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As former Vice President Joe Biden begins to slip in the polls, it looks like Massachusetts Sen. Elizabeth Warren is primed to take his place at the head of the 2020 Democratic pack. Unfortunately for her, some major party donors say they’d rather their money go to President Donald Trump, according to a recent report.
The revelations come courtesy of a Thursday CNBC article that claimed major Wall Street and big business donors are voicing their opposition to Warren.
“Wall Street Democratic donors warn the party: We’ll sit out, or back Trump, if you nominate Elizabeth Warren,” the CNBC headline said.
“In recent interviews of several big-money Democratic donors and fundraisers in the business community, CNBC has found that this opinion is becoming widely shared as Warren surges against Joe Biden.”
The high-level businessmen quoted in the article spoke on the condition of anonymity.
Although they came from a variety of different industries and firms, all these anonymous critics had a similar message: Warren is bad for Wall Street and she’s bad for business.
“It would be like shutting down their industry,” one bank executive said. He also feared that Warren’s policies could be worse for Wall Street and the economy than former President Barack Obama’s stifling regulations.”
If that seems like an impossible bar to pass, Warren is hard at work making it clear that she sees bankers and financial industries as the bad guys.
Warren has been a vocal proponent of the wealth tax, a financial punishment for households with what she claims is too much money.
Her plan to tax the rich would levy a tax on every dollar in a person’s net worth over the $50 million mark. She claims this money would fund her lofty plans aimed at “equalizing” income.
It’s not hard to see why the rich would like to avoid a Warren presidency.
“You’re in a box because you’re a Democrat and you’re thinking, ‘I want to help the party, but she’s going to hurt me, so I’m going to help President Trump,’” one private equity firm executive said.
These Democrats are truly stuck between a rock and a hard place.
If their sentiment is held by more Democrats, Trump could be in for a few new followers (and their deep pockets) if Warren unseats Biden as the leader of the current 2020 Democratic contenders.
Biden’s polling numbers have been on a gradual decline — and may only keep falling after the whistleblower scandal that targeted Trump inadvertently brought the former vice president into the crosshairs as well.
Some polls that once had Biden leading by 13 points now list Warren as the number one Democrat to beat.
As the whistleblower complaint continues to be investigated, it doesn’t appear that Biden’s polling numbers are in for a miraculous recovery anytime soon.
Warren may very well get a one-on-one match-up with Trump. Unfortunately for her, it could mean she’d also be fighting against some of her party’s biggest donors.