Giving back to the community

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Over the past four years, American municipalities have laid off well over a hundred thousand teachers. They've also been firing policemen, firefighters and social workers, but I think it's the firing of teachers that makes the point clearest; it keeps going on and on. (Fresh teacher layoffs are happening this spring in Las Vegas (1,015), Flint (237), Sacramento (400), Gary (169), Cleveland (700), San Diego (1,534) and Los Angeles (9,500).) If you are a regular American who can't afford private school, you are now seeing the quality of your child's education slashed because the federal government is cutting its assistance to cash-strapped states.


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Who should pay? Arguably, no one at all, at least not right now. There is an argument to be made that America should be borrowing and spending far more money right now on needed expenditures like teacher salaries and infrastructure upgrades, since negative real bond yields means it's actually cheaper to borrow the money and pay it back later than it would be to pay for things with taxes right now.

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