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Yes, AOC, Your Generation Has Seen American Prosperity
Townhall.com ^ | June 21, 2019 | Michael Barone

Posted on 06/21/2019 6:47:33 AM PDT by Kaslin

"An entire generation, which is now becoming one of the largest electorates in America," says Rep. Alexandria Ocasio-Cortez, D-N.Y., whose visibility as a spokesperson for this generation has been boosted by political friend and foe, "came of age and never saw American prosperity."

Of course, AOC misspoke. It's ridiculous to say that someone who grew up in and worked in metropolitan New York City "never saw American prosperity." Those high-rise buildings didn't rise by spontaneous generation. Somebody put up money to build them.

What AOC surely meant to do was make the often advanced argument that Americans born around 1989 who came of age around 2007, the year AOC graduated from Yorktown High School in suburban Westchester County, haven't seen much economic growth.

That's the year the Great Recession hit, when layoffs skyrocketed and job openings plummeted. College graduates faced bleaker prospects than their counterparts a few years before, and jobs for young non-college males seemed to disappear.

Economic growth remained sluggish through Barack Obama's presidency, and the spike in economic growth since Donald Trump took office and his tax cuts passed has been most robust among lower-skill workers, rather than college graduates like AOC. But that suggests America is moving to less economic inequality -- an argument you're not likely to hear from a Democrat.

But perhaps AOC is taking a longer perspective, based on research like a recent Federal Reserve report that, using standard inflation indexes, says her fellow millennials are doing worse than Generation Xers or baby boomers. One common refrain is that blue-collar wages reached a peak way back in 1973 and have never recovered since.

As economist Tyler Cowen points out, the use of inflation indexes intended to measure short-term fluctuations can be misleading when extended to longer, multi-decade periods.

As it happens, 1973 was a year followed by almost a decade of the highest inflation since the years just after World War II. Applying standard inflation indexes over the next several years made "real dollars" earnings seem very low.

The problem is that any inflation index, based on the cost of a market basket of goods, tends to overestimate inflation over time. One reason is because people respond to higher prices of the measured goods by buying something else -- apples rather than oranges, for example.

Government statisticians in the 1970s assumed people refinanced their mortgages every year, thus spiking housing costs. But when interest rates spiked, people stopped buying houses and taking out mortgages.

The other reason that inflation indexes overstate inflation, and therefore, understate wage increases, is that they have great difficulty measuring quality improvements and the value of innovation.

In 1970, I bought one of the first electronic pocket calculators for $110. It would cost maybe $3 today -- or an even less expensive part of the cost of my cellphone. To take a more distant example, what is today's equivalent of the 250,000 pounds Queen Anne gave the Duke of Marlborough to build Blenheim Palace after his victory over France in 1704? The only sensible answer is: a huge amount of money.

These weaknesses are nobody's fault. The federal government's admirable statistical agencies, justifiably proud of their long-earned reputation for integrity and absence of political influence, try to account for product improvements.

But they're reluctant to constantly fiddle with the components of market baskets or product quality for the very good reason that such changes might become -- or might be thought to become -- targets of political manipulation.

Those of us who were alive and kicking in 1973 would not choose to go back to its technological levels or standards of living. We're not ready to give up smartphones or air conditioning or the inexpensive fresh fruits and vegetables on supermarket shelves today, or the pharmaceutical advances that expand our life span by a dozen years.

AOC and most people busy leading their lives tend to take these things for granted. The history they've been taught -- a narrative of American misdeeds and injustices -- overlooks the fact that until around 1800, as Jonah Goldberg shows in his recent book, "Suicide of the West," sustained economic growth basically never happened. Even those willing to go back and live in 1973 conditions would be appalled by what Queen Anne and the Duke of Marlborough took for granted.

So keep things in perspective. The past decade's economy has been far from perfect, but America has seen prosperity, the likes of which our ancestors could never have imagined.


TOPICS: Culture/Society; Editorial
KEYWORDS: aoc; capitalism; childwoman; feccriminal; ohmywhatbigeyesuhave; the12yrclockticks

1 posted on 06/21/2019 6:47:33 AM PDT by Kaslin
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To: Kaslin
Those of us who were alive and kicking in 1973 would not choose to go back to its technological levels or standards of living.

I dunno. Sometimes I kind of miss those days.


2 posted on 06/21/2019 6:53:01 AM PDT by Buckeye McFrog (Patrick Henry would have been an anti-vaxxer.)
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To: Kaslin

Another picture that illustrates the arrogance and anger of this young woman. Look at her face!? “I know EVERYTHING and am morally superior in my every thought compared to you.”

Frightening.


3 posted on 06/21/2019 6:56:31 AM PDT by LeonardFMason
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To: Buckeye McFrog

Me too.


4 posted on 06/21/2019 6:58:11 AM PDT by Agatsu77
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To: Kaslin

Each generation that is born into an age of prosperity that is greater than the generation before, has that as its litmus and is willfully ignorant of the sacrifices made to get to that level.

AOC types expect the current prosperity in These United States to never change except for the better, and brought about by the likes of her. They use that as their foundation and see Socialism as the next layer to bring about newer prosperity. This is a fallacy that has been repeated throughout history and continually brings tyranny and suffering.


5 posted on 06/21/2019 7:04:49 AM PDT by rjsimmon (The Tree of Liberty Thirsts)
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To: Buckeye McFrog

AOC and her Luddite liberals want us to go back to the stone age.


6 posted on 06/21/2019 7:05:46 AM PDT by CodeToad ( Hating on Trump is hating on me and Americans!)
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To: LeonardFMason

“When people lose their humility, they are prey to every pernicious, unwholesome ‘ism’ known to man”.

The short list:

*Fanaticism
*Nazism
*Communism
*Socialism
*Atheism

For admission in THOSE clubs, you MUST have the same smug, arrogant, disrespectful, dogmatic and pathologically misplaced self-assurance that this clown displays every time she opens her trap.


7 posted on 06/21/2019 7:10:25 AM PDT by SMARTY ("Nobility is defined by the demands it makes on us - by obligations, not by rights".)
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To: CodeToad

We could also say, that people like her are idiots, lacking knowledge of history, and having twisted views of the world, because of thinking that all of the ills of the world were caused by white males, heterosexual males, Christian males, Christians, conservatives, Republicans, etc.

People like her think only they, with their sophistication and intellectual acumen, can solve all the problems of the world. They think only members of historic grievance groups — women, ethnic minorities, homosexuals, can right the alleged wrongs of our society.


8 posted on 06/21/2019 7:34:16 AM PDT by Dilbert San Diego
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To: LeonardFMason
She's amazingly dumb for an econ major: "The national debt is not a problem. Just print more money!" That statement says she has no clue about the German inflation after WWI or economics in general, which is as dumb as her "Nazi Concentration camps" gaffe. The MSM has given her so much attention that she believes she is important. She's an arrogant, condescending, imposter who is as dumb as a bag of hammers.


9 posted on 06/21/2019 7:40:04 AM PDT by econjack
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To: Buckeye McFrog

Preach it brother! I too, miss those days. People actually looked after one another, and you could mostly rely on them. If the internet went down tomorrow, I’d never miss it. Most of the millennials wouldn’t know how to live.


10 posted on 06/21/2019 8:03:58 AM PDT by USAF1985 (I’ll take one vet over a million libs any day of the week.)
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To: Kaslin

The woman is arrogant and stupid. Not a good combination.


11 posted on 06/21/2019 8:24:40 AM PDT by seawolf101 (Member LES DEPLORABLES)
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To: USAF1985

In 1973 we had low-income neighbors who, despite this, were still onboard with basic values like having a job, maintaining the family unit, and, insomuch as was possible, making it on their own without government assistance.

Those things are all a rare, rare find in 2019.


12 posted on 06/21/2019 8:26:06 AM PDT by Buckeye McFrog (Patrick Henry would have been an anti-vaxxer.)
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To: Kaslin

How often has she ventured outside this country?


13 posted on 06/21/2019 8:54:58 AM PDT by CondoleezzaProtege
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To: Kaslin

They simply think big government is the answer to everything. America’s founding principles are contrary to all of the tyrannical “isms”.


14 posted on 06/21/2019 9:14:21 AM PDT by shanover (...To disarm the people is the best and most effectual way to enslave them.-S.Adams)
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To: econjack

Arrogant bitch.


15 posted on 06/21/2019 12:01:39 PM PDT by jmacusa ("If wisdom is not the Lord, what is wisdom?''.)
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To: econjack

She’s an arrogant, condescending, imposter who is as dumb as a bag of hammers.

* * *

Yes, and the photo you posted amply reinforces that point. Nice find of Ms. Arrogant Overloud Con-Artist.


16 posted on 06/21/2019 1:38:03 PM PDT by poconopundit
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