WSJ: Elizabeth Warren’s plans will destroy retiree’s investments, and wreck the economy

Interesting opinion piece in the Wall Street Journal, explaining why Elizabeth Warren’s socialist vision of the economy would hit retirees the hardest, as it sinks the economy:

Yet among all the Democratic taxers and takers, no one would hit retirees harder than Sen. Elizabeth Warren.

And…

Under this new Warren charter, companies currently dedicated to their shareholders’ interest would be reordered to serve the interests of numerous new “stakeholders,” including “the workforce,” “the community,” “customers,” “the local and global environment” and “community and societal factors.”

Eliminating corporations’ duty to serve investors exclusively and forcing them to serve political interests would represent the greatest government taking in American history. Sen. Warren’s so-called accountable capitalism raids the return that wealth provides to its owners, the vast majority of whom are present or near retirees. This subversion of capitalism would hijack Americans’ wealth to serve many new masters who, unlike shareholders, don’t have their life savings at stake in the companies that are collectivized.

And…

If the bill were passed, retirement plans and investors could attempt to sell their stocks and find new investments where their money would still work for them. They could sell their shares in the large companies subject to Sen. Warren’s dispossession and buy into smaller companies with receipts below the $1 billion threshold, or look for investments abroad.

The problem is that everybody else would be trying to do the same. Investments built over a lifetime would be sold in a fire sale, with limited alternatives purchased in panic buying. While no econometric model could give a reliable estimate of the wealth destruction, no knowledgeable observer could doubt that an economic cataclysm would follow such a policy. “Accountable capitalism” would hit present and near-retirees first and hardest, followed by American workers and the rest of the economy.

Read the entire editorial here and shudder at Warren’s plan to wreck the economy.

This should scare you.

25 Replies to “WSJ: Elizabeth Warren’s plans will destroy retiree’s investments, and wreck the economy”

    1. Anonymous

      You can kiss your inheritance goodbye. And your parents are going to live with you.
      This will not be a problem for you if you never moved out and are still living in their basement.
      But when your elderly parents get a reverse mortgage and spend all the equity in their house, you’ll be homeless when they die.

    2. Anonymous

      Then explain how it isn’t going to wreck our economy. The opinion piece makes some good points. Scary ones, but good.

  1. Fred Deutsch

    Looking at the big picture. 2020 Democrats said they want to confiscate guns, destroy our health care plan, eliminate fossil fuels, and send our taxes through the roof. No thank you.

    1. a friend of education

      Anon says: “Fear. Vote for us or you will be poor. Talk about some sad tactics.”

      Good point. Hate those scare tactics. BTW, how many years remain until the “existential threat” of climate change “literally murders” all God’s children?

        1. duggersd

          I see you are falling for the hoax. Does the climate change? Sure. This area used to be an ocean. Does Man cause it? Not really. But go ahead and keep believing those “adjusted” temperatures and thermometers kept in the middle of cities to up the average temps.

          1. Anonymous

            They have been so good at altering thermometers that the glaciers began to melt and the oceans began to rise. Never thought someone altering data on a piece of paper could cause so much change.

          2. Anonymous

            duggersd, you’re a teacher, right? I sure hope you aren’t spewing this idiotic nonsense to your students.

            Yeah, this area use to be an ocean — tens of millions of years ago. We are now seeing the climate change before our very eyes, over the span of decades. There’s nothing normal about that.

            History will not look favorably upon people like you.

            1. duggersd

              Well, according the the believers in what is not happening, History won’t matter because we will all be dead. BTW, did you know they had to move back the time when glaciers will disappear in Glacier National Park because they are not melting, in fact they are growing. And did you hear about the global warming nuts who got stuck in the ice that is not supposed to exist? Yes, I am a retired teacher. Although I am not a scientist, I do know we need to use scientific principles and the global warming scare mongers cannot say they do that. This is off topic, but we can save this debate for a later time. BTW, there was a mini ice age in the 1800’s. Climates do change, but the sun has a LOT more to do with it than humans.

            2. Anonymous

              Yes this used to be an ocean, during the Cretaceous, when atmospheric CO2 levels were 10X what they are today.02 levels too. That’s how the dinosaurs got so big. They would suffocate today, not enough oxygen in the air anymore.
              So where did all the nitrogen come from and how did it get into the air we breathe?
              And those of us East River will spend the rest of our lives digging up glacial moraine left behind by the Laurentide Ice Sheet, which started melting about 20,000 years ago, in a global warming event triggered by wooly mammoth flatus.
              Science tells us that climate change is caused by orbital precession, solar cycles, and plate tectonics. That’s it.

              1. Anonymous

                “Science tells us that climate change is caused by orbital precession, solar cycles, and plate tectonics. That’s it.”

                All of those things affect change across eons, not decades. In the last 20 years we have seen temperatures rising, ice melting, and weather patterns and severity changing right before our eyes.

                This is not merely the result of natural forces. Yet the denial abides…

      1. duggersd

        You left out “The Republicans will take away your:
        Social Security
        Medicare
        Medicaid
        ______ fill in the blank.

        1. Anonymous

          Well, that is exactly what Trump proposed with his last suggestion to decrease employer contributions to employee SS and Medicare.

      2. Anonymous

        I used to think your posts were intelligent and thought out even when I didn’t disagree. Climate change isn’t even a debatable topic. Deniers are worse than those who deny the moon landing or think Sandy Hook was fake. They lack any sort of intelligence.

        1. a friend of education

          “I used to think your posts were intelligent and thought out even when I didn’t disagree”

          Yes, I believe you. 😂

          Yes, climate change is real.

          We have more than 11 years before climate change exterminates humanity. That science is settled. Anyone saying otherwise is using disingenuous scare tactics to gain power. It’s the equivalent of arguing: “there’s a chance a global killer asteroid will hit earth in the next decade. [sad but true] Therefore, America *must* spend 13 billion dollars on asteroid impact defense, no matter the economic consequences.”

    2. anon

      The Democratic primary isn’t a contest to decide who might be most fit to lead this country. It’s a contest to decide who might be most capable of bankrupting it first.

  2. Steve

    Retirees have been sticking it to young workers and families for decades with their Social Security and Medicare taxes. About time those useless have-beens take a back seat to peoole with actual lives ahead of them.

    1. duggersd

      Gee, Steve. Please explain why people who have been paying into a system for their entire careers so they may have something to supplement their income and health insurance in their retirement years should have to give it all up? If you are young, you should be trying to get the government let you put your SS into a retirement account that actually will most likely give you the income you need in retirement. BTW, although Dr. K is dead, perhaps you might want to find a physician to assist you when/if you get to be 65.

    2. Anonymous

      Some of those useless has- beens are covering their adult children’s out-of-pocket medical expenses and giving them down payments for their homes (the federal tax laws on gifts means each senior citizen can give each child, stepchild, grandchild, son or daughter in law, up to $15,000 a year tax free). Others take the younger generations
      on cruises and trips to Europe and pay for college.
      If your parents aren’t doing that for you, that’s between you and them.
      Retirees have their own ideas of what to do with their money. We don’t need Elizabeth Warren making those decisions for us.

    3. Feed up

      Retirees worked their asses off to be able to live independently and not be supported by your taxes. So your answer is to take all they worked and sacrificed for? Do you want to freeload off of 80 year old? So explain to me this, who will you freeload off of when you are 80, or would you prefer to simply be euthanized because you will be a “has been”. Old people were once young like you. The difference is they were raised to earn their way rather than feel entitled like you.

  3. Lee Schoenbeck

    The understanding of economics by the bulk of the Democrat field, maybe Joe Biden aside, is frightening. They make Obama look like a 5star economist. Even a Noble prize winner!