Warren Warns Democrats Against Letting Billionaires Dictate Their Economic Agenda
"If Democrats want to win elections, they need to read the room—or I should say, they need to read literally any room anywhere in America that isn’t filled with big donors."
Sen. Elizabeth Warren on Monday warned the Democratic Party against reshaping its economic agenda in the hopes of winning over billionaire donors.
In a speech delivered before the National Press Club in Washington, DC, Warren (D-Mass.) argued that watering down a progressive economic agenda to appeal to big-money donors made little sense at a time when the richest in America are taking ever greater shares of wealth and US families are struggling to keep their heads above water.
Warren pointed to many US elites maintaining friendly relationships with the late billionaire sex offender Jeffrey Epstein, even after he pleaded guilty to soliciting a minor, as evidence of a broken system.
"Over the past generation, the wealthy have avoided accountability time and again," she argued. "Regular Americans must play by every rule or face real consequences. You don’t need to read every news article about Jeffrey Epstein and his good buddies like [former Treasury Secretary] Larry Summers and [President] Donald Trump to understand how consistently rich and powerful insiders protect each other, regardless of politics and regardless of how obscene the situation has become."
Warren acknowledged that Democrats needed to broaden their appeal to more voters given that they lost the popular vote to Trump for the first time in 2024, but she argued that targeting wealthy donors would not accomplish that goal.
"There are two visions for what a big tent means," she said. "One vision says that we should shape our agenda and temper our rhetoric to flatter any fabulously rich person looking for a political party that will entrench their own economic interests. The other vision says we must acknowledge the economic failures of the current rigged system, aggressively challenge the status quo, and chart a clear path for big, structural change."
Warren also criticized the "abundance" agenda that has been promoted by New York Times columnist Ezra Klein over the last several months as a way to fix Democrats' electoral woes.
The senator began her critique by touting what she said were good points that Klein and Abundance co-author Derek Thompson make about government needing to work more simply and efficiently to deliver benefits.
However, Warren said that what their analysis of government failures has often missed is that there are powerful interests that are working to keep these inefficiencies from being addressed.
"For years, I've fought for a simple, free government tax filing system so no one has to pay a couple of hundred bucks just to file their taxes," she explained. "Every step of the way, the giant tax prep companies have thrown up roadblocks to stop it. And when the [Internal Revenue Service] finally built a free—and wildly popular—filing option for American taxpayers, the tax prep companies swooped in to kill it the minute Donald Trump took office."
Warren also said that many major Democratic donors, including LinkedIn co-founder Reid Hoffman, have been latching onto "abundance" in order to drive the conversation in the party away from US wealth inequality.
"We are now in a new election cycle, and according to Axios, Reid Hoffman is sending everyone he knows a copy of Ezra Klein and Derek Thompson’s book on Abundance and backing pro-abundance candidates," Warren explained. "On his podcast, Hoffman has used the framework to argue against regulations that slow down data center construction. That’s right—when families are already getting crushed by rising costs and a data center boom means even higher utility costs... Hoffman wants Democratic candidates to stand with the billionaires for higher costs."
The senator then said that "if Democrats want to win elections, they need to read the room—or I should say, they need to read literally any room anywhere in America that isn’t filled with big donors."
