As Twitchy told you, earlier this week, Stephanie Kelton, an alleged economics professor at Stony Brook University as well as an adviser to Bernie Sanders, confirmed that college doesn’t necessarily make you smart with this garbage take:
The carpenter can’t run out of inches
The stadium can’t run out of points
The airline can’t run out of FF miles
And the USA can’t run out of dollars
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??#GetReal https://t.co/lXmF8TbAYr— Stephanie Kelton (@StephanieKelton) April 24, 2019
If your initial reaction to this supposed scholar’s insanity is to point and laugh, we totally get it. But as Carol Roth points out, just as is the case with Alexandria Ocasio-Cortez and Bernie Sanders’ socialist authoritarianism, there’s an underlying sinisterness to Kelton’s economic policy:
I still can't believe how dangerous this is- either via willful ignorance or more nefarious reasons- from Bernie Sanders' economic advisor. Even her examples are insane. Take airlines/FF miles. Let's say the airline requires 50,000 miles for a free trip/ticket… (contd) pic.twitter.com/V6bZmNgAbn
— Carol Roth (@caroljsroth) April 26, 2019
Now, imagine it gives each of its customers 100 million frequent flyer miles. Either it will run out of seats on planes for free tickets, rendering the remaining miles worthless or it will have to raise the miles required for the free ticket to account for extra miles circulating
— Carol Roth (@caroljsroth) April 26, 2019
…so a seat that required 50,000 miles before might now require 100 million or 200 million miles. This devalues the "worth" of each individual frequent flyer mile. The fact an econ professor & dem POTUS contender advisor is preaching this is scarier than a Stephen King novel.
— Carol Roth (@caroljsroth) April 26, 2019
It’s troubling, to say the least.
A dollar is a measure of value. Unlike an inch, it is a malleable measure. However, changing of that measure does not come consequence free. Theories that would fit statements like Kelton's would lead to a constant flirting with inflationary disaster.
— E.B. Garrett (@EBGarrett1975) April 26, 2019
How much value is lost with each new dollar that is printed? What a shortsighted view of economics. I can see why they work for Socialist Sanders.
— Lucas Olson (@Lucas_A_Olson) April 26, 2019
I did an interview yesterday where I was asked if we should be afraid of socialism. Yes, we should be afraid that people who want to be in charge are so ignorant of super basic economics. https://t.co/UJDewRt0Y6
— Karol Markowicz (@karol) April 26, 2019
While those with common sense understand the flaws in Kelton’s reasoning, there are a lot of people who blindly worship at the altar of socialism and wouldn’t hesitate to vote their own prosperity — and ultimately their own freedom — away.
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Related:
‘100% crazytown’: Alleged econ prof’s take on the Green New Deal should come with a warning label
