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Elizabeth Warren: Better, But Not There Yet

Not there yet

In her recent post-election piece “It’s Time to Work on America’s Agenda” Elizabeth Warren points out that the changes in Washington and in various States aren’t changing the fact that

The stock market and gross domestic product keep going up, while families are getting squeezed hard by an economy that isn’t working for them.

Or to put it another way, it’s not enough to have aggregate indicators going up. We also have to have shared gains and inequality going down, and given our current state of affairs, going down rapidly. She then says:

The solution to this isn’t a basket of quickly passed laws designed to prove Congress can do something — anything. The solution isn’t for the president to cut deals — any deals — just to show he can do business. The solution requires an honest recognition of the kind of changes needed if families are going to get a shot at building a secure future.

That’s what happened in 2009 – 2010. Democrats structured legislation in a vain search for bipartisanship, and in doing so produced:

— an inadequate stimulus bill that lowered unemployment only very slowly,

— a Credit card Reform Bill that did not limit credit card interest rates to non-usurious levels,

— a FINREG bill that still allows Systemically Dangerous Institutions (SDIs) to thrive and threaten the financial system, and that still allows trading in derivatives, and finally:

— a “health care reform” bill that, four and a half years after its passage in early 2010, covers only 10 of the 45
– 55 million people without insurance, leaves us with 35,000 to 45,000 annual fatalities due to the absence of medical care, and still leaves millions of people who have insurance in danger of bankruptcy, due to overwhelming medical bills.

So, Warren is dead-on about this. We don’t need compromise for its own sake, and legislation that creates the short-lived illusion that Congress is finally “doing something” about our problems. What we need, and have needed since the election of 2008 is that Congress actually legislate solutions to those problems, and end the kabuki theatre.

Warren thinks that people:

“. . . see a government that bows and scrapes for big corporations, big banks, big oil companies and big political donors — and they know this government does not work for them.”

And again she’s right, but then she goes on with distressing vagueness:

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Elizabeth Warren: Better, But Not There Yet

Not there yet

In her recent post-election piece “It’s Time to Work on America’s Agenda” Elizabeth Warren points out that the changes in Washington and in various States aren’t changing the fact that

The stock market and gross domestic product keep going up, while families are getting squeezed hard by an economy that isn’t working for them.

Or to put it another way, it’s not enough to have aggregate indicators going up. We also have to have shared gains and inequality going down, and given our current state of affairs, going down rapidly. She then says:

The solution to this isn’t a basket of quickly passed laws designed to prove Congress can do something — anything. The solution isn’t for the president to cut deals — any deals — just to show he can do business. The solution requires an honest recognition of the kind of changes needed if families are going to get a shot at building a secure future.

That’s what happened in 2009 – 2010. Democrats structured legislation in a vain search for bipartisanship, and in doing so produced:

— an inadequate stimulus bill that lowered unemployment only very slowly,

— a Credit card Reform Bill that did not limit credit card interest rates to non-usurious levels,

— a FINREG bill that still allows Systemically Dangerous Institutions (SDIs) to thrive and threaten the financial system, and that still allows trading in derivatives, and finally:

— a “health care reform” bill that, four and a half years after its passage in early 2010, covers only 10 of the 45
– 55 million people without insurance, leaves us with 35,000 to 45,000 annual fatalities due to the absence of medical care, and still leaves millions of people who have insurance in danger of bankruptcy, due to overwhelming medical bills.

So, Warren is dead-on about this. We don’t need compromise for its own sake, and legislation that creates the short-lived illusion that Congress is finally “doing something” about our problems. What we need, and have needed since the election of 2008 is that Congress actually legislate solutions to those problems, and end the kabuki theatre.

Warren thinks that people: (more…)

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