AOC’s Idiotic Wealth Tax on Billionaires

Democratic darling Alexandria Ocasio-Cortez (#AOC) has released a video with #NowThisNews titled “AOC Calls on Cuomo to Pass Wealth Tax and Save Working Families”. The video asserts as follows: billionaires have collectively increased their net worth by more than $400 billion as a result of coronavirus lock downs, 74% of black and brown immigrant families lost their jobs as a result of the lock downs with few qualifying for unemployment benefits, and New York ought to impose a wealth tax on its billionaires to relieve these immigrant communities. As per the usual, AOC seemingly doesn’t understand what net worth actually is nor that her proposed wealth tax is idiotic and would only make matters worse.

Hashtags: #WealthTax #WealthInequality #Billionaires #NewYork #GovenorCuomo #COVID19 #Coronavirus #Economics

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References:

Riedl, B. (2020, July 02). No, the Pandemic Has Not Surged Billionaire Wealth. Retrieved July 26, 2020, from https://www.nationalreview.com/2020/07/no-the-pandemic-has-not-surged-billionaire-wealth/.

Rising number of wealthy French fleeing abroad. (2015, August 08). Retrieved July 26, 2020, from https://www.france24.com/en/20150808-france-wealthy-flee-high-taxes-les-echos-figures.

Unemployment Insurance and COVID-19. (2020, July 21). Retrieved July 26, 2020, from https://maketheroadny.org/unemployment-insurance-and-covid-19/.

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Why Universal Basic Income (UBI) Can’t Make Us Wealthier

In light of the current worldwide crisis and record levels of unemployment, many people are again talking about universal basic income or UBI. According to WIRED UK, a universal basic income would give people a greater sense of freedom and allow them to engage in activities that are of greater value to the community. However, this is easily disproved when you consider that one’s willingness to pay for an activity voluntarily is what determines how much value that activity has.

Hashtags: #UniversalBasicIncome #UBI #Economics

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References

Sowell, T. (2014). Basic Economics. New York: Basic Books.

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Idiots Lose Their Minds Over Price Gouging

Every time a disaster like #COVID19 rears its head, politicians and pundits come out of the woodwork to condemn “price gouging.” But what is #PriceGouging? What causes it, and does #Government make it better or worse with regulations?

Hashtags: #Economics #Coronavirus #Disaster #Rationing #FreeMarket #ToiletPaper

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References

Sampson, H. (2020, March 12). Travel prices are dropping almost everywhere as coronavirus fears take over. Retrieved from https://www.washingtonpost.com/travel/2020/03/12/travel-prices-are-dropping-almost-everywhere-coronvavirus-fears-take-over/.

Savodnik, P. (2020, March 19). Can movie theaters survive coronavirus? Retrieved from https://www.vanityfair.com/hollywood/2020/03/can-movie-theaters-survive-coronavirus.

Sowell, T. (2014). Basic Economics. New York: Basic Books.

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The FED’s Stimulus Won’t Solve Production Problems (2 Day with 2 Cents Podcast)

With interest rates cut to zero, the Federal Reserve promises unlimited liquidity and Congress deliberates on a so-called “Economic Recovery Package.” However, no amount of money printed out of thin air can resolve the underlying problem which is lack of production. This problem has only been exacerbated by bringing the entire economy to a halt in an effort to stop the spread of the coronavirus (COVID-19).

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Hashtags: #FederalReserve #StimulusPackage2020 #COVID19 #StockMarketCrash2020 #EconomicCrisis #EconomicMeasures #EconomicCollapse

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References

Krambeck, G. (2020, March 22). MARK-TO-MARKET: Trump, Federal Reserve tackle economic stimulus. Retrieved from https://qconline.com/business/mark-to-market-trump-federal-reserve-tackle-economic-stimulus/article_84592a90-e13e-5dd1-a576-f4193e8a28d0.html

Stein, J., Werner, E., & DeBonis, M. (2020, March 19). Negotiations intensify on Capitol Hill over massive stimulus legislation as coronavirus fallout worsens. Retrieved from https://www.washingtonpost.com/business/2020/03/18/trump-coronavirus-economic-plan/

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Biden’s Upcoming Economic Narrative (2 Day with 2 Cents Podcast)

 

In this edition of the 2 Day with 2 Cents podcast, I discuss Joe Biden’s ascendancy as the Democratic Party’s front runner for 2020 in light of the stock market’s tumbling as the coronavirus continues to spread worldwide. Many right-wing commentators are saying that a Biden presidency isn’t nearly as much of a threat as a Sanders presidency, but I have my doubts.

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Hashtags: #Biden2020 #COVID19 #StockMarketCrash2020 #BidenForPresident #Biden #EconomicCrisis

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References

Fitzgerald, M. (2020, February 28). Global stock markets have lost $6 trillion in value in six days. Retrieved from https://www.cnbc.com/2020/02/28/global-stock-markets-have-lost-6-trillion-in-value-in-six-days.html

Haberman, M., & Karni, A. (2020, March 4). The Coronavirus. The Stock Market. Now Biden’s Comeback Adds to Trump’s Bad Week. Retrieved from https://www.nytimes.com/2020/03/04/us/politics/trump-coronavirus-stock-market-biden.html

Rob, G. (2020, March 5). Fed expected to continue cutting interest rates, beginning as soon as later this month. Retrieved from https://www.marketwatch.com/story/fed-expected-to-continue-cutting-interest-rates-beginning-as-soon-as-later-this-month-2020-03-05

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