Good morning, class. I’m Professor Brancaccio and welcome to the Debt 101 class.
So let’s get started. Pursuant to the name of the class, how did the debt get out of control and how is that beating down the average taxpayer? Yes, Jimmy?
“Well it’s those fat cat CEOs who make too much money. They need to be taxed more.”
No question that some CEOs are making obscene amounts of money, especially when you compare it to their workers. But let’s say we grab everyone that’s making a million bucks a year or more and double or even triple their taxes, what would that do to our $15 trillion debt? Jake, thoughts?
“Squat.”
Excuse me? What do you mean, “squat?”
“That wouldn’t come close to putting a dent in our debt.”
Well, class, Jake has a point. It would be great for those who could afford to pay more, to pay more. But that wouldn’t solve the problem. So, what might? Hannah?
“Maybe we should get all those folks in Congress to quit amassing wealth?”
Anyone know anything about how wealthy Congress is? Noodles?
“Well I just read a story saying the average American’s net worth has dropped 8 percent during the past six years, while members of Congress got, on average, 15 percent richer. The median net worth of members of Congress is about $913,000, compared with about $100,000 for the country.”
Danni, comment?
“What the … ???”
But class, there’s nothing wrong with people amassing wealth, as long as they do it fairly. Still it’s unbecoming for us working stiffs to see this. Jake?
“Well I agree it is unbecoming, but even if they only were worth half of what they are now, it wouldn’t help the debt.”
OK, again Jake has a point. So what would help? Cooper?
“What about public worker pay and benefits?
Anyone have any thoughts on that? Julius?
“I just read where public unions said they need better benefits and pay because they aren’t paid as much as private workers.
Jimmy, comment?
“They keep saying it but I’ve never seen them prove it. In fact, I just got my hands on a letter written by the state of Washington. It compared private jobs to public jobs. And it showed that in many cases public jobs pay better than private jobs.”
Good point Jimmy. Talk is cheap — or in this case very expensive if you’re a taxpayer. Yes Jake?
“I hear Vancouver is going to do a study to compare public and private salaries. But maybe if they just took this course they could save the taxpayer money on doing yet another study.”
I don’t think so, Jake. Government is the king of studies. After all, it’s just another way to spend taxpayer dollars.
So any other areas to show how the taxpayer is getting beaten down? Max?
“Well, the government tries to be all things to all people. We’ve become a nation of programs paid for by taxpayers. Remember when grandma got too old to go to the store and play bingo and a relative would take her? Not anymore. The government will be happy to do it at taxpayer expense.”
Yes, Danni? Final thoughts?
“It seems like the odds are stacked against us, professor. Is there anything we can do?”
Well, “pregare. Pregare.”
Lou Brancaccio is The Columbian’s editor. Reach him at 360-735-4505 or lou.brancaccio@columbian.com.
