Alexandria Ocasio-Cortez’s non-theoretical stupidity

Caption: Somebody showed her two shovels and told her to take her pick.

Due to having to help support his family during the Depression years, my dad was forced to give up his Engineering studies and become an apprentice fitter-and-turner. Dad?s career, then, was characterised by a strong theoretical background combined with blue-collar practicality. I remembered well how he used to scoff at the Bright Young Things, newly-graduated from university, trying to tell the blokes with grease on their overalls how it should work in theory.

A surfeit of theory unleavened by practical experience is what characterises the ?intelligentsia?. They are very clever, but deeply stupid. George Orwell famously wrote that ?One has to belong to the ?intelligentsia?? to believe certain foolish things. One of the foolish things that the modern ?intelligentsia? believe fervently in is ?Modern Monetary Theory?. Quote:

Progressives have lately been abuzz about an economic theory that can be used to justify a nearly indefinite expansion of government.

Rep. Alexandria Ocasio-Cortez, for one, said last month that Modern Monetary Theory, as it is known, ?absolutely? needs to be ?a larger part of our conversation.? End of quote.

Ocasio-Cortez actually has a minor degree in Economics. She is clearly a reasonably intelligent woman. But she is also a deeply stupid person who has had no experience in anything but politics and pouring beers. Actual economists think her pet theory is stupidity on stilts. Quote:

However, 42 leading U.S. economists were recently asked to weigh in on MMT, and their response was unanimous rejection. The survey of their opinions was published last week by the Initiative on Global Markets, a research center at the University of Chicago Booth School of Business. End of quote.

MMT is the idea that the government is literally a magic money-tree. Governments can spend as much as they want, then just print more money to pay for it. Quote:

According to MMT, a government that controls its currency can essentially rack up spending and debt in that currency, and then simply print money to pay it back. Congress can raise taxes as needed to reduce inflation.

IGM asked the economists whether they think the theory holds when it comes to either spending or debt.

Zero of them agreed that it does, or were even uncertain. A few had no opinion. But the rest of the experts disagreed ? the large majority of them strongly. Some expressed concern about the long-term sustainability of MMT, warning that continued debt issuance would lead to persistent inflation problems.

?This kind of behavior can quickly lead to inflation or even hyperinflation once the economy is close to full capacity,? said Harvard University economist Oliver Hart?

Freshman Democrat Ocasio-Cortez of New York, a self-described democratic socialist, has rallied her party around the Green New Deal, whose price tag has been estimated at $94.4 trillion. The plan promises free college, Medicare for All, a federal jobs guarantee, and massive infrastructure investment. When she has deigned to explain how she would pay for it, her answers have included increasing the country?s $22 trillion debt burden. End of quote.

pluralist


Socialists aren?t concerned with such pettifogging concerns as whether their grand theories will actually work or not. They?ve got a theory and they?re gonna stick with it. If the theory doesn?t work, then that?s just the real world?s fault.

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