Freshman Rep. Alexandria Ocasio-Cortez said Wednesday via Twitter she will vote no on House rules that contain a provision requiring all spending programs to be offset with revenue earnings.
“The ‘pay as you go’ rule, commonly known as PAYGO, requires that any increase in entitlement spending be offset by cuts in other entitlement programs, or by new revenue raisers, in order to prevent the deficit from increasing,” CBS News reported.
The package of rules containing PAYGO are supported by likely incoming House Speaker Nancy Pelosi, D-Calif., pitting the young Democratic Socialist from New York against her very early in the new Congress.
“Tomorrow I will also vote No on the rules package, which is trying to slip in #PAYGO,” Ocasio-Cortez wrote.
“PAYGO isn’t only bad economics, as @RoKhanna explains; it’s also a dark political maneuver designed to hamstring progress on healthcare+other leg. We shouldn’t hinder ourselves from the start,” she argued.
Tomorrow I will also vote No on the rules package, which is trying to slip in #PAYGO.
PAYGO isn’t only bad economics, as @RoKhanna explains; it’s also a dark political maneuver designed to hamstring progress on healthcare+other leg.
We shouldn’t hinder ourselves from the start. https://t.co/WW3UaBs7vh
— Alexandria Ocasio-Cortez (@AOC) January 2, 2019
Ocasio-Cortez cited U.S. Rep. Ro Khanna, D-Calif., an alum of the Obama Commerce Department, whose economic views are as far-Left as hers.
She also retweeted a tweet from Khanna, who wrote, “I will be voting NO on the Rules package with #PayGo. It is terrible economics. The austerians were wrong about the Great Recession and Great Depression. At some point, politicians need to learn from mistakes and read economic history.”
What’s interesting is that Khanna is a lawyer and ‘academic,’ and Ocasio-Cortez has a degree in economics — yet she is quoting him.
Also, studies and experts have found that FDR’s Keynesian policies enacted during the Great Depression actually prolonged it. One expert who notes as much is a real economic expert, Thomas Sowell.
Finally, whatever Khanna and Ocasio-Cortez believe about economics, spending policies in past years haven’t worked. The national debt doubled under Obama from roughly $10 trillion to roughly $20 trillion, thanks in large part to increased spending that was not paid for. And because even a GOP-controlled Congress would not agree to POTUS Trump’s recommended spending cuts, the debt continues to grow.
And now Ocasio-Cortez and Khanna favor spending policies that would put deficit growth on steroids.
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