We need a Facebook quiz to find out which Atlas Shrugged character Alexandria Ocasio-Cortez is like.
There might not be a match. Ayn Rand’s fiction has been criticized for unidimensional characterization, but even she would find AOC unbelievable.
Ocasio-Cortez doesn’t provide any insight into how the trillions of dollars in spending will be paid for other than claiming, “The Federal Reserve can extend credit to power these projects and investments and new public banks can be created to extend credit”. But as Ocasio-Cortez says, “the question isn’t how will we pay for it, but what will we do with our new shared prosperity”.
Provide free, mandatory classes for every citizen in speaking ‘Venezuelan?’
(Update, 12:48PM here‘s one estimate of the cost.)
Here’s a snippet from an FAQ document, published by proponents, describing the wonders of the ‘Green New Deal:’
Yes, we are calling for a full transition off fossil fuels and zero greenhouse gases. Anyone who has read the resolution sees that we spell this out through a plan that calls for eliminating greenhouse gas emissions from every sector of the economy. Simply banning fossil fuels immediately won’t build the new economy to replace it – this is the plan to build that new economy and spells out how to do it technically. We do this through a huge mobilization to create the renewable energy economy as fast as possible. We set a goal to get to net-zero, rather than zero emissions, in 10 years because we aren’t sure that we’ll be able to fully get rid of farting cows and airplanes that fast, but we think we can ramp up renewable manufacturing and power production, retrofit every building in America, build the smart grid, overhaul transportation and agriculture, plant lots of trees and restore our ecosystem to get to net-zero.
Maybe “our new shared prosperity” will pay for little solar-powered methane suction devices attached to the rear of every cow. “Methane Disposal,” you ask? Well, we just inject it into the natural gas supply lines… Oh wait, natural gas will be banned.
OK. More likely, the cow problem solves itself when meat and milk are banned.
This manifesto attracted so much ridicule that they tried to disappear it from the internet. They forgot the internet is forever. It is humorous reading.
This great leap forward is on top of universal free college education and medicare for all. So, they desperately need the tooth fairy, Santa Claus, King Midas, and the Pope (for divine intervention).
What they’ve got is Modern Monetary Theory:
If you haven’t heard about Modern Monetary Theory your IQ is higher than it would have been if you had. It is really neither modern, nor a theory (it’s not actually testable*); and it misapprehends the meaning of the word ‘monetary.’ However, it could be in your future as a general government policy.
This theory of infinite currency printing does not admit to being limited by inflation. Any excess currency is simply taxed back. Inflation is something that cannot happen with a proper implementation of MMT.
Proper. Implementation. By the ‘best and brightest.’ Like Ms. Ocasio-Cortez.
MMT has an obvious attraction for politicians. We’ve been playing at the edges of it for quite some time.
Let’s close with a last word from Ocasio-Cortez on the “Green New Deal”:
“I think one way that the right does try to mischaracterize what we’re doing as though it’s like some kind of massive government takeover. Obviously it’s not that because what we’re trying to do is release the investments from the federal government to mobilize those resources across the country.”
Obviously! Release! Investments! Mobilize! That explains the whole thing: She’s hired a fluent Newspeak expert. ‘Obviously’ means, “If you don’t understand, it’s because you’re stupid.” ‘Release’ means, oh, I don’t know, “the vast Federal budget surplus being held hostage by Trump’s wall proposal?” ‘Investments’ means, “Impossible government spending.” ‘Mobilize’ means, “At gunpoint.”
*Proponents will say, “It is testable, but it’s never been tried.” Well, that’s what they say about Communism, too. But, let’s even ignore the actual workings of an economy and admit that MMT depends on the refined judgment of virtuous politicians zealously balancing currency flow. And if you imagine that can be accomplished, you run into an even bigger problem: To do their job, these paragons also have to possess instant, encyclopedic, perfectly accurate information about every aspect of that economy.