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It’s easy to forget that Rep. Alexandria Ocasio-Cortez, D-N.Y., is an economics major from Boston College, especially when she opens her mouth.
Or logs onto social media.
The self-avowed socialist was a little too eager to run with the left’s Orange Man Bad narrative after White House adviser Kevin Hassett used the standard economic term to describe the workforce: human capital stock.
“Our capital stock hasn’t been destroyed, our human capital stock is ready to go back to work,” Hassett said Monday on CNN, while talking about reopening the economy.
An indignant comrade Ocasio-Cortez took umbrage over the phrase.
“Human Capital Stock. An ugly term w ugly history, but for many powerful ppl it‘s their most honest view of workers: human stock. By their logic, the moment a person stops being useful to profit motive (retirement, health, etc) they are a liability. That’s the system we live in,” AOC tweeted.
Human Capital Stock.
An ugly term w ugly history, but for many powerful ppl it‘s their most honest view of workers: human stock.
By their logic, the moment a person stops being useful to profit motive (retirement, health, etc) they are a liability. That’s the system we live in. https://t.co/ZihhtaI00W
— Alexandria Ocasio-Cortez (@AOC) May 26, 2020
But the radical lawmaker didn’t stop there.
Ocasio-Cortez epitomized the old saying that if you walk around carrying a hammer, everything looks like a nail when the freshman Democrat added race to the equation.
Yes, AOC played the race card, insisting the term “has roots in slavery.”
Let’s also not ignore the racial history of this terminology, which has roots in slavery,” she tweeted. “[And] it’s not just the terminology that’s racialized. Even today, the folks deemed as ‘human capital stock'(aka essential workers) are disproportionately Black, Brown, & low income White folks.”
Let’s also not ignore the racial history of this terminology, which has roots in slavery. &It’s not just the terminology that’s racialized.
Even today, the folks deemed as “human capital stock”(aka essential workers) are disproportionately Black, Brown, & low income White folks. pic.twitter.com/VO0lpCN1nP
— Alexandria Ocasio-Cortez (@AOC) May 26, 2020
How common is the term?
Former President Barack Obama has used it, as well as his administration, as seen below:
2016: “Net Investment and Stocks of Human Capital in the United States, 1975-2013”, Obama administration Bureau of Economic Analysis paper.
“Activities that add to this stock, such as education…are valued at the extent to which they increase the human capital stock.” pic.twitter.com/Tlv0Swdubc
— jerylbier (@JerylBier) May 26, 2020
Of all the responses to the story, an offering from trade attorney Scott Lincicome won the internet for the day.
“Just wait till she hears about dummy variables,” he tweeted.
Just wait till she hears about dummy variables. https://t.co/ICEB6LAVm3
— Scott Lincicome (@scottlincicome) May 27, 2020
Here’s a sampling of other responses to the story from Twitter:
This is a completely ridiculous attack on Kevin Hassett. It is baseless.
Professional economists know that this attack is nonsense.
Here are the NBER papers that use the phrase “human capital stock” in the last 5 yrs: https://t.co/f8DJr7Vfy7
It’s a standard term in economics. https://t.co/eS8a0011hd
— Michael R. Strain (@MichaelRStrain) May 26, 2020
Can we get a “GET THE FACTS” on this drivel from AOC? https://t.co/lu5IsRDoqs
— Tim Carney (@TPCarney) May 26, 2020
Sounds like you’re describing Rahm Emanuel.
— Nancy Antoinette PeloXi (@PibbleGal) May 26, 2020
Typical Millennial. “Majors” in economics and is offended at terms used by economists in an economics context.
Because if we just change words, we’ll change the world!
— AmishDude (@TheAmishDude) May 26, 2020
I am SO sick and tired of the left seeking out places to be offended. YES! Human Capital Stock. in other words, Employees, workers, people needed to operate businesses.
— Rani ~~ ~ Last of the Red Hot Distanced Boomers 🧨 (@MilitaryRosary) May 26, 2020
— Iron Mike (@RubnIsRacing) May 27, 2020
Always amazed how liberals can take a term used for decades and suddenly it is a racist dehumanizing term. Did you even take the time to know what the term implies or just immediately jump to your stand by conclusions?
— TommyHour🇺🇸 (@thomashourigan1) May 26, 2020
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