Friedman Friday

What Will You Do?

So, I know you are disappointed that it's not our boy Milton in the video. But, It sets the stage nicely to highlight the best idea that he ever had: school choice.

There obviously isn't a silver bullet in education, but there is not a more indicative example of the failing system of education than this fact: We have the biggest economy in the world, yet ranked 20th out of 28 industrialized nations in education. Which one is built on free market? Which one looks more like the world?

Tinkering around the edges isn't going to vault us back to the top, but totally rethinking our entire system and building it up based on free market principles through vouchers will give us the best chance (blog from August on education).

This video asks the question: What will you do? Well, there is a Governor in Indiana named Mitch Daniels that has decided what to do. And, it is one of the many reasons I believe he should run for President.

Most Aggressive Education Reform Agenda in the Country

Mitch Daniels has the most impressive record of any governor in the U.S. at the moment, but for the first time, he is entering this Legislative Session with majorities in both houses. The main item on his agenda is the most transformative education initiatives in the country, and it is centered on Milton Friedman's idea of vouchers.

He is going to extend school vouchers to any child in low income or middle income families for them to attend the school of their choice-public or private. The state spends between $5,500 and $11,500 on educating each student each year depending on the county. Instead of our antiquated model of the state sending the money for education to the building, they will send it to the backpack. Students will no longer be relegated to failing schools just because of their geography; now they will get to use their money and direct their own future. Here are the specifics:

• Any child on low or reduced lunches will receive 90% of that districts per-student funding. He will be able to take that money to go to any school of his choice.
• A family of four making up to $80,000 a year will receive 50% of the funding
• A family of four making up to $100,000 a year will receive a voucher worth 25%.

Other reforms include:

• Increasing charter schools and their requirement
• Establishing a trigger system that allows parents to petition their school for conversion to a charter or new school
• Renegotiating collective bargaining agreements
• Introducing merit-based pay for teachers

Conclusion

I know that this post will likely cause a little negative feedback, but I welcome it. Yes, education starts in the home. Yes, I know you think it cannot be that simple. But, the education system at the present is a monopoly. The unions are holding innovation hostage, regulation has made it worse not better, and schools are measured by how many "ribbons' they have. The only method for breaking up a monopoly is through competition. We need to make schools compete for their students. Yes, bad schools, public and private, will fail. But, the good schools will be rewarded. Just like business.

It is their money. It is their future. Why not let them choose it?

Here are some links for your Friday:

In 15 Years, All Tax Revenue Will be Eaten by Entitlements, Interest

We are almost past the point of no return. In 15 years, there will be no tax money for education, research, welfare, defense, etc because of our debt and entitlement obligations. But, hey! At least Obama is serious about it. Maybe he will make a speech and it will be all better. Someone needs to lead.

How Much Did it Cost Us to "Create or Save" a Job from Stimulus? Answer: $223,000

It is not that the Stimulus didn't create jobs, because it did. It was just a really awful way of doing so. One question: How can you claim a job creation range of 1.3M to 3.5M? That is extremely vague.

I'm Not George Bush, Love Me! Ferguson Sums up Obama's Foreign Policy

This video is fascinating. Even the MSNBC anchors have no response. Even Christopher Hitchens can't understand this President's foreign policy in the Arab world. I guess he really does think he can drop in a make a speech in Cairo and everything is solved. I guess if Gaddafi would have legislated against unions, then Obama might have mentioned his name in the press conference.

Dem Rep. Gwen Moore: "Have Abortions or Eat Ramen Noodles"

I really do not know what to say here. We should let women have abortion because they would otherwise have to be poor and eat Ramen Noodles?

One of Worst Business Decisions of Decade: RIAA not Buying Napster?

In 2000, the Recording Industry Association of America had the opportunity to buy out Napster, who was at the time a growing, innovative music sharing site--before anyone ever heard of iTunes. Instead, they chose to be technophobic and file a lawsuit for piracy and filed a lawsuit. Of course they won the suit, Napster was shut down. Irony of ironies is that by suing and not buying they set fire to tens of billions of dollars and have put lots of artists worse off! The Music industry is down 45% from its 1973 baseline. Whoops!