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Biden’s Fourth-Grade Economics
How to justify unaffordable and inefficient stimulus


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Mark Steyn

In one of those inspired innovations designed to keep American classrooms on the cutting edge of educational excellence, the administration has been sending Joe Biden out to talk to schoolchildren. Last week, it was the fourth grade at Alexander B. Goode Elementary School in York, Pa., that found itself on the receiving end of the vice president’s wisdom:

Here in this school, your school, you’ve had a lot of teachers who used to work here, but because there’s no money for them in the city, they’re not working. And so what happens is, when that occurs, each of the teachers that stays have more kids to teach. And they don’t get to spend as much time with you as they did when your classes were smaller. We think the federal government in Washington, D.C., should say to the cities and states, look, we’re going to give you some money so that you can hire back all those people. And the way we’re going to do it, we’re going to ask people who have a lot of money to pay just a little bit more in taxes.

Who knew it was that easy?

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So let’s see if I follow the vice president’s thinking:

The school laid off these teachers because “there’s no money for them in the city.” That’s true. York City School District is broke. It has a $14 million budget deficit.

So instead Washington, D.C., is going to “give you some money” to hire these teachers back.

So, unlike York, Pa., presumably Washington, D.C., has “money for them”?

No, not technically. Washington, D.C., is also broke — way broker than York City School District. In fact, the government of the United States is broker than any entity has ever been in the history of the planet. Officially, Washington has to return 15,000,000,000,000 dollars just to get back to having nothing at all. And that 15,000,000,000,000 dollars is a very lowball figure that conveniently ignores another $100 trillion in unfunded liabilities that the government, unlike private businesses, is able to keep off the books.

So how come the Brokest Jurisdiction in History is able to “give you some money” to hire back those teachers that had to be laid off?

No problem, says the vice president. We’re going to “ask” people who have “a lot of money” to “pay just a little bit more” in taxes.

Where are these people? Evidently, not in York, Pa. But they’re out there somewhere. Who has “a lot of money”? According to President Obama, if your combined household income is over $250,000 a year you have “a lot of money.” Back in March, my National Review colleague Kevin Williamson pointed out that, in order to balance the budget of the United States, you would have to increase the taxes of people earning more than $250,000 a year by $500,000 a year.

Okay, okay, maybe that 250K definition of “bloated plutocrat” is a bit off. After all, the quarter-mil-a-year category includes not only bankers and other mustache-twirling robber barons, but also at least 50 school superintendents in the State of New York and many other mustache-twirling selfless public servants.

So how about people earning a million dollars a year? That’s “a lot of money” by anybody’s definition. As Kevin Williamson also pointed out, to balance the budget of the United States on the backs of millionaires you would have to increase the taxes of those earning more than 1 million a year by 6 million a year.



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