Oh good god, please noooooooooooooooooooo!!!
Elizabeth Warren could face hurdles to a potential Biden Cabinet position
Elizabeth Warren reportedly intends to make her pitch as treasury secretary in a Biden administration — but the Massachusetts senator’s dreams may be dashed if Republicans retain control of the U.S. Senate, or if Democrats need her to maintain a slim majority.
Elizabeth Warren would make a great Treasury Secretary. But I would not hold my breath. Warren is one of the few members of Congress that understands the real problem with our current economy. The reason wages continue to show little growth, the reason millions of Americans remain in poverty while the uber wealthy continue to see immense gains, rests on one simple economic force, rent-seeking.
Our very system, from the corporate tax cut to the differing treatment of earned and unearned income, both encourages and facilitates rent-seeking. Warren is intuitively aware of this, and she understands the steps necessary to curtail the immense amount of rent-seeking that is siphoning off huge amounts of wealth and destroying innovation. Which is probably why she will not be the Secretary of the Treasury.
The classic example of rent-seeking behavior is political donations by corporations. The first step to curtailing rent seeking is to eliminate the gravy train that is fueling the political process. Fat chance our representatives are going to be willing to do that.
But let me close out by pointing to a real example of just how effectively the powers that be have not only established rent-seeking, but through the use of real propaganda, the kind Aldous Huxley warned against, have indoctrinated the public to accept this rent seeking willingly. What is a free market? What is the free market free of? If you google it, if you are in a business school where they make you read the terrible screed of Ayn Rand, you will instantly say it is an economy free from government control. That was not how Adam Smith defined a free market. A free market is free from RENT SEEKING. When we finally realize this, and finally take the steps to rein in rent seeking in our current economy, the frontier curve will begin to expand, poverty will be curtailed, and incomes will start increasing along with productivity. But it is a battle that few Americans understand, and even fewer are willing to fight. Elizabeth Warren is one of those few.