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Now that definitely sounds like partisan nonsense.
by beat 7y ago
Now that definitely sounds like partisan nonsense.
- gridlockd 7y agoPerhaps, but it's true. AOC is a proponent of MMT[1] and has made that "five dollars for every one dollar spent" argument[2]. [1] https://www.businessinsider.com/modern-monetary-theory-mmt-explained-aoc-2019-3?r=US&IR=T https://www.businessinsider.com/modern-monetary-theory-mmt-e... [2] I can't find the source for this one right now, but it was in a video interview regarding the green new deal, right around when it was announced.
- garmaine 7y agoAdding on to this, the five dollars for every dollar spent makes sense in some contexts. It’s a key factor in support of federally funded basic research like NASA, NSF, DARPA, etc. I actually believe this based on the reports I’ve seen for NASA spin offs. But what AOC is talking about is not basic research, which has a multiplicative effect because it opens up new technologies, new products, and new industries. A New Deal is work for works sake, and economically substitutive... so the return is actually less than a dollar for every dollar spent.