Category Archives: Economics

Alexandria O-C

The unserious face of an unserious moment:

Speaking to a friendly Trevor Noah, Ocasio-Cortez revealed that she does not know the difference between a one-year and a ten-year budget; confused the recent increase in defense spending with the entire annual cost of the military; implied that the population of the United States was around 800 million strong; and, having been asked to defend her coveted $15 minimum wage, launched into a rambling and inscrutable diatribe about “private equity” firms that would have been a touch too harsh as a parody on South Park. If anything, she was worse this time than she had been during her appearance on Firing Line a few days earlier, on which newly revamped show she demonstrated her obliviousness to the fact that the United States economy exploded during the 1990s, to the manner in which unemployment numbers are calculated, and to even the most obvious facets of the Israel–Palestine question about which she has assured her supporters she is so passionate.

“It’s really weird!”

It is, yes. Especially given that, before her two interviews aired, Ocasio-Cortez had taken to exhibiting that jealous penchant for credentialism that so stains the world’s wannabe socialists, and to boasting about her intellectual prowess. At the beginning of July, she tweeted with self-satisfaction — and a noticeably premature use of the word “other” — that she was “Wondering how many other House Democrats have a degree in Economics like I do?” Two days later, she upgraded that claim: “If you think the GOP is terrified of my politics now,” she threatened on Twitter, “just wait until they find out about public libraries.” Just wait, indeed! From a BA from BU to the embodiment of all human knowledge in just 48 hours! At this rate it can’t be long before she gives it all up and becomes an honorary Krassenstein Brother: “We are the way, the truth, and the light. Retweet if you love Love and hate Trump!”

And as Stephen Green notes: “Graduated fourth in her class at Boston University, which costs $72,618 annually to attend.”

She’s a poster child for the high-cost worthlessness of a modern college degree.

[Update a while later]

Are people really this stupid? Well, they’re certainly mal-educated.

[Update a few minutes later]

Millennial socialism: Stupid, evil, or both?

[Update a while later]

The media rushes to protect Alexandria O-C from her own cluelessness.

Milton Friedman

Happy birthday, with some thoughts from Gail Heriot:

His mother—Sarah Ethel Landau Friedman—emigrated from Carpathian Ruthenia (a flea-bitten part of what was then considered the Kingdom of Hungary) when she was 14. She started out working as a seamstress in a sweatshop—an opportunity she was delighted to have. She later went into business with her husband in a dry goods store and an ice cream parlor (both of which she ran). Contrast that with John Maynard Keynes’s upbringing in a prominent British family. His mother, Florence Ada Keynes, who, like Sarah, was a formidable woman, is most often referred to as a “social reformer” or a “politician.”

Yes, what if?