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Warren Ups Her Climate Plan Ante to $3 Trillion: Campaign Update

John Harney

(Bloomberg) -- A trillion here, a trillion there.

Senator Elizabeth Warren on Tuesday night proposed spending $1 trillion for “decarbonizing our electricity, our vehicles, and our buildings.” That, she said on Twitter, was “on top of the $2 trillion I’ve already committed to green research, manufacturing, and exporting. We’ll create millions of jobs and achieve the goals of the #GreenNewDeal.”

In her latest plan, she said that her decarbonization goal was based on a proposal by Washington State Governor Jay Inslee, who has left the Democratic presidential race.

With the top candidates about to take part in a Wednesday CNN town hall on climate change, most have put forth sweeping plans that would transform the U.S. economy. Yet the proposals would be enormously expensive, and their authors have come under scathing criticism from conservatives over the costs. Mike McKenna, a GOP energy strategist and pollster, said the plans were a “tremendous gift” to Republicans.

Warren, in her climate change proposal, acknowledges that “with a commitment of this size, we must ensure that we use taxpayer dollars as efficiently as possible.”

Stock Market Declines During Trump Tweet Storms (5:44 P.M.)

New research proves that President Donald Trump can move markets with his tweets – just not always in the direction that he wants.The S&P 500 declines by an average of 9 basis points (0.9%) on days when Trump posts on Twitter more than 35 times, according to an analysis by Bank of America Merrill Lynch. On days he has only five posts or fewer, the index goes up an average of 5 basis points (0.5%).

“Trade talk, political campaigning and tweets have contributed to volatility, from China to Fed policy to tax policy,” according to the analysis. “Tread cautiously.”

One recent example of Trump-driven volatility: Aug. 23, when the S&P 500 declined 2.6%. Trump posted 39 tweets that day, according to the Trump Twitter Archive, including one in which he purported to order American companies doing business in China to look elsewhere.

Trump later jokingly blamed the decline on Representative Seth Moulton dropping out of the race for the Democratic presidential nomination. -- Gregory Korte

Sanders Is Too Far Left for Some Liberals (4:50 p.m.)

Half of self-described liberals say Bernie Sanders is too far to the left to get elected president, according to a new Harvard-Harris online poll.

The survey results put the avowed democratic socialist on the far end of the Democratic presidential field. Elizabeth Warren, who agrees with some of Sanders’ major policy proposals, is deemed too far left by 33% of liberals, and Kamala Harris by 32%.

Among other results:

52% of all voters say Joe Biden is too old to be president.71% of all voters — and 55% of Republicans — say President Donald Trump should stop tweeting.42% of Republicans and Republican-leaning independents say they consider themselves to be Trump supporters more than supporters of Republicans generally.

The Harvard-Harris poll was conducted online Aug. 26-28 with a weighted sample of 2,531 participants. -- Gregory Korte

Steyer-Funded Group Targets Lawmaker (3:00 p.m.)

A group largely funded by Tom Steyer has been running ads for several months criticizing Democrats for not starting impeachment proceedings. But its latest spot might ruffle a few feathers.

Need to Impeach is running a Facebook ad targeted at Pennsylvania Representative Conor Lamb, as first reported by Politico.

“18,287 Pennsylvanians in District 17 are demanding the impeachment of Donald Trump,” the ad reads. “Congressman Lamb -- are you with us?”

A Democrat, Lamb drew attention by winning a Republican district in 2018. Although he’s in a newly redrawn congressional district, it remains competitive, with the nonpartisan Cook Political Report ranking it as Republican-leaning by 3 percentage points.

The ad was criticized by Neera Tanden, president of the Center for American Progress, a liberal research group. “Running ads against Conor Lamb who won a Republican district is dumb,” she tweeted. “There’s an inquiry into whether to impeach in the Judiciary Committee. There’s no House vote before then.”

Steyer stepped down from Need to Impeach in July when he decided to run for president. -- Ryan Teague Beckwith

Warren Says Wealth Tax Plan Isn’t a Cranky Idea (05:30 a.m.)

Elizabeth Warren says she’s for a wealth tax -- but not because she’s cranky.

At an event in Hampton Falls, New Hampshire, the Massachusetts senator gave her standard stump speech to a crowd of 800 people who stuck around despite heavy rain stayed even for her trademark selfie line.

“I’m not proposing a wealth tax because I’m cranky. No. I’m not,” Warren said. “Some of these guys say I worked hard, I had a great idea...So this is mine. And the answer is yeah you did, good for you. You did have a good idea, no one’s angry about that. But here’s the deal: you built a great fortune here in America, I guarantee you built it at least in part using workers all of us helped pay to educate.”

About 800 people attended the event and weren’t discouraged by the heavy rains.

Those who lined up for a selfie were rewarded for their perseverance with sangrias distributed by the event organizers. -- Misyrlena Egkolfopoulou

Biden Pledges to Be Labor’s Best Friend in White House

In between hugging supporters and serving ice cream, Joe Biden spent Labor Day in Iowa seeking to convince union members that he is their strongest ally in the Democratic field

“If I end up being your nominee and win this election, you will never have a better friend in the White House than Joe Biden for unions,” Biden, the Democratic front-runner, said at a Labor Day picnic in Iowa City on Monday.

Biden also visited the Hawkeye Area Labor Council Labor Day Picnic in Cedar Rapids on Monday where he shook hands, smiled for photos and served ice cream to union members and their families.

Biden was joined at the picnic by several rivals for the nomination: Senators Amy Klobuchar, of Minnesota, and Michael Bennet, of Colorado, as well as Montana Governor Steve Bullock and South Bend, Indiana, Mayor Pete Buttigieg.

Biden has a long history of strong union support and is hoping the unions will be a key mobilizing force for him throughout the nominating cycle. The International Association of Fire Fighters quickly endorsed Biden after he announced his campaign in April.

However, many prominent labor groups have delayed endorsing a candidate, as they wait for the historically large field to dwindle. -- Tyler Pager

COMING UP

Climate change takes center stage at a CNN town hall on Sept. 4. The Democratic National Committee has rejected demands from climate activists and several candidates for a party-sponsored debate solely on that issue.

Biden, Warren and Bernie Sanders, along with most of the other Democratic candidates, are expected to attend the New Hampshire Democratic Party State Convention in Manchester on Saturday, Sept. 7.

(A previous version was corrected to reflect that the sangria mentioned in the Warren item came from event organizers, not her staff.)

--With assistance from Misyrlena Egkolfopoulou, Ryan Teague Beckwith and Gregory Korte.

To contact the reporter on this story: John Harney in Washington at jharney2@bloomberg.net

To contact the editors responsible for this story: Wendy Benjaminson at wbenjaminson@bloomberg.net, Max Berley, John Harney

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