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(Twitter)   AOC explains inflation. But then what does she know -- she's just a bartender... who graduated cum laude from Boston University with a degree in international relations and economics   (twitter.com) divider line
    More: Interesting, shot  
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3433 clicks; posted to Politics » on 21 Jul 2021 at 9:21 AM (9 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-07-21 8:44:22 AM  
Original Tweet:

 
2021-07-21 8:44:48 AM  
She's right. I work in construction manufacturing. We're being absolutely killed by supply-chain issues.
 
2021-07-21 8:45:33 AM  
BC SUCKS

/ got nothing
 
2021-07-21 8:48:10 AM  
She's a bartender if they want to make her sound uneducated, unless they want to make her seem out of touch in which case she is college educated and grew up in privilege. Weird.
 
2021-07-21 8:48:14 AM  
She's 100% correct here.
 
2021-07-21 8:50:41 AM  

FlashHarry: She's right. I work in construction manufacturing. We're being absolutely killed by supply-chain issues.


Manufacturing as well.  Our purchasing phase was ALWAYS 6-8 weeks.  For the last 4 months, that's gone to 10 weeks, minimum.  I've got some components that went from 3 month lead times to 6.  It's absolutely insane.
 
2021-07-21 8:51:20 AM  
I was never into the Sanders/AOC Democratic Socialist thing much... but they are rapidly growing on me.

The "market" was supposed to be a place that was the great equalizer, but it has become so warped and twisted that it is just destroying entire groups of people in pursuit of quarterly profit and ZERO future growth and investment.
 
2021-07-21 8:52:34 AM  

Original: Watch Rep. @AOC break down the GOP's inflation talking points in 3 minutes


THREE MINUTES!

HOW AM I SUPPOSED TO CONCENTRATE FOR THREE...

...SQUIRREL!
 
2021-07-21 9:01:56 AM  

NewportBarGuy: I was never into the Sanders/AOC Democratic Socialist thing much... but they are rapidly growing on me.

The "market" was supposed to be a place that was the great equalizer, but it has become so warped and twisted that it is just destroying entire groups of people in pursuit of quarterly profit and ZERO future growth and investment.


Read Smith's Wealth of Nations (we can be a book club, I'm overdue for a reread). The market isa great equalizer when compared to 17th century political monopolies and mercantilism. You have to do away with those uglies before you can have something approach democracy. At the time his ideas were radical.

Remember he couldn't foresee steam factories and the rise of human labor in industrialism. That didn't exist yet.

Marx saw that after it was in full swing, codified the means of production, and wrote the correction. To Wealth.

But Marx had no concept of container ships, off shoring, adaptive robotic assembly lines, effectively the death of labor.

Neither of them could imagine that the environment and ecosystem is finite and fragile. Neither of them could imagine a truly post scarcity world. They didn't have the evidence when they wrote.

The USA is the most regressive, conservative, modern democracy. AOC and Sanders, etc are certainly aware of everything I just wrote -even the late phase capitalism. Especially the late phase capitalism.

How would you have them discuss that in this political spectrum in the USA? The people in their party in the "left" would even lose their shiat. It's radical, and we as a people have a very hard time living outside our suffocatingly defined, wastefully filled comfort zone, both political, economically, and environmentally.
 
2021-07-21 9:02:15 AM  
She got that right. We have bottlenecks in our system that can't be relieved quickly. Hiring qualified truck drivers, dock workers, and support people is very tough right now. Even though we have competitive wages and benefits.

The other thing she didn't bring up is climate impacts. I got an email the other day from a vendor I have been waiting on to deliver me something. Rail transport is affected by the wildfires and so the ports don't have space to unload container ships.

Cutting taxes hasn't done crap for infrastructure investment.
 
2021-07-21 9:19:21 AM  

bostonguy: BC SUCKS

/ got nothing


Friends don't let friends go to BC.
 
2021-07-21 9:23:19 AM  
How DARE she womansplain this issue to America!  The DARING!
 
2021-07-21 9:23:59 AM  
Fark user imageView Full Size
 
2021-07-21 9:25:59 AM  

Unobtanium: She got that right. We have bottlenecks in our system that can't be relieved quickly. Hiring qualified truck drivers, dock workers, and support people is very tough right now. Even though we have competitive wages and benefits.

The other thing she didn't bring up is climate impacts. I got an email the other day from a vendor I have been waiting on to deliver me something. Rail transport is affected by the wildfires and so the ports don't have space to unload container ships.

Cutting taxes hasn't done crap for infrastructure investment.


Woah, I was told that tax cuts solve everything. We just have to believe hard enough. This kind of doubt will throw the system into shambles.

I think we need another round of cuts to correct your doubt. It'll work this time
 
2021-07-21 9:27:12 AM  
Glad I watched that, thanks, subby.
 
2021-07-21 9:29:59 AM  
Inflation is a talking point the wealthy trot out to prevent paying their fair share of "blank"

Blank = taxes, wages, etc
 
2021-07-21 9:30:31 AM  

Professor_Doctor: She's a bartender if they want to make her sound uneducated, unless they want to make her seem out of touch in which case she is college educated and grew up in privilege. Weird.


Thats the "Choose your own Adventure" brand of conservative journalism we all know and....well that we know.
 
2021-07-21 9:30:52 AM  
If she knew anything about inflation, she'd have D cups....   Ow!   How did the internet kick me in the balls?  I'm behind 7 proxies and a white list!  My black list got shot by the internet cops...  Ow!  You did it again!
 
2021-07-21 9:31:41 AM  
Wow, she completely nailed that.  She took what I've been complaining about which is that this is sector specific (30% of "inflation" is just the price of used cars which are already down 2% in July https://www.businessinsider.com/when-​w​ill-used-car-prices-drop-pandemic-shor​tage-edmunds-2021-7 ) and she expands it into addressing larger infrastructure problems related to supply-chain.

The current panic over inflation is getting a lot of amplification by a bored media looking for something to talk about as Covid wanes.  In 6 months, we'll be back at 2.4% and yobs will still be talking about runaway inflation.
 
2021-07-21 9:32:42 AM  

Professor_Doctor: She's a bartender if they want to make her sound uneducated, unless they want to make her seem out of touch in which case she is college educated and grew up in privilege. Weird.


Requblicans: "We are for working people!"
Also requblicans: "Bartender!  Lolz!"
 
2021-07-21 9:32:57 AM  
I keep telling ppl who bring up inflation that the 10 year treasury note is like 1.15%.

So unless ppl who work in the bond market just recently decided to stop making money, I think inflation is going to be ok.
 
2021-07-21 9:33:52 AM  
I know I just bought a chipotle burrito that was an inch shorter than it used be.  So I'm feeling that shrinkflation.
 
2021-07-21 9:34:10 AM  

NewportBarGuy: I was never into the Sanders/AOC Democratic Socialist thing much... but they are rapidly growing on me.

The "market" was supposed to be a place that was the great equalizer, but it has become so warped and twisted that it is just destroying entire groups of people in pursuit of quarterly profit and ZERO future growth and investment.


Not to mention all that bullshiat globalisation = corporations sending their production facilities in countries where theres no human rights, workers rights, environmental laws or safety standards for the workers.

So you end up with : more pollution, slavery, sick, maimed and killed workers... and you fund dictatorships.

Globalism is the worst thing in its present form and I always got in fights with some of my economic pro-globalism/capitalism is awesome no matter what teachers at university for pointing that out... they hate those facts.
 
2021-07-21 9:34:48 AM  

Original: Original Tweet:

nowthisnews: Watch Rep. @AOC break down the GOP's inflation talking points in 3 minutes https://t.co/18Oi0N61R0


I'm just here to mock the MAGAts who have their panties in a twist every time she says anything.

Here you go, morons. Feel free to cut and paste your infantile arguments from the following words:

Marxist
Communist
Socialist
Soviet
Free Trade
MURICA
Stupid
And yet you participate in society. Curious. I am very intelligent.
Free Market
Capitalism
Soros
Invisible Hand
Freedumb
 
2021-07-21 9:35:13 AM  

Professor_Doctor: She's a bartender if they want to make her sound uneducated, unless they want to make her seem out of touch in which case she is college educated and grew up in privilege. Weird.


She didn't grow up in privilege. Her mother cleaned houses.
 
2021-07-21 9:35:26 AM  
Started off like a non-answer and warped into a beautiful one.
 
2021-07-21 9:35:28 AM  
She's fantastic and the kind of assholes who try to dismiss her by referring to her former occupation just come off as being out of touch. Definitely need more people in positions of influence who have worked in grueling, low-paying jobs so that more of us who have worked the grueling, low-paying Jobs have better representation.
 
2021-07-21 9:36:02 AM  

zeroman987: Inflation is a talking point the wealthy trot out to prevent paying their fair share of "blank"

Blank = taxes, wages, etc


And the wealthy hate inflation so much because it helps people in debt.

(If you make $50k and owe $50k, then making $75k and still owing $50k is a lot better.)
 
2021-07-21 9:39:00 AM  

Professor_Doctor: She's a bartender if they want to make her sound uneducated, unless they want to make her seem out of touch in which case she is college educated and grew up in privilege. Weird.


So they are saying she goes both ways?

i.kym-cdn.comView Full Size
 
2021-07-21 9:41:17 AM  

JolobinSmokin: I keep telling ppl who bring up inflation that the 10 year treasury note is like 1.15%.

So unless ppl who work in the bond market just recently decided to stop making money, I think inflation is going to be ok.


Thats because the federal reserve wont allow rates to rise. It is why they are still buying treasury debt and mbs, to significantly lower rates. It is the only thing preventing a collapse. We dont have free markets to find interest rates.
 
2021-07-21 9:41:28 AM  

NewportBarGuy: I was never into the Sanders/AOC Democratic Socialist thing much... but they are rapidly growing on me.

The "market" was supposed to be a place that was the great equalizer, but it has become so warped and twisted that it is just destroying entire groups of people in pursuit of quarterly profit and ZERO future growth and investment.


Markets are only equalizers to the extent that government creates an artificially level playing field, by forcing externalities to be accounted for.

For example, if we impose high tariffs on countries who employ forced or child labor, or who have disastrous environmental protection practices, we can make it more attractive to do business with countries who have labor and environmental laws like our own, or even with manufacturers in our own country. Without legal intervention by government, markets tend to favor destroying the environment (and other common resources), poverty wages (or slavery), and the pursuit of monopolies.
 
2021-07-21 9:43:33 AM  
She's mostly right. She said not everything went equally across the board. That correct; sure not all of it was 400+% like lumber, some items were only 10%. But everything went up, affected by the supply chain issue due to covid. Literally not a thing cost the same or less than last year or the year before. A store may have a "sale" to make it look like you're getting a deal on something, but that product cost them more to get and store so they're getting you on another end. Everyone except for the very wealthy who pay little/no taxes are taking a hit on that.

/DICK ROCKETS FOR ALL!
 
2021-07-21 9:44:35 AM  
Sadly with AOC trying to educate the immensely uneducated (especially here on Fark with a number of farkers who are going to post nothing but SOCIALISM! COMMUNISM! As they do on a daily basis; here's something for you poorly educated Farks)

Fark user imageView Full Size
 
2021-07-21 9:45:01 AM  

Professor_Doctor: She's a bartender if they want to make her sound uneducated, unless they want to make her seem out of touch in which case she is college educated and grew up in privilege. Weird.


Hey, she's got two more slots that they can plug in. Obama led the way.

lh3.googleusercontent.comView Full Size
 
2021-07-21 9:45:46 AM  
I dont know the problem is what she says it is, but I'm experiencing it first hand. I have a renovation project that should have been fairly easy and quick to knock out, based on my experience in prior years. It took me weeks to find a contractor who would even consider it, and its going to take him four weeks to knock it out. And if I'm lucky, it's going to run me about 50% more than I planned on spending.

Meanwhile, my insurance company is living in the fond days of yesteryear. They sent me a form to certify within 30 days that the work was complete. By day 30, I was still searching for a contractor who would deign to take the job.

So I'm having to shuck and jive, and jingle my keys in front of the insurer, hoping I can distract them long enough to get the work done before they cancel my policy.

It's a farking shiatshow. Something's broke.
 
2021-07-21 9:46:14 AM  
She's right about supply chain issues driving cost increases among some items. However, other prices are rising at the same time. For example, housing costs are skyrocketing, partly because lumber shortages. But housing costs are also going up because the Fed has flooded the market with cheap money and credit. As this extra money is spent, other prices will rise, too.
 
2021-07-21 9:49:09 AM  
She's a good communicator and a quick study of issues at hand, and is able to listen to experts and then explain complicated issues to the public in a clear way. Good traits for an effective House Rep.
 
2021-07-21 9:49:59 AM  

Driedsponge: FlashHarry: She's right. I work in construction manufacturing. We're being absolutely killed by supply-chain issues.

Manufacturing as well.  Our purchasing phase was ALWAYS 6-8 weeks.  For the last 4 months, that's gone to 10 weeks, minimum.  I've got some components that went from 3 month lead times to 6.  It's absolutely insane.


I was told 30 weeks lead time on an iron pipe fitting I need for a project we're bidding in the fall.
 
2021-07-21 9:50:12 AM  

AsparagusFTW: JolobinSmokin: I keep telling ppl who bring up inflation that the 10 year treasury note is like 1.15%.

So unless ppl who work in the bond market just recently decided to stop making money, I think inflation is going to be ok.

Thats because the federal reserve wont allow rates to rise. It is why they are still buying treasury debt and mbs, to significantly lower rates. It is the only thing preventing a collapse. We dont have free markets to find interest rates.


Raising interest rates = lots of people losing their houses, billionaires gonna buy them all.

People saving money will be making interest but poor people will be farked.

Also the interest on the debt will explode the budget of all states and the federal gov.

You know who should be getting high interest rates saving accounts? Poor/middle class folks. If you earn less than $50k per year, you should be allowed to have a 5%-10% interest rate saving account.
 
2021-07-21 9:50:21 AM  

NewportBarGuy: I was never into the Sanders/AOC Democratic Socialist thing much... but they are rapidly growing on me.

The "market" was supposed to be a place that was the great equalizer, but it has become so warped and twisted that it is just destroying entire groups of people in pursuit of quarterly profit and ZERO future growth and investment.


The market was always that way. You just were never part of one of the groups that got the very short end of the stick.
 
2021-07-21 9:50:34 AM  

FlashHarry: She's right. I work in construction manufacturing. We're being absolutely killed by supply-chain issues.


In construction on the design side - we've had a few calls lately where the design/owner team has been on calls with the manufacturers of glazing and other facade elements to coordinate details and project schedule and been flatly told there's a two year lead time.

Then the entire call goes quiet for a bit as the owner and GC mentally process that their planned fast-track schedule just got obliterated.
 
2021-07-21 9:50:49 AM  

snowjack: NewportBarGuy: I was never into the Sanders/AOC Democratic Socialist thing much... but they are rapidly growing on me.

The "market" was supposed to be a place that was the great equalizer, but it has become so warped and twisted that it is just destroying entire groups of people in pursuit of quarterly profit and ZERO future growth and investment.

Markets are only equalizers to the extent that government creates an artificially level playing field, by forcing externalities to be accounted for.

For example, if we impose high tariffs on countries who employ forced or child labor, or who have disastrous environmental protection practices, we can make it more attractive to do business with countries who have labor and environmental laws like our own, or even with manufacturers in our own country. Without legal intervention by government, markets tend to favor destroying the environment (and other common resources), poverty wages (or slavery), and the pursuit of monopolies.


The Dems did a piss poor job of including some language in our FTAs to compel trade partners to protect the environment and refrain from oppressing labor movements. The GOP did everything in their power to not even allow the token effort by Dems.

They spent a couple of years hounding Obama for delaying the Colombia FTA that GWB put together... just because the Dems wanted some language about labor unions, in light of the fact that being a labor leader is one of the deadliest jobs in Colombia.

Then, the GOP turned around, ended the Trans Pacific trade deal and blamed Dems for FTAs hurting American workers, when they were the ones who did their best to ensure that each FTA did as much damage as was possible.
 
2021-07-21 9:53:49 AM  

yohohogreengiant: NewportBarGuy: I was never into the Sanders/AOC Democratic Socialist thing much... but they are rapidly growing on me.

The "market" was supposed to be a place that was the great equalizer, but it has become so warped and twisted that it is just destroying entire groups of people in pursuit of quarterly profit and ZERO future growth and investment.

Read Smith's Wealth of Nations (we can be a book club, I'm overdue for a reread). The market isa great equalizer when compared to 17th century political monopolies and mercantilism. You have to do away with those uglies before you can have something approach democracy. At the time his ideas were radical.

Remember he couldn't foresee steam factories and the rise of human labor in industrialism. That didn't exist yet.

Marx saw that after it was in full swing, codified the means of production, and wrote the correction. To Wealth.

But Marx had no concept of container ships, off shoring, adaptive robotic assembly lines, effectively the death of labor.

Neither of them could imagine that the environment and ecosystem is finite and fragile. Neither of them could imagine a truly post scarcity world. They didn't have the evidence when they wrote.

The USA is the most regressive, conservative, modern democracy. AOC and Sanders, etc are certainly aware of everything I just wrote -even the late phase capitalism. Especially the late phase capitalism.

How would you have them discuss that in this political spectrum in the USA? The people in their party in the "left" would even lose their shiat. It's radical, and we as a people have a very hard time living outside our suffocatingly defined, wastefully filled comfort zone, both political, economically, and environmentally.


Because the solution is national corporations for key sectors that can compete in the global corporate market and retain profits for the state.

It's actually insane that we don't have a sovereign wealth fund corporation investing the proceeds of all our natural resources. The fact places like Norway and Singapore have been doing that for decades now gives them such a huge advantage; these are governments that wield enough money on the market to actually ensure growth/development sectors are properly supported.

But as you say, people here would actually lose their mind because everyone is still caught up in cold war era capitalism v communism nonsense and not trying to take the best ideas of all sociopolitical systems and then iterate on them for the modern world.

But yeah, by any realistic appraisal the modern US is nearly full feudalism. Rule of law barely exists for the wealth/political class particularly in the avenue of financial corruption.
 
2021-07-21 9:54:05 AM  

make me some tea: She's a good communicator and a quick study of issues at hand, and is able to listen to experts and then explain complicated issues to the public in a clear way. Good traits for an effective House Rep.


I'm thinking that when she was a bartender, she listened equally hard to everyone.
 
2021-07-21 9:54:19 AM  
Two things that have definitely gone up which you can see in commodity pricing data is pork and beef, but both hit decade lows last summer and pork is still below its peak in 2014 when porcine diarrhea was wiping out piglets (try to get "porcine diarrhea" out of your head).  Eggs and milk are flat.  Milk can't do anything these days.  They've been in a glut for over a decade.  I can't think of a worse business to be in right now.

But so what if beef is high.  I'll just eat more chicken.  This is what happens in every commodity price spike:

1.  Consumers either find substitutes or delay purchase.
2.  More supply comes online to take advantage of high prices.
3.  Commodity speculators take their profits off the table and go somewhere else.
4.  Prices eventually fall.

Lumber is already going through this yet every time this occurs, it's a new panic.  In 2010, there was a peanut shortage and suddenly Barack Obama's runaway Magic Money Printing Press was starving Real Americans who just wanted their peanut butter.  Nobody remembers that because it's boring to remember past crises.  The chip shortage will end when demand for chips falls and producers produce more chips because they can get a premium for them right now.  One of the drags on the chip shortage (which we've been dealing with for 2 years) is that no one wants to get caught in what happened to flatscreen fabrication where capacity got too large and prices cratered.   Flatscreens are cheap and they weren't supposed to be.
 
2021-07-21 9:54:54 AM  
I think that even calling it "supply chain issues" is too abstract. The real supply chain issue we have is that this country has drastically underinvested in human beings for many decades. Instead we've wasted decades letting rapacious capitalists and Republicans steal everything from the top while doing nothing to support the people doing the actual work. Stresses on the workforce have built and built, and COVID was the last straw. A lot of people just couldn't take being forced to bear the brunt of the "industrial disruption" alone, and you've seen a mass labor revolt against industries known for treating people like shiat, like the restaurant industry, food services, retail, and transportation. So now shiat isn't getting done the way it used to, and the capitalists are freaking out about the prospect of having to pay people better, invest in their education and training, and so on. They built a fragile supply chain based on just-in-time fulfillment and low wages and they are surprised when that system starts to crumble in the face of a global pandemic that stresses the people running it like few things could.

This is overly simplified but I really feel a lot of it is this. Anerica's chickens are coming home to roost and there is a panic about what's happening.
 
2021-07-21 9:56:07 AM  

lolmao500: AsparagusFTW: JolobinSmokin: I keep telling ppl who bring up inflation that the 10 year treasury note is like 1.15%.

So unless ppl who work in the bond market just recently decided to stop making money, I think inflation is going to be ok.

Thats because the federal reserve wont allow rates to rise. It is why they are still buying treasury debt and mbs, to significantly lower rates. It is the only thing preventing a collapse. We dont have free markets to find interest rates.

Raising interest rates = lots of people losing their houses, billionaires gonna buy them all.

People saving money will be making interest but poor people will be farked.

Also the interest on the debt will explode the budget of all states and the federal gov.

You know who should be getting high interest rates saving accounts? Poor/middle class folks. If you earn less than $50k per year, you should be allowed to have a 5%-10% interest rate saving account.


Low rates causes housing to go parabolic farking poors.

That is why rates wont be allowed to rise. Our interest expense wil go to 20-3040% of tax receipts.
 
2021-07-21 9:58:15 AM  

AsparagusFTW: lolmao500: AsparagusFTW: JolobinSmokin: I keep telling ppl who bring up inflation that the 10 year treasury note is like 1.15%.

So unless ppl who work in the bond market just recently decided to stop making money, I think inflation is going to be ok.

Thats because the federal reserve wont allow rates to rise. It is why they are still buying treasury debt and mbs, to significantly lower rates. It is the only thing preventing a collapse. We dont have free markets to find interest rates.

Raising interest rates = lots of people losing their houses, billionaires gonna buy them all.

People saving money will be making interest but poor people will be farked.

Also the interest on the debt will explode the budget of all states and the federal gov.

You know who should be getting high interest rates saving accounts? Poor/middle class folks. If you earn less than $50k per year, you should be allowed to have a 5%-10% interest rate saving account.

Low rates causes housing to go parabolic farking poors.

That is why rates wont be allowed to rise. Our interest expense wil go to 20-3040% of tax receipts.


Everyone wants the benefits of printing and 0 consequences. But higher prices will be the norm. Even if supply issues are fixed, things like wages are a lot more sticky. Those costs will be passed on.
 
2021-07-21 10:01:39 AM  
She has a stronger command of economics than Larry Kudlow ever did.
 
2021-07-21 10:02:07 AM  

lolmao500: AsparagusFTW: JolobinSmokin: I keep telling ppl who bring up inflation that the 10 year treasury note is like 1.15%.

So unless ppl who work in the bond market just recently decided to stop making money, I think inflation is going to be ok.

Thats because the federal reserve wont allow rates to rise. It is why they are still buying treasury debt and mbs, to significantly lower rates. It is the only thing preventing a collapse. We dont have free markets to find interest rates.

Raising interest rates = lots of people losing their houses, billionaires gonna buy them all.

People saving money will be making interest but poor people will be farked.

Also the interest on the debt will explode the budget of all states and the federal gov.

You know who should be getting high interest rates saving accounts? Poor/middle class folks. If you earn less than $50k per year, you should be allowed to have a 5%-10% interest rate saving account.


The good news is you're absolutely allowed to have a 5-10% interest rate savings account. The bad news is nobody would offer that to you given the conditions in the market.
 
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