Large language models (LLMs) could potentially be used by malicious actors to generate disinformation at scale. But how likely is this risk, and what types of economic incentives do propagandists actually face to turn to LLMs? New analysis uploaded to arXiv and summarized here suggests that it is all but certain that a well-run human-machine team that utilized existing LLMs (even open-source ones that are not cutting edge) would save a propagandist money on content generation relative to a human-only operation.