Public Schools Have a Student Shortage, Not a Teacher Shortage

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Unleash Prosperity Hotline – Weekend Edition
Issue #614
09/09/2022, 09/10/2022, 09/11/2022
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1) Public Schools Have A Student Shortage, Not A Teacher Shortage
Teachers unions and the media have declared a five-alarm fire to incite panic around an alleged teacher shortage. Their goal: higher salaries and more money for the dismally performing public schools.

But the facts tell a different story. Education Week reported last month: “More than two years into the pandemic, 1.3 million students are still missing from public school rolls…” Enrollment in New York City’s public schools was down 9% last year.

Consider Pennsylvania. Commonwealth Foundation’s Nate Benefield reports that the total number of teachers, administrators, and support staff continues to grow as student enrollment steadily drops. The Harmony Area district now has a student-to-teacher ratio of 4.6 to 1! As Benefield aptly asks: “If student enrollment Is down, why are school districts on a hiring spree?”

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Forget the search for more teachers, where are these one million kids? Tragically, some families have just given up on the schools that gave up on them during the pandemic. But most will be found in private, catholic, and home schools. That’s where the education dollars should be going.

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2) In Washington, Fiscal And Monetary Policy Are Moving In Opposite Directions

We’ve argued for many months that a free-wheeling multi-trillion dollar government spending and borrowing spree by Biden and Congress combined with a now-tighter monetary/interest rate policy by the Fed are working at cross purposes.

So when we saw this week that monetary expert Judy Shelton made this same argument in the Wall Street Journal, we were overjoyed. She has made the case more artfully than we have, so we have provided an excerpt.

If you were expecting Jerome Powell to unveil an elegant new intellectual framework for monetary policy in Jackson Hole, Wyo., last week, the Federal Reserve chairman’s speech on the need for “forceful and rapid steps to moderate demand” set you straight. But the Fed’s determination to pummel growth will only make matters worse so long as misguided fiscal policies engorge the money supply.

Welcome to the era of good-cop, bad-cop tactics from major government institutions. Fiscal and monetary policy are now working at odds to fight inflation. The Fed could crush demand by raising interest rates to stratospheric levels only to have a spendthrift White House and complicit Congress pump up consumer prices through fiscal measures that expand spending power—cash payments, subsidies, rebates, student loan forgiveness…

When asked whether fiscal initiatives or federal budget decisions will undermine their monetary policy objectives, Fed officials are apt to sidestep the question. That’s the problem: There’s no point relying on interest rates to control the money supply when government spending continues to exacerbate inflationary pressures.

Well said. What is needed now are a series of pro-production policies like deregulation, pro-drilling energy initiatives, and tax rate reductions combined with steep cuts in government spending. That will do as much as or more to lower inflation than Fed interest rate hikes.

Read Judy Shelton’s full article here: [link removed]

Andrew Harrer/Bloomberg, via Getty Images
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3) At BLM, Some Black Lives Matter More Than Others
It’s taken over two years, but the truth about the corrupt money-raising racket that goes by the name of Black Lives Matter is coming out.

Shalomyah Bowers, a board member of the Black Lives Matter Global Network Foundation, the fundraising arm of the movement, is being accused by a grassroots wing of BLM for using his position as a “personal piggy bank” and stealing $10 million in donations.

BLM’s reporting has always been secretive about what it’s done with the $90 million or so it raised in 2020 alone. We learned earlier this year that the group spent $12.3 million for a Los Angeles mansion and a 10,000 square-foot-property in Canada. Co-founder Patrisse Cullors, a self-avowed Marxist, who hired Bowers said it was both “sexist” and “racist,” to challenge how any donation money was spent. We do know that $2 million went to Bowers as a consulting contract in 2020.

Remember: BLM is a “nonprofit organization.” Will the Biden administration investigate this fraud and theft? Sure they will.

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4) Chart Of The Day: Why Aren’t We Drill, Drill, Drilling?
New Bureau of Land Management data shows a catastrophic decline in drilling on federal lands and offshore over the last decade. Onshore drilling on federal lands is down by about one-third. Federal acres of offshore drilling have fallen by almost two-thirds. There was a big decline under Obama, a flattening out under Trump, and more limitations under Biden.

HELLO!!! Is anyone in Washington aware that there is a worldwide shortage of energy and that we have tens of trillions of dollars of these resources right below our feet?

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5) Now Even The Term “Family” Is Being Erased
This Headline of from a Bloomberg article on the Bureau of Labor Statistics data caught our attention:

US Household Spending Jumped More than Twice as Fast as Incomes Last Year

That’s bad news obviously. But we were scratching our heads over this explanation of what is going on:

According to the BLS, “The average income per consumer unit, before taxes, rose 3.7% to $87,432 in 2021 while spending jumped 9.1% to $66,928. Anyone know what a “consumer unit” is? We didn’t so we did some digging and discovered that a consumer unit is “a family or other household group that shares its finances.”

In other words, from now on the correct terminology for the people you live with is your “consumer unit.” Got it?

Anyway, we hope you and your consumer unit have a great weekend.

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6) This Should Be The Babylon Bee...
..but it's a real New York Times headline.

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Next week the Biden administration will be celebrating their troop withdrawal from Afghanistan.

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