A left-wing organization with ties to Democratic socialist Rep. Alexandria Ocasio-Cortez is quietly advising Joe Biden to impose their economic agenda on the country “with or without formal legislation.”
The organization, New Consensus, a left-wing think tank that is run by Ocasio-Cortez’s former chief of staff Saikat Chakrabarti, Justice Democrats’ co-founder Zack Exley, and organizer Demond Drummer, is telling Biden he could work around Congress to impose the agenda if Democrats are not able to wrest control of the Senate away from Republicans in a pair of Senate races in Georgia in January.
The group is advising Biden to work through the Federal Reserve and Treasury Department to provide trillions of dollars in low-interest loans to assist small businesses and to “build the industries of tomorrow,” Politico reported.
A memo New Consensus delivered to Biden’s transition team, a copy of which was sent to Politico, acknowledges that working through Congress on bipartisan legislation may be more desirable. However, the group said that the leftist economic agenda being laid out isn’t dependent on Democrats controlling all of Congress.
“The plan we’ve just outlined, again, can be pursued with or without formal legislation,” the memo says. “Should that not happen, as you know, the nation does not have the luxury of waiting for such perks before tackling its most urgent and indeed ‘existentially’ compelling needs. What can legally be done must quickly be done.”
Biden’s agenda will be greatly hampered if Republicans retain control of the Senate, which will depend on winning at least one of the two run-off races in Georgia early next year. Democrats would need to win both seats to bring the chamber to a 50-50 tie, which would effectively given Biden control if he, indeed, goes on to become president. His running mate, Kamala Harris, as vice president would be the tie-breaking vote.
Biden’s Build Back Better plan comes with a $7 trillion price tag. It envisions spending fortunes on green infrastructure, a revitalization of the manufacturing industry, and assistance with housing, healthcare, and education.
It is believed that Biden would try to pay for the ambitious plan with a combo of higher taxes — on corporations and wealthier earners. But any new tax plan would have to go through Congress.
That said, New Consensus argued in its memo that the former vice president could impose a number of measures to implement the plan. That includes first creating a “National Development Council” which would include the head of the Federal Reserve, the Treasury secretary, and various other Cabinet members who would meet to devise an economic development strategy.
Next, the group advised, Biden could then form a “National Development Bank” which would make low-interest loans to fulfill his proposals. Regional Federal Reserve banks could be given authority to oversee local development projects in their respective jurisdictions instead of depending on the Federal Reserve Bank of New York or Boston to administer it all.
“In the ’08 bailout, the PTSD I would say is that the Fed gave all this near-zero-interest money out – the result of that was we saved the banking system, but we didn’t actually build anything new,” Chakrabarti told Politico.
The memo signals the far-left’s ongoing push to encourage Biden and Democrats to adopt their agenda.
So-called ‘progressive’ groups have piled on, calling on the incoming Biden administration, if it happens, to assemble a Cabinet filled with leftists like Sen. Elizabeth Warren (Mass.) for Treasury secretary and Sen. Bernie Sanders as secretary of Labor. Groups have also pushed Biden to shun lobbyists, Wall Street types, and billionaire leftists from Silicon Valley.
On Tuesday, Biden drew fire from his left flank after he announced the appointment of Rep. Cedric Richmond (D-La.) as senior White House counsel. Progressives blasted the decision because Richmond has been the recipient of some $341,000 from the oil and gas industry.
Groups called the appointment a “betrayal.”
“Today feels like a betrayal because one of President-elect Biden’s very first hires for his administration has taken more donations from the fossil fuel industry during his congressional career than any other Democrat,” Sunrise Movement executive director Varshini Prakash said in a statement.
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