A poll released this week from The New York Times and Siena College showed that Democrats ought to be praying that Elizabeth Warren does not win the party’s 2020 nomination. While the general election could go either way in the major battleground states if Joe Biden or Bernie Sanders get the nod to face Trump, the poll was all-but-conclusive about Warren: If it’s her, Trump will win.
But Democrats were worried about a Warren nomination long before that poll was published, as CNBC pointed out this week. Many of the party’s biggest donors are so put off by the prospect of a President Warren that they’re closing their wallets to Senate Democrats who were counting on their support.
The bitter feud between Sen. Elizabeth Warren and Wall Street is spilling into Democrats’ efforts to take back the Senate next year.
Some finance executives have recently told Senate Minority Leader Chuck Schumer that they are, for the moment, holding back from donating to Democrats running for Senate in 2020 due to their concerns with Warren becoming a front-runner in the race for the party’s presidential nomination, according to people familiar with the conversations. These people spoke on the condition of anonymity due to the private nature of the talks.
The move is intended to put pressure on party leadership and Schumer, who represents New York and has received millions of dollars in donations from Wall Street, to distance themselves from Warren’s economic populism.
These financiers, which include hedge fund managers and private equity executives, are also worried that Warren’s policies, were she to defeat President Donald Trump, could be detrimental to their businesses. They believe Republicans could keep her potential administration in check if the GOP holds onto or expands its Senate majority. Republicans have a 53-47 majority in the Senate; Democrats need to flip a net of four seats to take control.
That last paragraph is a doozy. Warren’s anti-capitalist policies are so toxic to Wall Street that donors would rather keep the Senate GOP majority if she were to become president. We’re sure that Warren will wear this antipathy as a badge of courage, and we’re sure that her populist supporters will love her for it. But when it comes down to brass tacks, Warren as Democratic nominee will not only surely lose against Trump, she could take the whole party down with her.
Joe Biden is, quite frankly, the party’s only reasonable hope for victory next year.
Now think about what a depressing realization that must be for voters who really, really want to get rid of Trump. It’s enough to put a smile on your face for the rest of the day.