Did Alexandria Ocasio-Cortez work for Wayne Swan? You really have wonder with economic literacy like this:
I think the first thing that we need to do is kind of break the mistaken idea that taxes pay for 100 percent of government expenditure,” she recently told NPR’s Steve Inskeep. “It’s just not how government expenditure works. … Government projects are often financed by a combination of taxes, deficit spending and other kinds of investments — you know, bonds and so on.
You know. Bonds and so on. Maybe a graduate of the Alberici school of economics and public finance.
And so on…
Up there with Fran Kelly’s assertion that raising the minimum wage stimulates the economy because suddenly workers have extra money to spend!
Yes that must be a very Labor/Dem view of spending money. Here in Qld, Gov-owned-Ent are trained (by their CFOs) that “all expenditure should be treated the same”. I think it comes from the unionised “labour-is-labour” mentality whether it’s building an asset or maintaining an asset – the labour expenditure should have the same hurdles. You know – keep the men busy with plenty of OT and you can do no harm. And “gold-plating” never came to mind – go figure. Where are you when we need you Judith?
For the sake of their members, I sincerely hope that investment managers of union-controlled industry super funds don’t have the same boofhead ideas when selecting various stockholdings.
Absolutely correct.
Here are the other sources of government revenue:
Fees
Licenses
Tariffs
Permits
Dividends
Excise
Fines
Royalties
Levies
Duties
And I didn’t even have to look up ‘tax’ in my Roget’s Thesaurus!
She is a midget compared to swannie , he had a huge knowlege of finance , he was after all treasurer of the South Queensland Technical school teachers union where he handled hundreds of dollars thus gaining his place as national treasurer .
Well much government spending is financed by borrowing, with no plan to ever repay. And thanks you pervert Keynes.
This dill isn’t the problem.
It’s the dills that slavishly follow her, believe her garbage, and vote accordingly, that will be the problem!
Of course, she may come crashing down, and that would be worth paying a few shekels to see!
AOC is the result of the education system that we have allowed to develop in the west. Her followers have all been to the same school/university system as her and they are just as STUPID as her. They will vote for her.
So look out because she is just the beginning of the end.
AOC is an economics graduate, so therefore she must be right.
Who would pay for an “education” like that?
I believe some time ago Nancy Pelosi over in the USA came up with a similar comment, but with regards to increased welfare payments. Economic Nirvana ensues.
In her opinion, the more welfare the government pays to beneficiaries, the more it will stimulate the economy because that particular group spend it to the last dollar. Consequently it is preferable to tax the ‘rich’ more – because they ‘hoard’ cash, and increase handouts with the proceeds.
With such geniuses everywhere, is it any wonder we are living in the early stages of Idiocracy?
She is a genuine 24 carat economic imbecile. No doubt Trump cannot believe his luck.
What an idiot. Firstly, Bruce is right in that it’s all the other hidden taxes and levies that form part of the revenue stream. The other part is government debt, which is mostly paid for by……..drum roll please……taxes!
Dr Fred Lenin
#2940079, posted on February 21, 2019 at 4:30 pm
She is a midget compared to swannie , he had a huge knowlege of finance , he was after all treasurer of the South Queensland Technical school teachers union where he handled hundreds of dollars thus gaining his place as national treasurer .
Funniest thing I have read in a while. Well played.
Sandy is a Young Turks cut-out:
https://www.bizpacreview.com/2019/02/20/digging-reveals-suspicious-payments-to-aocs-boyfriend-began-during-campaign-as-more-damning-allegations-surface-725744
Unlikely she’ll run in 2020.
AOC, Swanny, Fran Kelly and Emma Alberici are all equal in one respect: their knowledge of how an economy generates wealth is vanishingly small. Their knowledge of economic history is, I think, nothing. Their self-belief is, I think, grotesquely misplaced.
Now we know the worth of an economics degree from a modern American university. Much the same as its Australian counterpart.
Yes, yes. But it is much worse than that.
She also neglects the excess burden of taxation or crowding out.
GREEN BONDS! Get them while their hot! Invest in your grandkids future today!
These bonds will be redeemable in 2100 when CO2 has been eliminated. This will be wisest 80 year investment you will ever make!
Bernie has annouced he is running.
Will AOC be his running mate? You know it makes sense.
“— you know, bonds and so on.”
Clearly someone who has does not understand the concept of borrowing and has never heard the term “debt”. AKA liability. AKA stealing your childrens’ futures. AKA the other “other peoples’ money”.
She is about as economically illiterate as you would expect an ardent socialist to be – even one who professes to have studied economics at college. But then again, being a socialist means you never have to say you are sorry. And of course it means never having to pay back debt – you can always just print more money. Oh, yeh how did that work out for Venezuela?
But then again we know the truth don’t we? To a socialist like AOC other peoples’ money does not just grow on trees – it grows on other peoples’ trees.
Pretty young things can get away with saying anything, I’ve come across enough of them in my career to know that they don’t understand the extent to which their looks let them get away with things and so they really do think they are smart, with little effort or depth of knowledge.
AOC has an entire twitter mob to keep her in the bubble and attack anyone who threatens that bubble.
In other words, typical politician.
Mind you, AOC has apparently recently discovered MMT – aka the ‘Magic Money Theory’.
That one states that debt does not matter because the government can always print more money and thus never run out.
So there, ye’all of little faith. She’s smarter than she looks. /s
Yes, but how many governments are actually making inroads into paying off the debt via tax and other revenue streams as BoN mentioned? All they’re doing is servicing that debt with more taxes while getting
themselvesthe proles further into debt.around 1/3 of the US Govt is funded by inflation of the money supply, which is a sort of tax
What about real supposed economic geniuses with post graduate degrees in economics like Dr Emerson (ex MP in Swanies time) or Dr Henry (who was in Treasury advising Swan and other economic illiterates). Allowing these to get degrees says much about the downfall of the whole University system.
In the field of psychology, the Dunning–Kruger effect is a cognitive bias in which people of low ability have illusory superiority and mistakenly assess their cognitive ability as greater than it is. The cognitive bias of illusory superiority comes from the inability of low-ability people to recognize their lack of ability. Without the self-awareness of metacognition, low-ability people cannot objectively evaluate their competence or incompetence.[1]
She is a contravention of the Laws of Nature. She is that dumb and is not a blonde
“… their knowledge of how an economy generates wealth is vanishingly small. Their knowledge of economic history is, I think, nothing. Their self-belief is, I think, grotesquely misplaced.”
All true enough and I agree with your assessment, however this:
“Her followers […] are just as STUPID as her. They will vote for her.”
is, I believe, also true.
And in the end, it’s the voters that will determine if she gets in or not, and whether she has the support to implement it (or not), and who will have to wear the consequences of the resulting disaster (or dodge it).
I have faith that “the wisdom of the crowd” can still work – DT got in after all, and we did vote TA in as PM, regardless of the political machinations that later removed him. So as long as we sometimes “chuck a Yellow Vester” and assert the authority we have to be governed as we choose, it’ll work out – for the most part anyway.
So thanks, Ms Occasional-Cortex, for ensuring we have a case study in what not</i< to do – very valuable indeed. I only hope the good people of the USA are not forced to endure it before they truly get "woke" to your lot!