Written in response to this article.
Typical Demoncrap tactic, AOC: Dodge the question and launch personal attacks.
Winning on category in a high school science fair, while technically is “holding an award from MIT,” you must put that into context, AOC. Walking around saying you “hold awards from MIT” makes it like like you did either collegiate or graduate work for them that was of such an outstanding nature they heaped you with lauds and accolades.
No. You won one category of a high school science fair. Congratulations.
But how could you possible have graduated cum laude at Boston University having majored in international relations and economics while completely and utterly FAILING to understand even basic economic concepts?
Were your Economics studies limited to Marxism and Keynesian economics? Those are great starts, but not for use in real life! Rather, they’re designed to show you the FLAWS of earlier work. Keynes was to Economics as Riemann is to Calculus. Just because Riemann sums are a precursor to calculus doesn’t mean you spend your life calculating Riemann sums! You learn and use CALCULUS.
Similarly, the Chicago School of economics is best known for its free market advocacy and monetarist ideas. According to Milton Friedman and monetarists, market economies are inherently stable if the money supply does not greatly expand or contract. Ben Bernanke, former Chairman of the Federal Reserve, is among the economists today generally accepting Friedman’s analysis of the causes of the Great Depression.
Milton Friedman effectively took many of the basic principles set forth by Adam Smith and the classical economists and modernized them. One example of this is his article in the 13 September 1970 issue of The New York Times Magazine, in which he claims that the social responsibility of business should be “to use its resources and engage in activities designed to increase its profits … (through) open and free competition without deception or fraud.”
Friedman’s advances go way, way beyond Keynes. You can’t run a country off Keynesian economics. It just doesn’t work, a fact proven time and time again every by Democrats whenever they get into power.
AOC, I’ll put it in terms you can understand: It’s like trying to run a blender with nothing but the blades. No motor, no glass container. Not very effective.
The early 21st Century Recession was a burble, and the process of recovery began two years before 2009 when Obama and the Dems set in place largely Keynesian economic plans which absolutely TANKED our economy. Yes, AOC, he made it WORSE, and greatly prolonged the recovery. By contrast, our economy BOOMED the day after Trump was elected for one simple reason: Smart, intelligence human beings in charge of our nation’s most prosperous economic (business) entities acted upon what they knew Trump was going to do, and three years later, we were all proven correct.
Friedman’s genius involved the dynamics of humanity. He incorporated the Laffer Curve into Reaganomics, a measure which boomed the United States of America throughout the 1980s AND 1990s. While tax cuts only work in Laffer’s “prohibitive range,” that’s where Dems are incessantly trying to push us. Some of you are SO stupid you actually believe there will be any economy left at a 70% tax rate. You’re either unbelievably ignorant, incredibly stupid, or flat-out insane.
Senator Cruz is correct.
By comparison, during high school Cruz participated in a Houston-based group known at the time as the Free Market Education Foundation, a program that taught high school students the philosophies of economists such as Milton Friedman and Frédéric Bastiat. Cruz graduated cum laude from Princeton University in 1992 with a Bachelor of Arts in public policy from the Woodrow Wilson School of Public and International Affairs. After graduating from Princeton, Cruz attended Harvard Law School, graduating magna cum laude in 1995 with a Juris Doctor degree. While at Harvard Law, he was a primary editor of the Harvard Law Review, an executive editor of the Harvard Journal of Law and Public Policy, and a founding editor of the Harvard Latino Law Review. Referring to Cruz’s time as a student at Harvard Law, Professor Alan Dershowitz said, “Cruz was off-the-charts brilliant”. At Harvard Law, Cruz was a John M. Olin Fellow in Law and Economics.
Senator Cruz KNOWS economics, through and through.
Having graduated s.c.l. in both my graduate programs, I recognize Senator Cruz’s comments concerning economics are dead on. Yours, however, are not.