Modern Monetary Theory has officially arrived. That theory, embraced by ignoramuses like Alexandria Ocasio-Cortez but by no economists, to my knowledge, holds that a government can just print money and distribute it to
taxpayersDemocratic Party constituencies, with no ill effects. And it will be real money, representing wealth, that will raise everyone’s standard of living. …
One obvious question is, if the government can just print money and thereby create wealth, why do we have taxes at all? [In Australia, Pauline Hanson proposed that 20 years ago.] …
Of course, Modern Monetary Theory is not modern at all. It has been tried by desperate governments for several centuries, and arguably back to ancient times. Just ask residents of the Weimar Republic, Argentina, Zimbabwe and Venezuela, to name only a few of the most famous instances, how Modern Monetary Theory worked out for them.
Although, to be fair, none of those countries had anything like our $28 trillion national debt. As we cruise in uncharted waters, we are passing the shipwrecked hulks of governments that embraced Modern Monetary Theory, but to a more modest degree than the Democratic Party now contemplates.
Speaking of AOC, here she is at a recent fundraiser for the Democrat Party (the party that once championed the working class):
— Disclose.tv (@disclosetv) September 13, 2021
Democrat Rep. Alexandria Ocasio-Cortez (NY) faced intense backlash and mockery online on Monday evening after attending the Met Gala, an event where individual tickets reportedly cost $30,000, in a designer dress that stated, “Tax The Rich.”
“Individual tickets are reportedly priced at $30,000 a piece …” Newsweek reported. “Then there are the tables, typically bought by brands and fashion houses. These reportedly start at $275,000.”
The photographs from last night’s event at the Metropolitan Museum of Art in New York City show a host of celebrities — including New York Representatives Alexandria Ocasio-Cortez and Carolyn Maloney — enjoying themselves without masks while the staff that are waiting on them are all masked up.
There. Modern US politics summed up in just one post.
UPDATE from the Babylon Bee: