With an eye on the Democratic presidential nomination in 2020, several far-left candidates are praying the booming economy collapses. But one Democrat hopeful is doing more than hope against American prosperity.
Progressive Massachusetts Sen. Elizabeth Warren has introduced a bill aimed at crushing the building blocks of the American economy once and for all.
Her recent bill, called the “Accountable Capitalism Act,” is designed to take decision-making out of the hands of the corporate innovators and drown billion-dollar employers in government red tape. The extreme liberal’s state, one might note, ranks 35th worst in regulatory environment, stands nearly 20 percent above the national average in the cost of doing business and dead last in excessive business costs, according to Forbes.
Elizabeth Warren’s Brave New World
Everyday Americans recognize certain household names as the movers and shakers of business innovation and leadership.
Jeff Bezos emerged as the world’s wealthiest human and among the largest employers by steering his singular vision of Amazon into the marketplace. Bezos’ online retail empire has redefined shopping, shipping and his brick and mortar operations are so highly sought after that cities bid on them.
Steve Jobs took a faltering Apple corporation, cleaned house and put a leadership team in place to make the tech giant the first to cross the trillion-dollar threshold. His determination in 1996 changed a computer company heading toward a slow death into a world leader.
Elon Musk, the left-leaning electric car creator, has captured the imagination of people all across the globe. He’s made Tesla, and himself, into a household name and prominent brand. Revenues soared, and people got good-paying as a result.
But Sen. Warren — dubbed “Pocahontas” by Pres. Trump for her suspicious Native American heritage claims — seeks to take the ingenuity out of the hands of entrepreneurs. In Warren’s brave new world, any company that exceeded the $1 billion revenue mark would be subject to applying for a government charter. Under such as charter, private companies would have to operate under the “interests of all corporate stakeholders — including employees, customers, shareholders, and the communities in which the company operates.”
In other words, a privately-owned outfit would be told what to do and how to do it by people like Warren. Bold moves and the risk-taking that vaulted small companies into large ones would be stripped away. Furthermore, Warren’s bill would require a company to have 40 percent of its board of directors be employees. Yes, that disgruntled office worker who believes they know better would now have a say in global expansion, sales and investment.
Warren’s World Neither Brave or New
To say this bill is a shot across the bow of the booming Trump-led economy isn’t even an understatement. It’s obvious. The president and his family members would be reined in by this very legislation. It would also immediately derail the re-investment into the American economy spurred by the president’s centerpiece Tax Cuts and Jobs Act.
According to the Bureau of Economic Analysis (BEA), more than $300 billion immediately returned to the U.S. economy from offshore accounts due to the Republican tax reform legislation. The BEA estimates an annual return rate that surpasses $1 trillion.
“The large magnitudes (of inward capital flows) … reflect the repatriation of accumulated earnings by foreign affiliates of U.S. multinational enterprises and their parent companies in the United States in response to the 2017 Tax Cuts and Jobs Act,” a BEA report states. The rate before the Tax Cuts and Jobs Acts was approximately $35 billion annually.
Warren’s socialist-in-sheep’s-clothing bill would deliberately undermine American business investment and expansion. Put yourself in the shoes of a billionaire entrepreneur. Would you build a unique brand from the ground up in the United States knowing employees, shareholders and politicians would be telling you how to run it once it became successful? Probably not.
Beyond future business investment implications, the United States hosts 64 percent of privately-owned billion-dollar businesses and a majority of startups. To coral all of these creative business minds, Warren would do what liberals do best . . . increase the size of government. Her proposed legislation would call for the creation of a new government agency to regulate businesses that exceed $1 billion in revenue. Yes, that means more taxation and stagnation.
Sen. Warren’s Accountable Capitalism Act is a backdoor to government controlling the lives of American businesses. It’s a repackaging of the failed communism by the former Soviet Union, Cuba, Venezuela and others. Vermont Sen. Bernie Sanders may be ranting about socializing the country, but presidential hopeful Elizabeth Warren is actually trying to do it.
~ Liberty Planet