“We can do $10 trillion,” declared Rep. Alexandria Ocasio-Cortez (D-NY) last week.
“I know that may be an eye-popping figure for some people,” explained the photogenic pop-eyed pol, “but we need to understand that we are in a devastating economic moment, millions of people in the Unites States are unemployed, we have a truly crippled health-care system and a planetary crisis on our hands, and we’re the wealthiest nation in the history of the world.”
In other words, the sky is falling . . . and we still have checks.
The Bronx congresswoman, described as “one of the most influential members” by MSNBC’s Rachel Maddow, trumpeted that tidy sum in response to last week’s “go big” proposal by President Joe Biden to spend a special new $2.2 trillion under the loose label of infrastructure, which AOC argued “is not nearly enough.”
This new two-tril spending bill is “a follow-up to the $1.9 trillion stimulus approved in March.” And just Part 1 of a two-package infrastructure and other stuff Biden plan.
“The White House is reportedly willing to spend $4 trillion across the two packages,” Business Insider reports, “a sum that would bring recovery spending under his term to nearly $6 trillion.”
Biden’s term has been only 76 days.
A couple trillion here, a couple trillion there and pretty soon you’re talking real money . . . except under Modern Monetary Theory, which Ocasio-Cortez embraces. The idea being: government can print as much money as politicians want to spend.
While this road to bankruptcy has been paved with the partisan political intentions of big spending politicians of both major parties, right now it is the Democrats hitting the gas.
This is Common Sense. I’m Paul Jacob.
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3 replies on “The Accelerators”
While it was certainly before my time, I’ve seen the results of this “theory” in action. In a futile attempt to revive their economy, the Wiemar Republic began printing the money they “needed”. Soon, on paydays workers would run to town with their pay (sometimes wheelbarrows full of cash) to spend it as quickly as possible before it became worthless. I’ve several German postage stamps that my father collected from this era. The standard domestic postage to mail a letter: 5 billion marks. A few years earlier, the German mark traded at roughly 4 to the dollar (back when the dollar was actually worth a dollar).
OTOH, she’s probably right. in a short time, a trillion dollars will become chump change, perhaps enough to send a post card to your “representatives” in Washington thanking them for their latest stimulous check (which might just pay for the postcard).
I would like to see an update on the “powers” behind Sandy Cortez.
Last I read about them was in 2019. Nothing but silence since then.
If you don’t believe there are people telling her what to say, listen to her try to make *off the cuff* comments.
““The trouble with Socialism is that eventually you run out of other people’s money.” Margaret Thatcher
AOC and all the others who tout “Democratic Socialism” don’t know squat. What are they going to do when the people’s wealth has been confiscated (as Elizabeth Warren has proposed – surely no one thinks the Dem Socialists will stop at two percent!) and the rest of the world is out of money to ‘invest’ in the US dollar? I never expected to see it but I think that day is fast approaching.