Pennsylvania Can Turn Moms into Millionaires

(This article appears on RealClearWire)

By Joshua C. Robertson

Leave it to a Pennsylvanian to speak truth to power.

Recently, when receiving an award in New York City, the Philadelphia investor and philanthropist Jeff Yass gave Mayor Zohran Mamdani some good advice.

Yass said to Mamdani: why don’t you make New York City moms into millionaires? It wouldn’t be that hard. The Big Apple already spends about $42,000 per public-school student. Yet for such a massive investment, the city gets horrible results. The overwhelming majority of students can’t read or do math at grade level. Black and Brown students are the furthest behind.

So why not give that money directly to parents? New York City could give just half of the spending — $21,000 — to moms and dads to spend on their children’s education. The city could invest the other half in an account that parents would give to their kids when they graduate. If it earned just 2% a year, which is a pretty safe bet, parents would have over $500,000 to empower their kids. A single mom of two would be a millionaire.

Read the entire article here: Pennsylvania Can Turn Moms Into Millionaires | RealClearWire