By Matt Rooney
If the Green New Deal wasn’t evidence enough of young Alexandria Ocasio-Cortez’s extreme economic illiteracy, Save Jerseyans, than her latest comments on Amazon’s New York pull-out will settle the case once and for all.
Yes, plenty of sane people believe corporate welfare is a short-sighted strategy for economic development.
No, tax breaks aren’t direct giveaways. Money is generated by a business and then NOT taxed. The un-taxed cash is in the company’s accounts, not a government vault. But AOC doesn’t seem to get that; she’s been making the round this week (and last) telling reporters that New York should invest the $3 billion in the community instead of Amazon.
It doesn’t work like that…
"We could invest those $3 billion in our district ourselves if we wanted to." Huh? This money cannot be invested because it hasn't yet been generated by Amazon's anticipated commercial activity. Fundamental misconception about what tax abatements are here. pic.twitter.com/NwJlWHPKiK
— Noah Rothman (@NoahCRothman) February 20, 2019
AOC thinks the $3 billion in tax breaks that was going to go to Amazon still exists after Amazon pulled out of NYC.
Bill de Blasio explains: “That $3 billion that would go back in tax incentives was only after we were getting the jobs and getting the revenue.”
— Ryan Saavedra (@RealSaavedra) February 20, 2019
I’ve been telling @AOC critics that she is smart, but what do I say when she says nonsense like “we could invest those $3 billion in [@amazon tax breaks] in our district. We could hire more teachers. We can fix our subways, we can put a lot of people to work for that money”
— Erik Engquist (@erik_engquist) February 19, 2019
— John K. Edwards (@kingjohne) February 20, 2019
A 2002 NYC Comptroller’s report put the economic hit from 9/11 at $55 billion dollars.
In just under two months on the job, AOC, deBlasio, and other leftists cost NYC $27 billion by blowing up the Amazon deal.
— John Cardillo (@johncardillo) February 19, 2019