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Median property value in DC is $705,000.
She's likely living paycheck to paycheck as a sitting member of Congress. I like it.
The pot accuses a bottle of milk of looking black
AOC is a prodigious fundraiser with a significant national following. She might only have a half-million in the bank, but her name and her reputation are worth orders of magnitude more.
Conservatives have a hard time believing someone like that isn't getting rich quick on $AOCCoin or LeftyBear merch offerings.
Conservatives have a hard time believing someone like that isn’t getting rich quick on $AOCCoin or LeftyBear merch offerings.
Being dishonest you have a bigger selection of instruments to gain power. So politicians are more likely to be dishonest than the average person. And then a dishonest person would use the opportunity.
Anyway, cool for AOC to be honest, but unfortunately her views (specifically support of MMT) are a certain way to nuke the economy of the USA.
If we detach ourselves from the emotional part (suicides, hunger deaths), it may even be liberating, if USD as a currency takes a 10000x inflation in a year or so, while big businesses reliant on American system of connections grown by decades of stability die. US main capital is still human capital, competent people and their knowledge. No hyperinflation will kill that, if recovery is quick enough.
Except that's not the way people like AOC promise.
Anyway, cool for AOC to be honest, but unfortunately her views (specifically support of MMT) are a certain way to nuke the economy of the USA.
The US economy gets nuked every 8-12 years thanks to private equity and boom-bust capital trends. MMT just moves the ball out of the hands of a cartel of hedge funds and into the hands of the US Treasury. I'll happily agree that its not sufficient to solving the problem of malinvestment and industrial waste. But that's precisely because its an extension of Keynesian-cum-Friedmanite monetary theory of economics. At some point, you have to take account of real assets, not just float around fictitious capital.
if USD as a currency takes a 10000x inflation in a year
You don't get inflation like that under Eisenhower/Carter era tax laws. MMT, in practice, is still predicated on some degree of currency recapture. You're just replacing credit elasticity through private lenders with spending elasticity through public spenders. "Here's a $500k loan, build a house and pay me back at 6% APY" isn't meaningfully different than "Here's a $500k grant, built a house and your builders are going to pay me back 6% VAT".
Except that’s not the way people like AOC promise.
AOC promises a large public investment in value-adding infrastructure. She's just proposing direct payment rather than tax-incentivized private investment.
They're so concerned about profittering they support a guy that was giving millions directly from China, took millions in goverment funds by making secret service stay in his hotels and charging them 1000x the rate of any other guest. This guy's will pay their life down for the biggest kleptocrat in US history, but yeah AOC needs to be monitored.