Is Ocasio-Cortez’s ‘Green New Deal’ a Good Thing for Bitcoin? Let’s Take a Closer Look…
During her appearance on the NPR podcast a couple of days back, Democrat Alexandria Ocasio-Cortez outlined her stance in regards to her monetary policy and how she plans to restructure the social/economic framework of the US if her freshly proposed ‘Green New Deal’ is passed by the senate.
Elaborating on her stance, Cortez said that the funding for her latest proposal would have to come from sources that expand beyond the realm of traditional taxation. To be even more specific, she has proposed a new 70 % tax on the super-rich that will help fund her vision.
Easiest way to pump bitcoin is to tell the world's billionaires you want to take their money 🤷♂️
— Matt Odell (@matt_odell) February 8, 2019
According to Miss Ocasio-Cortez, her first order of action will be to help the US public realize that their taxes “do not pay for a hundred percent of government expenditure,”
“It’s just not how government expenditure works […] But government projects are often financed by a combination of taxes, deficit spending and other kinds of investments – you know, bonds and so on.”
While Cortez did not specify an exact valuation for her latest Green New Deal, she did add that the amount required would be “incomprehensibly large”.
“Even if every billionaire and company came together and were willing to pour all the resources at their disposal into this investment, the aggregate value of the investments they could make would not be sufficient,”
Lastly, she also added that in order for the Green New Deal to succeed, the Federal Reserve would have to step in and back the giant economic overhaul— primarily by printing new bills which would most likely push the financial body beyond its 2% inflation target.
Ocasio-Cortez has become a bit of a laughing stock within the global political arena owing to her constant gaffes and lack of basic legal knowledge. Not only that, her aforementioned spending plans make President Trump’s policies look moderate by comparison.
Last but not least, it should be pointed out that at the time of writing this article, there are many high-ranking members of the US establishment that are currently in support of Bitcoin— with one of the main backers being President Trump’s newly-appointed chief of staff Mick Mulvaney.