Ocasio-Cortez calls constant questions about how she'll pay for her proposals "very disingenuous." She argues there are myriad ways to fund free college, Medicare for All, and a federal jobs guarantee. She subscribes to modern monetary theory, a burgeoning theory among some economists positing that the federal debt is not an economic restraint for the US.
"You can pay for it by saving costs on expenditures that we're already doing," she said. "We can do it by saving money on military spending. We can pay for it by raising taxes on the very rich. We can pay for it with a transaction tax. We can pay for it with deficit spending."
She said modern monetary theory, which holds that the government doesn't need to balance the budget and that budget surpluses actually hurt the economy, "absolutely ... needs to be a larger part of our conversation."
Alexandria Ocasio-Cortez is a fan of a geeky economic theory called MMT: Here's a plain-English guide to what it is and why it's interesting | Business Insider
Rep. Alexandria Ocasio-Cortez has received one question more than any other: How will she pay for her ambitious policy proposals?
The newly sworn-in lawmaker told INSIDER that there were many ways to come up with the funding, including cutting back on military spending, raising taxes on the wealthiest Americans, and deficit spending.
Ocasio-Cortez also said that Modern Monetary Theory, which holds that the government doesn't need to balance the budget and that budget surpluses actually hurt the economy, "absolutely" needed to be "a larger part of our conversation."
Alexandria Ocasio-Cortez says the theory that deficit spending is good for the economy should 'absolutely' be part of the conversation
Eliza Relman Jan. 7, 2019, 11:05 AM
Alexandria Ocasio Cortez
Rep. Alexandria Ocasio-Cortez says that questions about how she'll pay for her policy proposals are "very disingenuous." Hollis Johnson/Business Insider
Rep. Alexandria Ocasio-Cortez has received one question more than any other: How will she pay for her ambitious policy proposals?
The newly sworn-in lawmaker told INSIDER that there were many ways to come up with the funding, including cutting back on military spending, raising taxes on the wealthiest Americans, and deficit spending.
Ocasio-Cortez also said that Modern Monetary Theory, which holds that the government doesn't need to balance the budget and that budget surpluses actually hurt the economy, "absolutely" needed to be "a larger part of our conversation."
Rep. Alexandria Ocasio-Cortez has received one question more than any other during her short time in the political spotlight: How will she pay for her ambitious policy proposals?
The newly sworn-in lawmaker has largely shied away from specifics. And she described the question as "very disingenuous" in a recent interview with INSIDER, arguing that critics don't ask it when it comes to defense spending.
"It's not a question that is evenly applied across issues, and it's one that I actually don't think people genuinely are interested in," she said. "It's a question that is only targeted to healthcare and education expenditures."
She argues there are myriad ways to fund free college, Medicare for All, a federal jobs guarantee, and the other bold policies she and other progressive Democrats have proposed.
"You can pay for it by saving costs on expenditures that we're already doing," she said. "We can do it by saving money on military spending. We can pay for it by raising taxes on the very rich. We can pay for it with a transaction tax. We can pay for it with deficit spending."
"You recognize that people still ask the question as though I didn't just answer it," she told INSIDER. "Because it's not an interest in the actual answer. It's an interest in the attack and it's an interest in debasing the agenda."
Read more: THE TRUTH ABOUT ALEXANDRIA OCASIO-CORTEZ: The inside story of how, in just one year, Sandy the bartender became a lawmaker who triggers both parties
She said she was open to Modern Monetary Theory, a burgeoning theory among some economists positing that the federal debt is not an economic restraint for the US. She said the idea, which holds that the government doesn't need to balance the budget and that budget surpluses actually hurt the economy, "absolutely" needed to be "a larger part of our conversation."
Ocasio-Cortez staked out a more concrete position last week when she told "60 Minutes" that she supported taxing super-wealthy Americans' incomes — those above $10 million — at a rate of 60% to 70% to boost government revenue.
The comment generated outrage among conservatives, who characterized the proposal as radical, and received widespread support among progressive economists.
Many supporters pointed out that the US maintained a similarly high marginal tax rate on the ultrarich for nearly four decades after World War II, which included the most economically prosperous period in the country's history.
The economist and Nobel laureate Paul Krugman argued in a Sunday New York Times op-ed article that Ocasio-Cortez's proposal was "fully in line with serious economic research," pointing out that a host of leading economists think the optimal top tax rate in the US is at least 73% and possibly more than 80%.
President Donald Trump and the GOP lowered the top tax rate to 37% from 39.6% as part of their tax law, enacted in 2017.
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Alexandria Ocasio-Cortez's ideas are not so 'radical,' but they are changing how Americans think about economics
Linette Lopez
Jan. 8, 2019, 12:19 PM
Rep.-elect Alexandria Ocasio-Cortez speaks with reporters outside the Capitol.
Rep.-elect Alexandria Ocasio-Cortez speaks with reporters outside the Capitol. Susan Walsh/AP
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In an interview with 60 Minutes on Sunday, Democratic Congresswoman Alexandria Ocasio-Cortez discussed some so-called radical economic ideas.
Turns out, they're not so radical. But her opposition will still find them incredibly threatening.
That's because she's changing a discussion about economics that has gone uncontested for about 40 years, and that in turn could change the way we think about what we really value in the country for the next 40 years.
On Sunday 60 Minutes aired an interview with New York Representative Alexandria Ocasio-Cortez where she discussed her views on our political climate, her rise to Congress, and her policy ideas.
Then something that hasn't happened in a few years happened. We actually started talking about those ideas — ideas that have little to do with President Donald Trump.
If the fact that her ideas were given any space at all space isn't shocking enough for you, you should check out the ideas themselves. They are a departure from the last 40 years of the way we think of how national budgets and American taxation should work. And they are desperately needed at the moment.
Ocasio-Cortez discussed two ideas, specifically, that would make your generic, center-right "fiscal responsibility" issue voter's hair stand on end.
A 70% tax rate on incomes above $10 million.
The application of modern monetary theory (MMT) on our budget. According to this theory deficits are okay as long as money is being spent productively (on say, healthcare or infrastructure). The only real danger with running deficits is out of control inflation, which the Federal Reserve can control by raising rates.
Obviously this flies in the face of everything your dad told you about being a prudent American. The rich aren't supposed to be "punished" for their success with taxation, and the government is supposed to give money back to people instead of "wasting it." As for deficits, well those will turn America into Weimar Germany, or so it goes.
Ocasio-Cortez is here to tell you all of that we tried that line of thinking and the result was massive inequality and a hampered government. It was just a useful idea that turned into a fever induced by special interest groups bent on minimizing money spent on social programs lowering taxes for the rich. They found their foothold in the Reagan administration, and they've been dominating American economic thought ever since — so much so that the popular imagination almost forgot that these are just theories and started accepting them as mathematical fact.
In an interview with 60 Minutes on Sunday, Democratic Congresswoman Alexandria Ocasio-Cortez discussed some so-called radical economic ideas.
Turns out, they're not so radical. But her opposition will still find them incredibly threatening.
That's because she's changing a discussion about economics that has gone uncontested for about 40 years, and that in turn could change the way we think about what we really value in the country for the next 40 years.
On Sunday 60 Minutes aired an interview with New York Representative Alexandria Ocasio-Cortez where she discussed her views on our political climate, her rise to Congress, and her policy ideas.
Then something that hasn't happened in a few years happened. We actually started talking about those ideas — ideas that have little to do with President Donald Trump.
If the fact that her ideas were given any space at all space isn't shocking enough for you, you should check out the ideas themselves. They are a departure from the last 40 years of the way we think of how national budgets and American taxation should work. And they are desperately needed at the moment.
Ocasio-Cortez discussed two ideas, specifically, that would make your generic, center-right "fiscal responsibility" issue voter's hair stand on end.
A 70% tax rate on incomes above $10 million.
The application of modern monetary theory (MMT) on our budget. According to this theory deficits are okay as long as money is being spent productively (on say, healthcare or infrastructure). The only real danger with running deficits is out of control inflation, which the Federal Reserve can control by raising rates.
Obviously this flies in the face of everything your dad told you about being a prudent American. The rich aren't supposed to be "punished" for their success with taxation, and the government is supposed to give money back to people instead of "wasting it." As for deficits, well those will turn America into Weimar Germany, or so it goes.
Ocasio-Cortez is here to tell you all of that we tried that line of thinking and the result was massive inequality and a hampered government. It was just a useful idea that turned into a fever induced by special interest groups bent on minimizing money spent on social programs lowering taxes for the rich. They found their foothold in the Reagan administration, and they've been dominating American economic thought ever since — so much so that the popular imagination almost forgot that these are just theories and started accepting them as mathematical fact.
But they're not.
Quickly, a word from economist John Maynard Keynes: "The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist."
Read more: THE TRUTH ABOUT ALEXANDRIA OCASIO-CORTEZ: The inside story of how, in just one year, Sandy the bartender became a lawmaker who triggers both parties
Strong and wrong
In Spanish there is a saying: "The dog that barks loudest, eats."
And so it often is in politics. Since the 1970s the loudest voices in economics have come from the right, from followers of economist Milton Friedman who believed that selfishness was the natural state of humanity. You see why he would want a small federal budget and low taxes.
A bunch of Friedman's disciples made their way into the Reagan administration, and there they started to craft pop culture economics as we know it today. For example, economist Arthur Laffer went in there and pitched what we know today as the Laffer Curve. It contends that lower tax rates can actually lead to higher tax revenue — something that certainly didn't happen when taxes were lowered last year as 2017 tax receipts came in lower than expected.
But you can still see Laffer on CNN waxing philosophical about economics. He was an advisor to the Trump administration and to former Kansas Governor Sam Brownback, who enacted the massive tax cuts that eventually laid waste to the state's economy.
Deficit hawks on the right bark loud, too, even though they've almost never practiced what they preach. President Ronald Reagan used deficit spending to fund Star Wars and end the Cold War. The economy slowed after, George Bush Sr. raised taxes. And then we were fine.
Former House Speaker Paul Ryan — a supposed deficit hawk and budget wunderkind — exploded the deficit by passing 2017's tax cut. And nothing happened.
President George W. Bush exploded the budget after finding it in good shape — and all was well.
In fact, the major economic problems of Bush's time in office came from the private sector — from the irrational exuberance that led to the tech bubble, and a mortgage crisis that ballooned into a full on global financial meltdown. In the latter instance, the government helped nudge us into the crisis, melding a desire to encourage homeownership with an ideological bent toward deregulation.
Read more: Now do you finally believe baby boomers are the most selfish generation?
United States of Amnesia
Politics nerds talk about something called the Overton Window, it's the theory that only a limited number of policy ideas can be discussed at a time. It's a spectrum, and only that which fits within the spectrum can make it into the national conversation.
It seems that Ocasio-Cortez is getting her ideas on the spectrum.
That is why low tax zealots like Grover Norquist, the infamous president of Americans for Tax Reform, are calling Ocasio-Cortez proposal a "war" on tax payers.
Never mind that reasonable economists admit that a 70% tax on income over $10 million wouldn't raise much revenue or impact many Americans or hurt the economy at all. As Noah Smith over at Bloomberg writes, economists have theorized that the "optimal top tax rate for incomes higher than $300,000 — a much lower cutoff than the one proposed by Ocasio-Cortez — should be about 73 percent."
More from Smith:
So Ocasio-Cortez's tax plan isn't radical at all... a dramatic expansion of federal tax revenue would require much more than what Ocasio-Cortez is proposing. It would require an overhaul of the corporate and capital-gains tax systems, higher rates on a much broader range of high earners, and probably wealth taxes as well. It would require a huge amount of political will and a sustained policy-making effort over a number of years.
So why are men like Norquist howling over this proposal? Because they know what Ocasio-Cortez is doing — they did it themselves. Slowly inject an idea into the policy discussion and then push, and push, and push until it seems normal, no matter how radical or ridiculous it may seem.
I mean, these guys convinced us that if the government collected less tax revenue it would somehow end up with more tax revenue. How illogical is that?
Read more: The White House just made one thing abundantly clear to millennials
Perhaps Ocasio-Cortez's proposed tax rate wouldn't do much for the government's coffers. But consider what it would do to the American imagination. We live in a country where 63% of citizens think that our economy is stilted unfairly toward the rich and special interest groups, according to Pew Research.
Part of that is because of what the loudest voices have said our government should and should not spend money on — because what their values are. Previous administrations have used deficit spending to fund wars (Iraq, Afghanistan) and tax cuts. AOC would have us used deficit spending to fund education, healthcare, and her Green New Deal.
These are things that we've heard that we can't afford for our entire lives. We've heard that money in the government's hands is "wasted." But how could money that pays for the health and welfare of a country's own people be a "waste"? It's not like it's going anywhere.
In an economy run on consumer spending, anything that lets Americans keep more of their paychecks instead of giving it to say, health insurance companies that just buy back their own stock seems like it would juice the economy, not hurt it.
As more and more Americans feel the deck is stacked against them, they're going to start listening to these ideas. They know "what" has happened to them — that suddenly taking care of a middle class family is harder and more expensive than it was for their parents — but what Ocasio-Cortez is offering is another reason "why" and another "how" we can fix it. These "whys" and "hows" are terrifying the Republicans who run the right, thus their massive pile-on everything Ocasio-Cortez does.
It was easy to tell Americans to keep taxes low when it seemed that anyone who worked hard enough could get ahead. But what if no matter how hard you work, the system is stacked against you? It's looking increasingly clear that not everyone can make it to the top bracket — or even move up brackets.
Americans are starting to understand the meaning of privilege — the privilege of being able to support a family or even just a person on minimum wage; the privilege of being able to get an education if you have the brains but not the cash; the privilege of being able to get sick without going broke.
And they're starting to understand it because slowly, over the last few decades, those privileges have been taken away from them. Perhaps that, not Ocasio-Cortez, is what has broken our decades-long policy fever. She's just here to suggest another remedy.
This is an opinion column. The thoughts expressed are those of the author.
SEE ALSO: THE TRUTH ABOUT ALEXANDRIA OCASIO-CORTEZ: The inside story of how, in just one year, Sandy the bartender became a lawmaker who triggers both parties
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Wall Street should love the economic theory Alexandria Ocasio-Cortez backs — and that should worry the rest of us
Linette Lopez Jan. 10, 2019, 1:31 PM
alexandra ocasio cortez
Alexandria Ocasio-Cortez. Spencer Platt/Getty
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The Democratic Party's rising star, Rep. Alexandria Ocasio-Cortez, is a champion of modern monetary theory (MMT), which holds that federal deficits aren't as bad as we've always believed.
Naturally, conservatives are freaking out about what this would do to public-sector balance sheets.
But the real issue is what Wall Street and corporate America would do under MMT — and that's borrow money to buy back shares and boost CEO paydays.
It seems the entire conservative universe is freaking out about Rep. Alexandria Ocasio-Cortez (D-New York). They've come up with a lot of reasons for it, but chief among them are her ideas about the economy.
In an interview with Business Insider, Ocasio-Cortez said modern monetary theory (MMT) should "absolutely" be a part of our conversation about the economy. It's a theory that holds that deficit spending isn't nearly as toxic as we've come to believe over the last 40 years — and that it's, in fact, a useful tool. To manage it, you keep interest rates low, and when the economy runs too hot, you raise taxes.
That sound you're hearing is 1,000 deficit hawks weeping.
You'll find a lot of those people on Wall Street. At the beginning of the financial crisis, they warned a combination of deficit spending on bailouts and the expansion of the Fed's balance sheet would surely lead to rampant inflation (it didn't). These are also often the people you'll hear at country clubs and steakhouses talking about fiscal responsibility and the virtue of balancing the federal budget.
The reality is, though, that they should love MMT. It's easy money. And they've actually been living in a shade of it for the last decade — a time when the S&P 500 rose year after year as surely as the sun would shine.
This is Wall Street, this is Wall Street on easy money
MMT is not really that insane.
It's first precept is one widely held as an economy truth — the countries that create their own currency will never go bust. That means deficits aren't nearly as bad as we've thought they are since the '80s, and it means we don't have to raise taxes to increase spending.
Business Insiderとのインタビューで、Ocasio-Cortezは、現代通貨理論(MMT)が「絶対に」経済についての会話の一部になるべきだと述べた。これは、赤字の支出が過去40年間で信じているほどには有毒ではないと主張する理論です - そして、それは実際には、役に立つツールです。それを管理するために、あなたは金利を低く保ちます、そして、経済があまりにも暑くなり過ぎるとき、あなたは税を上げます。
To get away with this, you'll need to keep interest rates low. As Josh Barro over at New York Magazine said, one of MMT's founders thinks rates should be kept permanently at zero.
What MMT adherents do accept is that the running deficits can lead to inflation. When that happens, the government will raise taxes to cool the economy. That, MMT adherents say, is the purpose of taxes — controlling inflation, not raising revenue. In our system, it's the opposite. The Fed controls inflation with interest rates, and the government raises revenue.
It isn't the public sector we need to worry about the most in this framework, it's the private sector. For the Wall Street I've covered for the past 8 years, MMT looks like a heady brew of easy money, major paydays for CEOs, and a chance to let K Street show its worth.
For the last 10 years, we've had rates at zero and deficit spending, and, last year, the GOP granted Wall Street the tax cut it's been wanting for a long time. These were some golden years if you played them right.
But, besides the fact that we're now watching the stock-market bubble pop (which won't happen in an MMT world because rates won't go up), we saw some pretty unproductive behavior from corporate America and the bankers who love it.
For one thing, since money was easy, corporate America went to town borrowing money — so much so that now people are saying the corporate bond market is in a bubble.
For one thing, since money was easy, corporate America went to town borrowing money — so much so that now people are saying the corporate bond market is in a bubble.
corporate bond issuance
Institute of International Finance
And what did corporate America do with that money? Analysts estimated that from 2008 to 2017 corporations spent $4 trillion buying back stock, and, since interest rates were low, they borrowed money to do it. Trump's tax cuts majorly juiced that, and Goldman Sachs estimated that companies would spend as much as $1 trillion on buybacks in 2018, up 46% from the year before.
After the tax cuts passed, Wells Fargo authorized $40.6 billion in buybacks, with $8.2 billion of it spent in the first nine months of last year. The left-leaning think tank The Roosevelt Institute calculated that if that $8.2 billion had been passed on to workers in the form of a wage increase, every employee could've taken home an extra $31,214. Instead, Wells Fargo announced layoffs of as many as 26,000 people over the next 3 years.
According to the National Bureau of Economic Research, you can chalk up some of this borrow and buyback behavior to the way CEOs get paid — largely in stock. It's one of the reasons CEO compensation has been steadily rising for years.
We've been taught to believe the government wastes money and the private sector uses it judiciously, but it's hard to believe that when you look at what Wall Street and corporate America have done with easy money for the last decade.
And if you think that was unproductive, imagine how much money Wall Street and corporate America would spend on lobbying in an MMT world. K Street would explode. The lobbyists would all be stalking the halls of Congress for their corporate masters, trying to get loopholes written into the tax legislation when the economy gets too hot and taxes have to go up.
これを回避するには、金利を低く抑える必要があります。 New York MagazineのJosh Barroが言ったように、MMTの創設者の一人は率は永久にゼロに保たれるべきだと考えています。
Get money out of politics (even if there's no MMT)
So employ MMT in any credible fashion, we would have to get money out of politics (which Ocasio-Cortez is for, as are most Americans, according to Pew Research). We would have to change the way CEOs are paid and completely overhaul the tax code — or even the way we think of taxes (some MMT backers think corporate taxes actually encourage bad behavior — Wall Street should love that).
Now to be fair, this is pure MMT, and it doesn't sound like Ocasio-Cortez is proposing that at all. If she were, she wouldn't have proposed raising the tax rate on incomes over $10 million to 70%.
What she has openly said she's doing is injecting it into economic debate — a debate that hasn't really changed in about 40 years. We need this badly, and we need it because, over the past 10 years, we've learned that a bunch of the things we took for granted as economic gospel were wrong. The inflation they feared never showed up.
As investor and former US Treasury economist Mark Dow put it most succinctly:
As investor and former US Treasury economist Mark Dow put it most succinctly:
Mark Dow tweet
Twitter/@mark_dow
If anything, the precepts of MMT would encourage drunken-sailor behavior from the private sector, not necessarily the public sector. And we know it, because we're seeing it right before our eyes.
This is an opinion column. The thoughts expressed are those of the author.
SEE ALSO: Alexandria Ocasio-Cortez's ideas are not so 'radical,' but they are changing how Americans think about economics
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What does Alexandria Ocasio-Cortez know about tax policy? A lot.
Paul Krugman
By Paul Krugman
Opinion Columnist
Jan. 5, 2019
3422
Representatives Alexandria Ocasio-Cortez of New York and Jahana Hayes of Connecticut on the House floor in Washington on Thursday.
Credit
Carolyn Kaster/Associated Press
Representatives Alexandria Ocasio-Cortez of New York and Jahana Hayes of Connecticut on the House floor in Washington on Thursday.CreditCreditCarolyn Kaster/Associated Press
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I have no idea how well Alexandria Ocasio-Cortez will perform as a member of Congress. But her election is already serving a valuable purpose. You see, the mere thought of having a young, articulate, telegenic nonwhite woman serve is driving many on the right mad — and in their madness they’re inadvertently revealing their true selves.
Some of the revelations are cultural: The hysteria over a video of AOC dancing in college says volumes, not about her, but about the hysterics. But in some ways the more important revelations are intellectual: The right’s denunciation of AOC’s “insane” policy ideas serves as a very good reminder of who is actually insane.
The controversy of the moment involves AOC’s advocacy of a tax rate of 70-80 percent on very high incomes, which is obviously crazy, right? I mean, who thinks that makes sense? Only ignorant people like … um, Peter Diamond, Nobel laureate in economics and arguably the world’s leading expert on public finance. (Although Republicans blocked him from an appointment to the Federal Reserve Board with claims that he was unqualified. Really.) And it’s a policy nobody has ever implemented, aside from … the United States, for 35 years after World War II — including the most successful period of economic growth in our history.
To be more specific, Diamond, in work with Emmanuel Saez — one of our leading experts on inequality — estimated the optimal top tax rate to be 73 percent. Some put it higher: Christina Romer, top macroeconomist and former head of President Obama’s Council of Economic Advisers, estimates it at more than 80 percent.
What does Alexandria Ocasio-Cortez know about tax policy? A lot.
Representatives Alexandria Ocasio-Cortez of New York and Jahana Hayes of Connecticut on the House floor in Washington on Thursday.Carolyn Kaster/Associated Press
Representatives Alexandria Ocasio-Cortez of New York and Jahana Hayes of Connecticut on the House floor in Washington on Thursday.Carolyn Kaster/Associated Press
Leer en español
I have no idea how well Alexandria Ocasio-Cortez will perform as a member of Congress. But her election is already serving a valuable purpose. You see, the mere thought of having a young, articulate, telegenic nonwhite woman serve is driving many on the right mad — and in their madness they’re inadvertently revealing their true selves.
Some of the revelations are cultural: The hysteria over a video of AOC dancing in college says volumes, not about her, but about the hysterics. But in some ways the more important revelations are intellectual: The right’s denunciation of AOC’s “insane” policy ideas serves as a very good reminder of who is actually insane.
The controversy of the moment involves AOC’s advocacy of a tax rate of 70-80 percent on very high incomes, which is obviously crazy, right? I mean, who thinks that makes sense? Only ignorant people like … um, Peter Diamond, Nobel laureate in economics and arguably the world’s leading expert on public finance. (Although Republicans blocked him from an appointment to the Federal Reserve Board with claims that he was unqualified. Really.) And it’s a policy nobody has ever implemented, aside from … the United States, for 35 years after World War II — including the most successful period of economic growth in our history.
To be more specific, Diamond, in work with Emmanuel Saez — one of our leading experts on inequality — estimated the optimal top tax rate to be 73 percent. Some put it higher: Christina Romer, top macroeconomist and former head of President Obama’s Council of Economic Advisers, estimates it at more than 80 percent.
[Never be uninteresting. Read the most thought-provoking, funny, delightful and raw stories from The New York Times Opinion section.]
Where do these numbers come from? Underlying the Diamond-Saez analysis are two propositions: Diminishing marginal utility and competitive markets.
Paul Krugman
Economics, trade, health and policy
Diminishing marginal utility is the common-sense notion that an extra dollar is worth a lot less in satisfaction to people with very high incomes than to those with low incomes. Give a family with an annual income of $20,000 an extra $1,000 and it will make a big difference to their lives. Give a guy who makes $1 million an extra thousand and he’ll barely notice it.
What this implies for economic policy is that we shouldn’t care what a policy does to the incomes of the very rich. A policy that makes the rich a bit poorer will affect only a handful of people, and will barely affect their life satisfaction, since they will still be able to buy whatever they want.
So why not tax them at 100 percent? The answer is that this would eliminate any incentive to do whatever it is they do to earn that much money, which would hurt the economy. In other words, tax policy toward the rich should have nothing to do with the interests of the rich, per se, but should only be concerned with how incentive effects change the behavior of the rich, and how this affects the rest of the population.
But here’s where competitive markets come in. In a perfectly competitive economy, with no monopoly power or other distortions — which is the kind of economy conservatives want us to believe we have — everyone gets paid his or her marginal product. That is, if you get paid $1000 an hour, it’s because each extra hour you work adds $1000 worth to the economy’s output.
In that case, however, why do we care how hard the rich work? If a rich man works an extra hour, adding $1000 to the economy, but gets paid $1000 for his efforts, the combined income of everyone else doesn’t change, does it? Ah, but it does — because he pays taxes on that extra $1000. So the social benefit from getting high-income individuals to work a bit harder is the tax revenue generated by that extra effort — and conversely the cost of their working less is the reduction in the taxes they pay.
Or to put it a bit more succinctly, when taxing the rich, all we should care about is how much revenue we raise. The optimal tax rate on people with very high incomes is the rate that raises the maximum possible revenue.
And that’s something we can estimate, given evidence on how responsive the pre-tax income of the wealthy actually is to tax rates. As I said, Diamond and Saez put the optimal rate at 73 percent, Romer at over 80 percent — which is consistent with what AOC said.
An aside: What if we take into account the reality that markets aren’t perfectly competitive, that there’s a lot of monopoly power out there? The answer is that this almost surely makes the case for even higher tax rates, since high-income people presumably get a lot of those monopoly rents.
So AOC, far from showing her craziness, is fully in line with serious economic research. (I hear that she’s been talking to some very good economists.) Her critics, on the other hand, do indeed have crazy policy ideas — and tax policy is at the heart of the crazy.
You see, Republicans almost universally advocate low taxes on the wealthy, based on the claim that tax cuts at the top will have huge beneficial effects on the economy. This claim rests on research by … well, nobody. There isn’t any body of serious work supporting G.O.P. tax ideas, because the evidence is overwhelmingly against those ideas.
Look at the history of top marginal income tax rates (left) versus growth in real GDP per capita (right, measured over 10 years, to smooth out short-run fluctuations.):
Top tax rates and growthTax Policy Center, BEA
Top tax rates and growthTax Policy Center, BEA
Top tax rates and growthTax Policy Center, BEA
What we see is that America used to have very high tax rates on the rich — higher even than those AOC is proposing — and did just fine. Since then tax rates have come way down, and if anything the economy has done less well.
Why do Republicans adhere to a tax theory that has no support from nonpartisan economists and is refuted by all available data? Well, ask who benefits from low taxes on the rich, and it’s obvious.
And because the party’s coffers demand adherence to nonsense economics, the party prefers “economists” who are obvious frauds and can’t even fake their numbers effectively.
Which brings me back to AOC, and the constant effort to portray her as flaky and ignorant. Well, on the tax issue she’s just saying what good economists say; and she definitely knows more economics than almost everyone in the G.O.P. caucus, not least because she doesn’t “know” things that aren’t true.
Related
Opinion | Maureen Dowd
Boogie Down, Bronx Girl
The fiery class of freshmen dance their way onto the House floor. But will they overstep?
Jan. 5, 2019
Paul Krugman has been an Opinion columnist since 2000 and is also a Distinguished Professor at the City University of New York Graduate Center. He won the 2008 Nobel Memorial Prize in Economic Sciences for his work on international trade and economic geography. @PaulKrugman
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Alexandria Ocasio-Cortez's ideas are not so 'radical,' but they are changing how Americans think about economics Linette Lopez Jan. 8, 2019, 12:19 PM
Rep.-elect Alexandria Ocasio-Cortez speaks with reporters outside the Capitol. Rep.-elect Alexandria Ocasio-Cortez speaks with reporters outside the Capitol. Susan Walsh/AP Opinion banner
In an interview with 60 Minutes on Sunday, Democratic Congresswoman Alexandria Ocasio-Cortez discussed some so-called radical economic ideas. Turns out, they're not so radical. But her opposition will still find them incredibly threatening. That's because she's changing a discussion about economics that has gone uncontested for about 40 years, and that in turn could change the way we think about what we really value in the country for the next 40 years. On Sunday 60 Minutes aired an interview with New York Representative Alexandria Ocasio-Cortez where she discussed her views on our political climate, her rise to Congress, and her policy ideas.
Then something that hasn't happened in a few years happened. We actually started talking about those ideas — ideas that have little to do with President Donald Trump.
If the fact that her ideas were given any space at all space isn't shocking enough for you, you should check out the ideas themselves. They are a departure from the last 40 years of the way we think of how national budgets and American taxation should work. And they are desperately needed at the moment.
Ocasio-Cortez discussed two ideas, specifically, that would make your generic, center-right "fiscal responsibility" issue voter's hair stand on end.
A 70% tax rate on incomes above $10 million. The application of modern monetary theory (MMT) on our budget. According to this theory deficits are okay as long as money is being spent productively (on say, healthcare or infrastructure). The only real danger with running deficits is out of control inflation, which the Federal Reserve can control by raising rates. Obviously this flies in the face of everything your dad told you about being a prudent American. The rich aren't supposed to be "punished" for their success with taxation, and the government is supposed to give money back to people instead of "wasting it." As for deficits, well those will turn America into Weimar Germany, or so it goes.
Ocasio-Cortez is here to tell you all of that we tried that line of thinking and the result was massive inequality and a hampered government. It was just a useful idea that turned into a fever induced by special interest groups bent on minimizing money spent on social programs lowering taxes for the rich. They found their foothold in the Reagan administration, and they've been dominating American economic thought ever since — so much so that the popular imagination almost forgot that these are just theories and started accepting them as mathematical fact.
But they're not.
Quickly, a word from economist John Maynard Keynes: "The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist."
Read more: THE TRUTH ABOUT ALEXANDRIA OCASIO-CORTEZ: The inside story of how, in just one year, Sandy the bartender became a lawmaker who triggers both parties
Alexandria Ocasio-Cortez changing how Americans think about economics - Business Insider https://www.businessinsider.com/alexandria-ocasio-cortez-changing-how-americans-think-about-economics-2019-1
Rep. Ocasio-Cortez backed modern monetary theory, no economists agree - Business Insider https://www.businessinsider.com/economist-survey-alexandria-ocasio-cortez-modern-monetary-theory-2019-3 The idea has gained a following among progressive economists and some politicians. Rep. Alexandria Ocasio-Cortez of New York told Business Insider in January that MMT should be "a larger part of our conversation."
Read more: Alexandria Ocasio-Cortez says the theory that deficit spending is good for the economy should 'absolutely' be part of the conversation
Alexandria Ocasio-Cortez on MMT. Modern Monetary Theory, how she'll pay for her policies - Business Insider https://www.businessinsider.com/alexandria-ocasio-cortez-ommt-modern-monetary-theory-how-pay-for-policies-2019-1
She said she was open to Modern Monetary Theory, a burgeoning theory among some economists positing that the federal debt is not an economic restraint for the US. She said the idea, which holds that the government doesn't need to balance the budget and that budget surpluses actually hurt the economy, "absolutely" needed to be "a larger part of our conversation."
8:08 A no so a green new deal - so the green new deal is a resolution on the floor of the house and what it does is that it outlines specific principles by which our climate policy should be executed and so those principles go down to three things one a ten year timeline for decarbonization um two making sure that we are creating jobs in any climate legislation and three that we are centering and focusing on disproportionately impacted communities those are not hard to do and so far we already have several pieces breakaway pieces of legislation addressing everything from public housing electric vehicles and also you know issues like mass transit H so you broke it into small little fun size A yeah exactly exactly
8:08 A no so a green new deal - so the green new deal is a resolution on the floor of the house. and what it does is that it outlines specific principles by which our climate policy should be executed. and so those principles go down to three things one a ten year timeline for decarbonization. um two making sure that we are creating jobs in any climate legislation and three that we are centering. and focusing on disproportionately impacted communities those are not hard to do and so far we already have several pieces breakaway pieces of legislation addressing everything from public housing electric vehicles. and also you know issues like mass transit.
H so you broke it into small little fun size? A yeah exactly exactly.
17 Comments:
How to Finance Greek-Sized Government?
Sensible people
"Don't copy Greece!'"
Statists
"Yes"
"How?"
Class-warfare crowd
"Tax the rich!"
Keynesians
"Borrow Money!
Honest leftists
"Pillage the middle class!"
MMT crowd
"Print Money!"
1:52 午後
Blogger yoji said...
https://cdn.cnsnews.com/how_to_finance_greek-sized_government._chart_courtesy_of_daniel_mitchells_international_liberty_blog.jpg
ギリシャ政府にどのように資金を供給するのですか?
賢い人
「ギリシャをコピーしないで!」
統計学者
"はい"
"どうやって?"
集団戦の群衆
"金持ちから税金を取ります!"
ケインジアン
"お金を借りる!
誠実な左派
「中流階級を略奪しよう!」
MMTの群衆
「お金を印刷しなさい」
992 金持ち名無しさん、貧乏名無しさん (ワッチョイ a624-b+dI)[] 2019/05/19(日) 05:06:57.17 ID:pybuCwLn0
参考(アレクサンドリア・オカシオ=コルテス関連記事):
Why Can’t US – As Rep. Alexandria Ocasio-Cortez Suggests – Print Its Way Out of Debt? 2019/3/5
https://www.cnsnews.com/commentary/daniel-mitchell/why-cant-us-rep-alexandria-ocasio-cortez-suggests-print-its-way-out-debt 英文
https://translate.google.com/translate?hl=&sl=en&tl=ja&u=https%3A%2F%2Fwww.cnsnews.com%
2Fcommentary%2Fdaniel-mitchell%2Fwhy-cant-us-rep-alexandria-ocasio-cortez-suggests-print-its-
way-out-debt&sandbox=1 機械翻訳
https://1.bp.blogspot.com/-RoQdWyntfYg/XMYQ-DVnJvI/AAAAAAABiRM/HrwL-fnq2AQ927YA78Ygjg-KUB5u9fVnwCLcBGAs/s1600/IMG_4485.JPG
993 金持ち名無しさん、貧乏名無しさん (ワッチョイ a624-b+dI)[] 2019/05/19(日) 05:12:24.13 ID:pybuCwLn0
How to Finance Greek-Sized Government?
Sensible people "Don't copy Greece!'"
Statists "Yes"
"How?"
Class-warfare crowd "Tax the rich!"
Keynesians "Borrow Money!
Honest leftists "Pillage the middle class!"
MMT crowd "Print Money!"
>https://cdn.cnsnews.com/how_to_finance_greek-sized_government._chart_courtesy_of_daniel_mitchells_international_liberty_blog.jpg
787 金持ち名無しさん、貧乏名無しさん (ワッチョイ e3cc-uQfi)[sage] 2019/06/09(日) 09:39:05.66 ID:YTAojPG60
>>784
そういう言い方ではないね。
一つの手段として、それも選択肢の一つであるという趣旨だった。
たとえば以下の記事、
東洋経済オンライン―MMT インフレ制御不能」批判がありえない理由
https://toyokeizai.net/articles/-/283186?page=3
>しかも、この目標値は、あくまで目安にすぎない。
>実際のインフレ率は、目標値をやや超過して4%程度になるかもしれないが、そうであっても何の問題もない。
>インフレ率が許容範囲内に収まるよう、財政支出の規模を安定的に推移させていればよいのだ。
>
>また、所得税(とくに累進課税)は、好景気になると税負担が増えて、
>民間の消費や投資を抑制するという性格をもつ(いわゆる「自動安定化装置」)。
>このため、インフレになると、増税や歳出削減をしなくとも、自動的に財政赤字が削減され、インフレの過剰を抑止するのだ。
>
>ほかにも、中央銀行による金利の引き上げによってインフレを退治するという手段もある。
>
>要するに、高インフレを起こさないようにするのは、増税や歳出削減を強行せずとも、通常のマクロ経済運営の範囲内で十分に可能なのだ。
MMTで軍備拡張を主張する人が出るだろう
三橋も弱者救済が先というが
本来は右派
ギリシアのようにはならないが合言葉になっているが
一時話題になったのはギリシアの自殺率の低さ
あくまで日本と比べてだが
国を犠牲にして人民を守るというのは国家のあるべき姿
車体は壊れてもドライバーは守られるというような
戦争は国内の利害が一応一致するが
ベトナム戦争では民間人射殺の映像で世論がひっくり返った
正直プロパガンダは難しい
グリーンニューディールは日本でも現実的だろうが地方で成功例が必要
http://www.ele-king.net/columns/politics/006836/
オカシオ-コルテス、“MMT(現代貨幣理論)”を語る
文:cargo Apr 09,2019 UP
保存 このエントリーをはてなブックマークに追加
Overton's Window(常識の枠)を大きく開けたAOC(オカシオ・コルテス)。
政界に登場したニューヒロインは、私たちのカルチャーにどのような影響を与えるのだろう。
去る1月上旬、オカシオ-コルテス下院議員がBusiness Insider(ビジネス専門ニュースサイト)のインタヴューで「MMT = Modern Monetary Theory(現代貨幣理論)」について言及し、再び全米を騒然とさせた。これは一部の政治・経済クラスタだけが騒いだものではなく、若年層を中心に注目されるAOCだからこそ政治・経済の枠を超えて多くの人を巻き込む騒ぎとなったといえる。
1000万ドル以上の所得のある超富裕層の税率を、60%から70%で課税することを支持します。
グリーン・ニューディールを成功させる方法に関しては、富裕層課税などいくつもの財源創出方法があります。
政府の赤字支出は良いことです。グリーン・ニューディールを実現させるためには、財政黒字こそが経済にダメージを与えるとするMMT の考えを、”絶対に”私たちの主要議論にする必要があります。
アレクサンドリア・オカシオ-コルテス
このインタヴューが、誰もが「政府の財政赤字は悪いことだ」と思っていた”Overton's Window(常識の枠)”を、AOCが広げた瞬間となった。勿論このニュースが配信されるやいなや、そのコペルニクス的発想の転換に追いつくことのできない多くの人々は困惑し、バイラル・メディアでは、「借金を増やして良いわけがない」という当然の怒りの声から、「またインテリぶってるのか」「はいはい、炎上商法ね」といった冷笑めいた否定的なコメントも数多く寄せられた。しかし好奇心からMMTに興味を示す人たち、またはその先進的イメージから「AOCをサポートする」といった好意的なコメントも数多く投じられ、結果としてネット上には数多くの賛否両論の言葉が飛び交うこととなった。
このAOCのインタヴュー報道を受け、保守派が怒りをあらわにしたことは想像に難くないだろうが、著名人たちもこぞって反応した。ビル・ゲイツは「MMTなんて狂ってるね、財政赤字は問題に決まってる」と一蹴。他にも現FRB議長のジェローム・パウエル、ハーバード大教授で元財務長官のローレンス・サマーズ、そして投資の神様といわれるウォーレン・バフェットまでもが、ゲイツと同様に一方的な批判を重ねた。その内容は「債務がGDPよりも速いペースで増加しているのだから 歳出削減が必要だ」、「ハイパーインフレにつながる」と判で押したようなものであった。
他方で、ノーベル経済学賞を受賞したポール・クルーグマンは、NYタイムスで連載中のコラムでAOCの発した富裕層課税について触れ、「オカシオ・コルテスの提案はクレイジーに聞こえるだろうが、著名なエコノミスト達の真面目な研究とも完全に一致している。 米国では少なくとも73%、おそらく80%以上の富裕層税が適正だろう」と擁護。映画監督のマイケル・ムーアも、「誰がトランプをぶっ潰せるかって? 現在の民主党の大統領候補にはいない。オカシオ-コルテスが立候補すべきだろう。彼女がこの民主党進歩派の運動のリーダーだってことは誰もがわかっている。トランプを支持する視聴者の多いFOXの世論調査でさえ、富裕層の税率を70%に上げようという彼女の主張を、実に70%もの人が支持したんだ」とTV番組で声高に叫んだ。
しかし、パウエルら批判者、クルーグマンら擁護者の双方いずれもが、MMTの呈する理論を代弁できているとは言えないだろう。MMTの真髄は、赤字財政であっても野放図に支出しても良いとするものでもなければ、富裕層に対する課税を強化しようというものでもないのだ。どのような理由でAOCは「財政赤字は良いことだ」と語ったのだろう。
AOCの師・米大統領候補サンダースの設立したサンダース・インスティテュート。その経済政策担当で、サンダース自身と民主党上院予算委員会の経済顧問も務めた、NY州立ストーニーブルック大教授のステファニー・ケルトンは語る。
MMTは、異なった経済や貨幣制度を調査するためのレンズのようなものです。
アメリカ、イギリス、カナダや日本を見て、これらの国々は独立した主権国家で不換紙幣と呼ばれるものを使用しているという意味で似ています。
自国通貨を発行できる国は、請求書が払えなくなるような状況に陥ることはありません。
そして、その国債を発行することによる政府支出の上限は、「過度なインフレ圧力」なのだと加える。経済に余剰な供給能力があるのならば赤字支出可能だということだ。ステファニー・ケルトンは、90年代に投資家のウォーレン・モズラーやニューカッスル大学教授のビル・ミッチェル、ミズーリ大教授のL・ランダル・レイらとMMTの基礎を築いたチャーターメンバーだ。MMTの理論が成り立つ前提条件は他にも、変動相場制や、多額の外貨建て債務を有していないことなどが挙げられるが、いずれもケルトンが言及した国々に条件が符号する(そう、我が国もだ)。
AOCの発した「政府の黒字は経済にダメージを与える」とする発言も、一見して矛盾するように感じられるだろう。しかし政府が民間部門から過大に徴税したり、緊縮的な政策を続けて財政を黒字化させるということは、それだけ経済を巡る貨幣を取り上げることに他ならないのだ。
現実が経済学を裏切っている。現実を経済学で説明できない。人々の信頼を失い、ジレンマに苦しみ続けた経済学がようやく出した解答が、このMMTだといえるだろう。政府は赤字支出により、国民経済を発展的に管理する必要があり、そのためにこそ国家が存在している。人々がかつて畏怖の対象としてきたリヴァイアサンこそが我々の経済活動をまわす原動力だったと気づかされる。
米国ではトランプ大統領の登場以前から、深刻な格差の拡大が社会問題となり、それによって世論も二極化した。民主党支持者の60%が社会主義に好意を示し、教育や社会保障への予算割り当ての増額を望む一方、従来のリバタリアニズムを堅持する共和党支持者の多くは、税や政府予算の規律を重視するばかりか、移民への社会的保障が国家運営を阻害するとして批判さえ加えてきた。
「神の見えざる手」を過剰に信仰するリバタリアニズムや「自己責任論」が、ネオリベ思想にも直結する形に収斂した。そのカウンターとして現れたのが反ネオリベのトレンドである。主流メディアにおいてしばしばこのように語られるが、これは事象を正確に説明しているとはいえない。ネオリベとあまり変わらない「第三の道」を継承したかつてのオバマのリベラル政権下においてこそ、現在に続く反ネオリベ・反緊縮の種が萌芽を待ちわびていたと見るべきだろう。
リバタリアニズムとリベラリズム両者の瓦解、それによって生まれた反ネオリベの芽がトランプ政権を産み、そしていま、サンダースやAOCを切望するポピュリズムの声となったのだ。
ポピュリズムとは民衆のデモクラシーを求める声とも言える。そもそもリベラル・デモクラシーは、社会に見放された落後者に対しても、民衆の意思たる代表制をもって人権を保障し、救済するためのシステムであったはずだ。しかし、80〜00年代を通して「ネオリベラリズム」や、ネオリベのマイルド版である「第三の道」に破壊され続けたリベラル・デモクラシーは、いつしか過度なリベラリズム(個人の自由を強調する指向性はリバタリアニズムにも近い)とデモクラシーとに乖離した。
それらに反発する民衆の声がいま、本来的な意味で、人びとの生きる土地やコミュニティーを愛する純粋なデモクラシーへと進化を遂げるかたちとなった。それこそがポピュリズムの、地べたに根を張る民主主義の本来の姿ではないだろうか。
Neil YoungやRed Hot Chili Peppers、Vampire Weekendのようなアウトサイダーと呼ばれるロック・ミュージシャン、そしてNASやDiplo、Stieve Aokiといったストリート出身のクラブミュージック牽引者たちのサポートによって、3年前にサンダース旋風が吹き荒れたことは記憶に新しい。
16年の大統領選に旋風を巻き起こした若者のデモクラシーを求める声は、”#FeelTheBern”のハッシュタグを生み、Cardi Bの”Vote for Daddy Bernie, bitch”へと、そして21 Savageのリリック”I couldn’t imagine, my kids stuck at the border(なぜ子供たちが国境で拘留されているのだ)”に呼応するAOCに引き継がれ、いまなお大きく響きわたっている。
本コラムを通読いただけた方には、なぜ2019年にアレクサンドリア・オカシオ-コルテスが、そしてMMT=Modern Monetary Theoryがたち現れたのかご理解いただけただろう。それは、人びとが望んだ民主主義が、そこに結実しただけなのだ。
RELATED
オカシオ・コルテス現象について
Politics
Politics - Back Number
オカシオ-コルテス、“MMT(現代貨幣理論)”を語る
オカシオ・コルテス現象について
http://www.ele-king.net/mt/mt-search.cgi?IncludeBlogs=8,6,8,13&search=Opinion
オカシオ-コルテス、“MMT(現代貨幣理論)”を語る - ele-king
ele-king (April 9, 2019 7:38 PM)
Overton's Window(常識の枠)を大きく開けたAOC(オカシオ・コルテス)。
政界に登場したニューヒロインは、私たちのカルチャーにどのような影響を与えるのだろう。
去る1月上旬、オカシオ-コルテス下院議員がBusiness Insider(ビジネス専門ニュースサイト)のインタヴューで「MMT = Modern Monetary Theory(現代貨幣理論)」について言及し、再び全米を騒然とさせた。これは一部の政治・経済クラスタだけが騒いだものではなく、若年層を中心に注目されるAOCだからこそ政治・経済の枠を超えて多くの人を巻き込む騒ぎとなったといえる。
1000万ドル以上の所得のある超富裕層の税率を、60%から70%で課税することを支持します。
グリーン・ニューディールを成功させる方法に関しては、富裕層課税などいくつもの財源創出方法があります。
政府の赤字支出は良いことです。グリーン・ニューディールを実現させるためには、財政黒字こそが経済にダメージを与えるとするMMT の考えを、”絶対に”私たちの主要議論にする必要があります。
アレクサンドリア・オカシオ-コルテス
https://www.businessinsider.com/alexandria-ocasio-cortez-changing-how-americans-think-about-economics-2019-1
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finanzen.net
Alexandria Ocasio-Cortez's ideas are not so 'radical,' but they are changing how Americans think about economics
Linette Lopez Jan. 8, 2019, 12:19 PM
Rep.-elect Alexandria Ocasio-Cortez speaks with reporters outside the Capitol.
Rep.-elect Alexandria Ocasio-Cortez speaks with reporters outside the Capitol. Susan Walsh/AP
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In an interview with 60 Minutes on Sunday, Democratic Congresswoman Alexandria Ocasio-Cortez discussed some so-called radical economic ideas.
Turns out, they're not so radical. But her opposition will still find them incredibly threatening.
That's because she's changing a discussion about economics that has gone uncontested for about 40 years, and that in turn could change the way we think about what we really value in the country for the next 40 years.
On Sunday 60 Minutes aired an interview with New York Representative Alexandria Ocasio-Cortez where she discussed her views on our political climate, her rise to Congress, and her policy ideas.
Then something that hasn't happened in a few years happened. We actually started talking about those ideas — ideas that have little to do with President Donald Trump.
If the fact that her ideas were given any space at all space isn't shocking enough for you, you should check out the ideas themselves. They are a departure from the last 40 years of the way we think of how national budgets and American taxation should work. And they are desperately needed at the moment.
Ocasio-Cortez discussed two ideas, specifically, that would make your generic, center-right "fiscal responsibility" issue voter's hair stand on end.
A 70% tax rate on incomes above $10 million.
The application of modern monetary theory (MMT) on our budget. According to this theory deficits are okay as long as money is being spent productively (on say, healthcare or infrastructure). The only real danger with running deficits is out of control inflation, which the Federal Reserve can control by raising rates.
Obviously this flies in the face of everything your dad told you about being a prudent American. The rich aren't supposed to be "punished" for their success with taxation, and the government is supposed to give money back to people instead of "wasting it." As for deficits, well those will turn America into Weimar Germany, or so it goes.
Ocasio-Cortez is here to tell you all of that we tried that line of thinking and the result was massive inequality and a hampered government. It was just a useful idea that turned into a fever induced by special interest groups bent on minimizing money spent on social programs lowering taxes for the rich. They found their foothold in the Reagan administration, and they've been dominating American economic thought ever since — so much so that the popular imagination almost forgot that these are just theories and started accepting them as mathematical fact.
But they're not.
Quickly, a word from economist John Maynard Keynes: "The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist."
Read more: THE TRUTH ABOUT ALEXANDRIA OCASIO-CORTEZ: The inside story of how, in just one year, Sandy the bartender became a lawmaker who triggers both parties
Strong and wrong
Alexandria Ocasio-Cortez changing how Americans think about economics - Business Insider
https://www.businessinsider.com/alexandria-ocasio-cortez-changing-how-americans-think-about-economics-2019-1
In an interview with 60 Minutes on Sunday
mmtなる言葉はない
https://www.cbsnews.com/amp/news/alexandria-ocasio-cortez-the-rookie-congresswoman-challenging-the-democratic-establishment-60-minutes-interview-full-transcript-2019-01-06/?__twitter_impression=true
Alexandria Ocasio-Cortez: The rookie congresswoman challenging the Democratic establishment
Rep. Ocasio-Cortez backed modern monetary theory, no economists agree - Business Insider
https://www.businessinsider.com/economist-survey-alexandria-ocasio-cortez-modern-monetary-theory-2019-3
The idea has gained a following among progressive economists and some politicians. Rep. Alexandria Ocasio-Cortez of New York told Business Insider in January that MMT should be "a larger part of our conversation."
Read more: Alexandria Ocasio-Cortez says the theory that deficit spending is good for the economy should 'absolutely' be part of the conversation
Alexandria Ocasio-Cortez on MMT. Modern Monetary Theory, how she'll pay for her policies - Business Insider
https://www.businessinsider.com/alexandria-ocasio-cortez-ommt-modern-monetary-theory-how-pay-for-policies-2019-1
She said she was open to Modern Monetary Theory, a burgeoning theory among some economists positing that the federal debt is not an economic restraint for the US. She said the idea, which holds that the government doesn't need to balance the budget and that budget surpluses actually hurt the economy, "absolutely" needed to be "a larger part of our conversation."
Alexandria Ocasio-Cortez議員は、他のどの分野よりも一つの質問を受けました:彼女は彼女の野心的な政策提案に対してどのように支払いますか?
新たに宣誓された議員は、軍事支出の削減、最も裕福なアメリカ人への増税、および赤字支出を含む、資金を生み出すための多くの方法があるとINSIDERに語った。
Ocasio-Cortez氏はまた、政府が予算のバランスをとる必要はなく、予算の超過分が実際に経済に悪影響を与えると主張する現代通貨理論は、「絶対に」私たちの会話の大部分になる必要があると語った。
政治的スポットライトの中で、アレクサンドリア・オカシオ・コルテス議員は、短期間のうちに1つ以上の質問を受けました。彼女は、野心的な政策提案にどのように支払うのでしょうか。
新しく宣誓された議員は詳細から大きく敬遠しました。 そして彼女は、最近のINSIDERとのインタビューの中で、その質問を「非常に忌まわしい」と説明し、批評家は防衛費に関してはそれを尋ねないと主張した。
「それは問題を越えて均等に適用される質問ではない、そしてそれは私が実際に人々が本当に興味を持っているとは思わないということである」と彼女は言った。 「これは、医療と教育の支出のみを対象とした質問です。」
彼女は、無料の大学、Medicare for All、連邦の雇用保証、そして彼女と他の進歩的な民主党が提案した他の大胆な政策に資金を提供する無数の方法があると主張します。
「私たちがすでに行っている支出のコストを節約することによって、あなたはそれを支払うことができます」と彼女は言いました。 「軍事費を節約することでそれを実現できる。非常に裕福な人々に増税することでそれを支払うことができる。取引税でそれを支払うことができる。赤字支出でそれを支払うことができる」
「あなたは人々がまだ私がちょうどそれに答えなかったかのように質問をしていることを認識しています」と彼女はINSIDERに言いました。 「それは実際の答えには興味がないからだ。攻撃にも興味があるし、議題を打ち破ることにも興味がある」
続きを読む : アレクサンドリア・オシアシオ・コーテスについての真実:たった1年で、バーテンダーのサンディが両当事者を引き金にする立法者になったことの裏話
同氏は、連邦債務は米国にとって経済的な制約ではないと主張する経済学者の間で急増している理論である現代通貨理論にオープンであると述べた。 彼女は、政府が予算のバランスをとる必要はなく、予算の超過分が実際に経済を傷つけると考えているという考えを「絶対に」「私たちの会話の大部分」にする必要があると言いました。
Ocasio-Cortez氏は先週、「60分」と語ったところで、超裕福なアメリカ人の所得(1000万ドル以上の所得)への課税を60%から70%の税率で政府の収入を高めるために支持したと語った 。
そのコメントは保守派の間で憤慨を呼び起こした 。彼らはその提案を過激なものとして特徴づけ、そして進歩的な経済学者の間で広範囲の支持を受けた。
多くの支持者は、米国は第二次世界大戦後のほぼ40年の間、超富裕層に対して同様に高い限界税率を維持したことを指摘し、それは国の歴史の中で最も経済的に繁栄した時代を含みました。
エコノミストとノーベル賞受賞者のポール・クルーグマン氏は日曜日のニューヨークタイムズ紙の記事で 、オカシオ・コルテスの提案は「真面目な経済研究と完全に一致している」と主張した。米国は少なくとも73%、おそらく80%以上です。
ドナルド・トランプ大統領とGOPは、2017年に制定された税法の一環として、最高税率を39.6%から37%に引き下げました。
関連 項目:ALEXANDRIA OCASIO-CORTEZについての真実:たった1年で、バーテンダーであるSandyがどのようにして両当事者を惹きつける議員になったかについての裏話
NOW WATCH: Alexandria Ocasio-Cortez is being praised for her line of questioning at Michael Cohen's hearing — watch it here
詳細: アレクサンドリアオカシオコルテス 経済 会議 アメリカ下院
8:08
A
no so a green new deal -
so the green new deal is a resolution on the floor of the house and what it does is that it outlines specific principles by which our climate policy should be executed and so those principles go down to three things one a ten year timeline for decarbonization um two making sure that we are creating jobs in any climate legislation and three that we are centering and focusing on disproportionately impacted communities those are not hard to do and so far we already have several pieces breakaway pieces of legislation addressing everything from public housing electric vehicles and also you know issues like mass transit
H
so you broke it into small little fun size
A
yeah exactly exactly
8:08
A
緑の新しい取引はありません。
グリーンニューディールは議会での決議です。
その内容は、気候政策を実行するための具体的な原則を概説しています。
その原則は3つあります 1つ目は脱炭素化のための10年のタイムライン、2つ目は気候変動に関する法律の中で雇用を創出すること、そして3つ目は
2つ目は、気候変動に関する法案の中で雇用を創出すること、そして3つ目は、中心に据えていることです。
そして、不均衡な影響を受けているコミュニティに焦点を当てることは難しいことではありません。
また、マス・トランジットのような問題もあります。
H
ということで、ちょっとしたお楽しみサイズに割ってみました?
A
ああ、その通りだ
8:08
A
no so a green new deal -
so the green new deal is a resolution on the floor of the house.
and what it does is that it outlines specific principles by which our climate policy should be executed.
and so those principles go down to three things one a ten year timeline for decarbonization.
um two making sure that we are creating jobs in any climate legislation and three that we are centering.
and focusing on disproportionately impacted communities those are not hard to do and so far we already have several pieces breakaway pieces of legislation addressing everything from public housing electric vehicles.
and also you know issues like mass transit.
H
so you broke it into small little fun size?
A
yeah exactly exactly.
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