Politics

Elizabeth Warren Addresses Donald Trump's Economic Plan

Senator Elizabeth Warren (D-Mass.) spoke out on Twitter about Republican presidential nominee Donald Trump's economic plan — which he announced Monday at a Detroit event.

Throughout her career, Warren has earned a reputation as staunch critic of the financial sector. Though she's ripped Trump in interviews, at the Democratic National Convention, and on social media numerous times, Monday's tweetstorm may be her most scathing attack to date.

elizabeth-warren

Trump presented his plan as an appeal to the middle class and people living in poverty. Warren claims, however, that the plan would mostly benefit the wealthy.

Warren Tweeted criticism of Trump's proposed moratorium on new corporate regulations. Both she and Vermont Sen. Bernie Sanders have called for more regulation of large financial institutions.

Warren also spoke out about Trump's plan to make childcare tax deductible. Warren asserted that this proposal would only benefit those who already have substantial income to dedicate to childcare and would no help low-income families.

“For folks who are in the upper earning bracket, who have a higher tax rate to begin with, and who are paying more money to have child care options like au pairs for example, those people are likely to receive large cost savings,” Sarah Jane Glynn, the director of women’s economic policy at the Center for American Progress, told Think Progress. “Whereas a single working mom who makes around the minimum wage is going to get nothing out of this.”

As many pundits and news outlets have observed, Trump's economic team is largely composed of billionaires, bankers, and white dudes.

Warren referenced David Malpass, a key member of Trump's economic team who formerly served as a chief economist as Bear Sterns, a trading and brokerage firm the Wall Street Journal has described as "the first major casualty of the financial crisis."

Trump's economic playbook also calls for corporate tax cuts and an end to estate taxes, Mother Jones reports. Warren slammed Trump for calling for economic reform that would benefit "billionaires and giant [sic] corporations" — which also would leave less money to be spent on education and infrastructure.

Though Trump appeals to working class voters, his economic plan would benefit the wealthy.

Kevin Drum keenly observed these contradictions on Mother Jones. Drum wrote:

"There was also a lot of random guff about how disastrous the economy is; how the unemployment rate is a hoax; and how American energy, planes, cars, steel, and so forth will employ way more American workers once Trump becomes president.

"You bet. As near as I can tell, literally every single one of his proposals above would benefit the rich and do virtually nothing for the working and middle classes. But he sure knows how to put a populist spin on giveaways to the rich, doesn't he?"

Warren also brought up this point.

She did not address his now-viral gaffe, using of the word "titties" in place of "cities." But that pretty much speaks for itself.

[h/t the Hill]