cutting corporate taxes will be a great job creator

Donald Trump has clearly embraced Reagan's voodoo economics. Cutting corporate taxes, he declared in September 2016, is "going to be a job creator like we haven't seen since Ronald Reagan." Trump clearly believes that he can ignore all the data and analysis that showed that trickle-down economics was pure fiction. Why? Because in Trump World, facts don't matter: he knows in his golden gut that once the tax cuts kick in, the economy will grow so fast that the new tax revenues will more than make up for the money lost from tax cuts. There it is, the same old trickle-down lie.

Trump isn't alone in his stubborn belief in trickle-down economics. Senate Majority Leader Mitch McConnell has said pretty much the same thing, and Speaker of the House Paul Ryan has also chimed in, calling tax cuts for rich people the `secret sauce" that will help poor and middle class families. Evidently, all the current Republican leaders were issued the same songbook.

Source: This Fight is Our Fight, by Sen. Elizabeth Warren, p.147-8 Apr 18, 2017

The above quotations are from This Fight Is Our Fight
The Battle to Save America's Middle Class

by Elizabeth Warren
.
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The Battle to Save America's Middle Class

by Elizabeth Warren
.
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Page last updated: Feb 20, 2019