Thursday, February 7, 2019

Kathryn Krawczyk — Alexandria Ocasio-Cortez wants to pay for her Green New Deal by essentially printing more money

Essentially, Ocasio-Cortez is continuing to argue for Modern Monetary Theory — something she said "absolutely" needs to be "a larger part of our conversation" in a recent Business Insider interview. The theory says that because governments can literally print money, "they can spend as much as they like," Politico explains. "Inflation is the only obstacle" that should stop the presses, The Week details here. In short, it's a big, untested idea for a big, untested plan.
Read more two columnist's opinions on why the theory would and wouldn't work here at The Week.
MMT getting hearing anyway.


Ralph Musgrave said...

If I had my grey matter surgically removed from my skull and replaced with saw dust, would that lower my IQ by enough to enable me to write an article for The Week or the Wall Street Journal or the Financial Times?....:-)

Detroit Dan said...

That's supposed to be funny, Ralph?

Great article and the most intelligent economic statement by a federal politician that I've heard.

Noah Way said...

Nothing untested about it. Wars, corporate welfare, etc. all paid for with money printed on deman.

Konrad said...

@ Noah Way: You are correct.

Detroit Dan, do you live in or near Detroit? I was curious because I heard about the severe lead contamination of the water in Flint Mich. Based on your comment, I'm wondering if the contamination has reached your neighborhood.

As for printing money, this is only is only acceptable when it favors the rich and the warmongers, and Israel.

(The Senate just passed S.1, which will allow states to outlaw BDS against Israel, and will send another $38 billion to Israel. And no one ever asks, "How will you pay for it?")

Detroit Dan said...

Yes, I live in Detroit. As far as I know, there's no serious lead problem with the water in my old (1926) house. Flint got into trouble when they went off the Detroit water system and tried to use water from the Flint River. I think there was something in that water which caused the lead in the old pipes to leach into the water supply.

Nebris said...

It always feels weird when I agree with Konrad and Noah. lol

Noah Way said...

It should make you feel intelligent and humane.

Ryan Harris said...

"Nothing untested about it. Wars, corporate welfare, etc. all paid for with money printed on deman."

Those were done to increase access to real resources or increase productivity. AOC's 2-big proposals amount to increasing consumption and decreasing productivity with Magic-Money-Tree.

Calgacus said...

Ryan - You've got to be kidding. Completely bizzarro.

Our insane wars murdering and impoverishing millions so a few con men can peddle their $1000 toilet seats are "to increase access to real resources"? Hah!

The corporate welfare of which that five headed hippopotamus is the merest paw is about increasing productivity? No again, it to make some other con men get rich quick of the Magic Money Tree.

AOC's proposals are about rational access and development of real resources and increasing productivity. Spending money for the poor to do good stuff usually works out a lot better than spending money on the rich to do bad stuff.