Alexandria Ocasio Cortez is either the dumbest politician in congress or the most sinister – neither is good. To hear her prattle on about wanting to cancel billionaires is so devoid of economic common sense that it boggles the mind. What’s worse are her mindless voters, who are equally uninformed as she is on what makes a country prosperous. Democrats don’t need voter fraud; they have something far more effective – the vacuous American voter.
Ocasio Cortez says the capitalist system that allows billionaires to exist is “wrong.” This is coming from a person who once said during the Trump presidency that the unemployment rate was so low “because everybody has two jobs.” Boston University should take back her degree in economics for such a breathtaking display of ignorance. She is wrong for not one but two reasons. First, people working multiple jobs have no distorting effect on the unemployment rate, which is calculated by taking the number of unemployed people and dividing it by the number of people in the labor force. Secondly, not everybody has two jobs.
Let’s see where the country would be now if AOC had gotten her dream twenty years ago to rid the U.S. of billionaires and modify the system to eliminate the possibility of becoming one. AOC’s vision means there would never have been a Jeff Bezos; thus, no Amazon and America would have over 1 million fewer direct jobs and the loss of thousands of indirect jobs via its marketplace. Globally, Amazon has created 1.6 million jobs. AOC says we should delete billionaires because they are behind companies like Amazon and Walmart who underpay employees. Amazon’s starting wage is $15, over twice the federal minimum wage of $7.25 per hour and Walmart’s is over 50% higher at $10.97. AOC would be well-served to put into practice the well-known quote by Mark Twain, “It’s better to remain silent and be thought a fool than open ones mouth and remove all doubt.” Self-assessment is not a strong point for AOC, judging by her racist comments and support of antisemitic groups, so I doubt she will take Twain’s advice.
AOC would have kicked Elon Musk to the curb and, along with him, well over 150,000 direct and indirect jobs with Tesla, Paypal which he co-founded, and of course, SpaceX he also founded.
Warren Buffet, the Oracle of Omaha, who employs over 360,000 people, would be unknown and relegated to mediocrity under the authoritarian rules of AOC.
We could compose a list of many Americans that AOC’s madness would have relegated to obscurity. Millions of jobs would not exist, investment would dry up, and thousands of businesses that billionaires and millionaires create and support would have never started. Additionally, innovation in many industries that make the U.S. number one would not have taken place, and the average American would have far fewer opportunities to pursue.
The same punitive policies she would enact against billionaires would negatively affect becoming a millionaire, which is the path to billionaire status. Like millionaires, most billionaires don’t inherit their wealth and are self-made. A 2019 study published by Wealth-X found that 68% of those with a net worth of 30 million or more made it themselves. A study by Fidelity Investments found that 88% of all millionaires are self-made. What AOC stupidly wants to do is effectively rip the rungs out of the economic ladder, so there is nowhere to climb. She would eliminate the ability of people to achieve success and, in the process of doing so, hurt all Americans who benefit from industrious, ambitious people who shape our world. AOC is not alone in her astounding ignorance about the massive benefit that capitalist, free-market economies have in the lives of everybody. She is the product of socialist/Marxist creatures who prowl the campuses of our universities, filling the minds of students with failed economic ideas of the past. Only a fool would want to live in a country without billionaires.
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