What are they teaching the students at Boston University?
from the American Spectator:
The Left’s Newest Star Is None Too Bright
Since her surprise primary victory over 10-term Congressman Joe Crowley in New York’s 14th District, Alexandria Ocasio-Cortez has been promoted by the legacy media as the prototype of a new generation of young progressives destined to replace the leadership of the Democratic Party. Unfortunately for her media boosters, however, she keeps blowing her lines. It’s not just her rote advocacy of single-payer healthcare and guaranteed government jobs, or even that she backs wacky ideas like abolishing ICE and occupying airports — Ocasio-Cortez is genuinely clueless. She outed herself, in several recent interviews, as functionally illiterate in economics, international relations, and history.
During a PBS interview with Margaret Hoover, for example, Ocasio-Cortez was unable to provide a coherent answer to a softball economics question that could have been successfully fielded by any Econ 101 student at a community college. According to her campaign website she “earned degrees in Economics and International Relations” at Boston University. But, when Hoover asked her to comment on the low unemployment rate, Ocasio-Cortez revealed that she hasn’t a clue concerning how that statistic is calculated: “Well, unemployment is low because everyone has two jobs. Unemployment is low because people are working 60, 70, 80 hours a week and can barely feed their kids.”
As our hypothetical Econ 101 student might phrase it: What the hell is she talking about? The number of jobs people work doesn’t affect the unemployment rate. This can be verified at the Bureau of Labor Statistics website, where the calculation is explained as follows: “[T]his statistic reflects the number of unemployed people as a percentage of the labor force.” In June, the labor force totaled 162.14 million and there were 6.56 million people between jobs. Thus, the unemployment rate was 4 percent. Ironically, even if the number of people working multiple jobs was part of the unemployment calculation, Ocasio-Cortez’s claim that “everyone has two jobs” is absurd. The actual figure is 5 percent.
Ocasio-Cortez could have gotten away with that dumb comment about unemployment if she hadn’t further highlighted her ignorance with this observation: “I do think right now we have this no holds barred, Wild West hyper-capitalism.” She obviously has no idea how capitalism works in the United States, particularly with regard to the regulatory burden imposed on all types of economic activity by the federal government. Ocasio-Cortez would do well to read “Federal Regulation and Aggregate Economic Growth,” by John Dawson of Appalachian State University and John Seater of North Carolina State University, who write the following about our “no holds barred, Wild West” economic system: