During her campaign re-launch rally on Saturday, Hillary Clinton decided to take a swat at fat cats (with the present company excluded, of course).
Her applause line:
“The top-25 hedge fund managers making more than all of America’s kindergarten teachers combined.”
Since I didn’t hear the media do much fact-checking, I took a shallow dive into the numbers.
The answer may surprise you …
Let’s set the baseline.
According to the BLS there are 158,240 kindergarten teachers in U.S. public schools.
That works out to between 2 and 3 kindergarten teachers per school
Sounds about right.
Also according to the BLS, the average kindergarten teacher rakes in about $50,600 for the 9-month school year.
OK, let’s do the arithmetic:
158,240 kindergarten teachers times $50,600 per teacher equals about $8 billion in annual pay.
So, do the Top 25 hedge fund managers combine to make more than $8 billion?
Answer: Yep, they sure do.
According to Forbes:
“The highest paid 25 hedge fund managers were paid a collective $11.6 billion in 2014.”
It’s not even close.
In fact, Hillary could have made a sharper point:
The top 7 hedge fund managers – which include uber-liberal George Soros – make more than all kindergarten teachers combined.
Or, Hillary could have broadened her assault on Wall Street by pointing out that the average Wall Streeter gets paid about 6 times what an average K-teacher makes.
According to the New York Comptrollers office, the average bonus paid to New York bankers, traders, and others employed on Wall Street was $172,860 last year.
The average Wall Street bonus last year was nearly four times as large as the total pay of the average American worker. And this is just the bonus.
OK, point to Hillary … but, I’m not exactly sure what point she’s making.
If she wants to tax the hell out of Wall Streeters and hire more kindergarten teachers, I say “Go ahead”.
Now, the bigger point.
I think we should start equating all spending to a common metric: the equivalent number of kindergarten teachers who could be hired for a year.
Let’s call the metric #KT … number of kindergarten teachers.
Here’s the way it works …
For the past couple of years, Hillary has been hauling in about $225,000 per 1-hour speech.
That’s worth 4.5 #KT … for an hour’s work.
Not bad, right?
Or, try this one on …
Daughter Chelsea got paid $600,000 to do a couple of cameo pieces for NBC.
That’s about a dozen #KTs for Chelsea because she’s, well, Chelsea Clinton.
Next time you hear bout money that the Clinton clan rakes in, ask yourself:
“How many kindergarten teachers would that have paid for.”