August 28, 2022

The news of the week concerns a number: $10,000.

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It’s a well-chosen number, easy to remember. A solid amount of money, not too much, not too little. A number that any American can understand.

We may fairly say that the poorest among us cannot really conceive of $1 billion… And that the richest among us have no appreciation for the fact that $20 means something to some people. But rich and poor alike know what $10,000 is.

So, when the Biden-Harris regime proposes a $10,000 giveaway to current and former college students, as a payoff for student loans, everyone in America will have an opinion about it. People will either favor the move or oppose it; people will either think it’s too much or too little.

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And the Biden-Harris regime was prepared for that.

They knew that conservatives would oppose it because it’s illegal.  It is a moral hazard, a giveaway that is certain to cause an explosion of poor decisions in its wake.

But they also knew that liberals would oppose it because it’s not enough. It’s not as much as their most radical activists were demanding and expecting. They don’t care about the moral hazard; that may even be what they like most about it.

But as we consider this as a matter of public policy, there is something else we need to consider. And the value of money itself is at the heart of it.

Walk up to an ATM machine, and plug in your numbers. What do you get? A stack of $20 bills. Maybe just one or two, maybe five or ten.  They all use $20 bills now.

What is $20 to each of us? To some, $20 is an hour’s wage. To some, it’s three hours‘ wage. To some, it’s a fraction of an hour’s wage, maybe even an unnoticeable part.