The Massachusetts senator and Democratic 2020 presidential candidate is pledging to overhaul the U.S. economy with a number of reforms.
includes plans to raise taxes on the wealthiest households, break up the banks, tighten Wall Street regulation, and increase federal spending by trillions on health care, higher education, and clean energy, among other areas.
But critics of the Massachusetts senator, who is a former Harvard law professor specializing in bankruptcy, argue that her proposals would harm the American economy by curbing investment, send the markets tumbling, and even bring about a recession. "I see no reason why her proposals would make a recession more likely," Janet Yellen, who chaired the Federal Reserve from 2014 to 2018 and is now a distinguished economics fellow at the think tank Brookings, told"She proposes various taxes to pay for high priority spending initiatives. On balance, tax-financed spending should boost, not restrain, demand. She also proposes tough regulation of the financial system, which diminishes the odds of a future financial crisis.
Treasury Secretary Steve Mnuchin claimed in September that Warren's plans for the economy would lead to a recession or a worse economic crisis."I think if you listen to the Elizabeth Warren plan, it is 100 percent recession, if not worse,""It is perfectly clear that there are two different approaches to the economy. I think it's clear what our approach has been, and it's worked, whether it's our tax cuts, regulatory relief, or trade.
The Trump administration's Tax Cuts and Jobs Act 2017 slashed taxes by $1.5 trillion, mostly benefiting those with larger incomes and greater wealth, arguing that it would lead to a surge in economic growth and therefore be self-funding.
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