AOC's latest rant about billionaires is totally off-base
Added 11-28-20 06:23:01am EST - “Say what you will about left-wing darling Rep. Alexandria Ocasio-Cortez, but she knows how to get a message across on social media. One of the youngest members of the House of Representatives, the New York Democrat and socialist,…” - Washingtonexaminer.com
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Say what you will about left-wing darling Rep. Alexandria Ocasio-Cortez, but she knows how to get a message across on social media. One of the youngest members of the House of Representatives, the New York Democrat and socialist, boasts 8.1 million Instagram followers.
It’s a shame that Ocasio-Cortez has once again used her talent for going viral to spread misleading narratives that ignore basic economics. This time, in one of her ask-me-anything Instagram stories, the congresswoman was asked about her position that billionaires shouldn’t exist. "The question of billionaires is less about being a ‘good’ or ‘bad’ individual and more about the immorality of a system and economy that not only allows abuse of everyday people, but financially rewards the powerful who profit off not paying workers a living wage, keeping medicine expensive … or otherwise hoarding unthinkable levels of wealth for the very few by denying basic dignities of life for the many,” she wrote.
Ocasio-Cortez continued, “Billionaires are a symptom of a society that does not afford people basic elements of dignity,” concluding, “If people want we can revisit the billionaire question when everyone has healthcare, climate change is addressed, [and] people have actual dignified standards of living."
There’s one glaring problem with Ocasio-Cortez’s impassioned tirade: Economics is not a zero-sum game. Her argument is predicated upon the idea that in the process of achieving great wealth, a billionaire had to take that wealth away from someone else. This simply isn’t how a free-market economy works.
When you voluntarily buy groceries from the local market, you and the store owner are both made better off by the transaction. You get goods that are worth more to you than the money you’re spending on them (or else you wouldn’t make the purchase) and vice versa for the store owner.
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