Did Alexandria Ocasio-Cortez work for Wayne Swan?

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.

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28 Responses to Did Alexandria Ocasio-Cortez work for Wayne Swan?

  1. cuckoo

    Up there with Fran Kelly’s assertion that raising the minimum wage stimulates the economy because suddenly workers have extra money to spend!

  2. Russell

    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.

  3. Bruce of Newcastle

    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.

    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!

  4. Dr Fred Lenin

    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 .

  5. Chris M

    Well much government spending is financed by borrowing, with no plan to ever repay. And thanks you pervert Keynes.

  6. Cynic of Ayr

    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!

  7. Big_Nambas

    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.

  8. Ian of Brisbane

    AOC is an economics graduate, so therefore she must be right.

    Who would pay for an “education” like that?

  9. John Bayley

    Up there with Fran Kelly’s assertion that raising the minimum wage stimulates the economy because suddenly workers have extra money to spend!

    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?

  10. Robbo

    She is a genuine 24 carat economic imbecile. No doubt Trump cannot believe his luck.

  11. TBH

    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!

  12. 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.

  13. Empire 5:5

    Sandy is a Young Turks cut-out:

    Digging reveals suspicious payments to AOC’s boyfriend began during campaign as more damning allegations surface.
    ——-
    Taking to Twitter, Thompson lays out a case where Ocasio-Cortez’s boyfriend was paid $6,000 by a PAC owned by Saikat Chakrabarti, now her chief of staff, at a time “when her campaign was running out of money.”

    The PAC is affiliated with Justice Democrats, a collaboration between Chakrabarti and Cenk Uygur

    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.

  14. 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.

  15. Roberto

    Now we know the worth of an economics degree from a modern American university. Much the same as its Australian counterpart.

  16. Procrustes

    Yes, yes. But it is much worse than that.

    She also neglects the excess burden of taxation or crowding out.

  17. mundi

    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!

  18. mundi

    Bernie has annouced he is running.
    Will AOC be his running mate? You know it makes sense.

  19. Wozzup

    “— 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.

  20. Louis

    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.

  21. John Bayley

    Clearly someone who 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”.

    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

  22. Rohan

    TBH
    #2940219, posted on February 21, 2019 at 6:42 pm
    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!

    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 themselves the proles further into debt.

  23. Flyingduk

    around 1/3 of the US Govt is funded by inflation of the money supply, which is a sort of tax

  24. 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.

  25. JohnL

    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]

  26. ACTOldFart

    She is a contravention of the Laws of Nature. She is that dumb and is not a blonde

  27. Kneel

    “… 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!

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