Sen. Elizabeth Warren on Tuesday unveiled a $2 trillion plan to invest in “green” manufacturing aimed at helping to implement the “Green New Deal” to tackle climate change — and one her presidential campaign says is part of a broader “economic patriotism” agenda.
The plan entails $400 billion for clean energy research and development, and $1.5 trillion to help fund federal procurement of American-made renewable products over the next 10 years.
Under the plan, companies that receive federal contracts would have to set a minimum wage of at least $15 per hour, guarantee three months paid family and medical leave, let employees collectively bargain and keep fair scheduling practices.
Ms. Warren said that even if the country meets the Green New Deal’s goal of hitting net-zero greenhouse gas emissions in 10 years, that’s still not enough to meet global needs to avert a “climate crisis.”
“To satisfy this global need, we need rapid innovation on par with the space race along with widespread domestic and international adoption of clean, renewable, and emission-free energy technology,” she said in a Medium post. “This is a challenge — but like the challenges America has faced before, it is also an opportunity.”
Ms. Warren is also calling for a “Green Marshall Plan” to get countries to buy American-made technology, which would include $100 billion to help countries “purchase and deploy” the technology.
She identified offsets to account for the new spending that included imposing a new corporate profits tax, ending federal subsidies for oil and gas companies, and closing tax loopholes.
“With big and bold investments in American research, American industry, and American workers, we can lead the global effort to combat climate change — and create more than a million good jobs here at home,” she said.
Ms. Warren rolled out her plan on the same day that 2020 rival Joseph R. Biden released his own plan to cut carbon emissions in the coming decades.
Her campaign said the plan is part of her “economic patriotism” agenda.
“The truth is that Washington policies — not unstoppable market forces — are a key driver of the problems American workers face,” she said. “From our trade agreements to our tax code, we have encouraged companies to invest abroad, ship jobs overseas, and keep wages low.”
Ms. Warren said the prevailing approach that government should generally not intervene in the private sector has “failed spectacularly,” and that “it’s time to have the courage to pick up the tools we have and use them.”
She listed active management of U.S. currency values and new priorities for federal spending with an eye toward products made in the United States as ideas for “aggressive intervention” on behalf of American workers.
Ms. Warren also proposed consolidating agencies like the Commerce Department and the Small Business Administration into a new Department of Economic Development.
“We should put all of these offices and programs in the same place, get rid of the ones that are redundant or don’t work, and bring the rogue ones to heel — to make it clear that the unified mission of the federal government is to promote sustainable, middle-class American jobs,” she said.
One of the department’s responsibilities would be to create a “National Jobs Strategy” every four years, citing Germany and China as countries that produce regular strategic plans.
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