Ben Bernanke quotes Bible in telling Princeton grads to give back - New York News

Ben Bernanke quotes Bible in telling Princeton grads to give back

Updated:

By: Jamshid Ghazi Askar, Deseret News

Federal Reserve Chairman Ben Bernanke addressed Princeton University graduates Sunday. In remarks titled “The Ten Suggestions,” he counseled the new grads to remain grateful for the advantageous circumstances of their lives.

“A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement, and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate - these are the folks who reap the largest rewards,” Bernanke said. “The only way for even a putative meritocracy to hope to pass ethical muster, to be considered fair, is if those who are the luckiest in all of those respects also have the greatest responsibility to work hard, to contribute to the betterment of the world, and to share their luck with others. As the Gospel of Luke says (and I am sure my rabbi will forgive me for quoting the New Testament in a good cause): ‘From everyone to whom much has been given, much will be required; and from the one to whom much has been entrusted, even more will be demanded' (Luke 12:48, New Revised Standard Version Bible). Kind of grading on the curve, you might say.”

Seemingly as soon as those words left Bernanke's mouth, journalists started speculating about the extent to which that statement reveals Bernanke as one who favors heavy taxation of rich Americans.

“You'd be hard pressed, for instance, to find a more eloquent justification for progressive taxation,” The Atlantic's Jordan Weissmann wrote. “(I guess you could interpret that as an exhortation to donate to charity … but come on). Coming from another speaker, that passage wouldn't be too remarkable. Coming from the world's most powerful central banker, it's pretty refreshing.”

New York Times columnist Paul Krugman blogged, “As soon as you portray the choice that way, you’ve introduced a strong presumption in favor of redistribution. After all, if you should happen to end up as a member of the top 1 percent, an extra dollar at the margin won’t mean a lot to you; but if you should happen to end up as a member of, say, the bottom quintile, an extra dollar could make a lot of difference. So you should, other things equal, favor a system of progressive taxation and generous aid to the poor and unlucky.”

Original post

Copyright 2013 Deseret Digital Media, Inc.

  • Local NewsLocal NewsMore>>

  • Dead cats found hanging from trees in Yonkers

    Dead cats found hanging from trees in Yonkers

    Thursday, April 24 2014 11:03 PM EDT2014-04-25 03:03:00 GMT
    SPCA of Westchester photoSPCA of Westchester photo
    Police are investigating the discovery of at least two dozen dead cats found inside plastic bags hanging from trees in Yonkers Thursday, according to the SPCA of Westchester. Some of the cats were badly decomposed but others appeared more recently killed.
    Police are investigating the discovery of at least two dozen dead cats found inside plastic bags hanging from trees in Yonkers Thursday, according to the SPCA of Westchester. Some of the cats were badly decomposed but others appeared more recently killed.
  • Some residents return after NJ brush fires force evacuations

    Some residents return after NJ brush fires force evacuations

    Thursday, April 24 2014 10:42 PM EDT2014-04-25 02:42:55 GMT
    A school and many homes in Ocean County, N.J., were evacuated on Thursday afternoon because of several brush fires that were fanned by winds. Some residents returned a few hours later. The largest fires burned about 300 acres around Berkeley Township. Firefighters had about 30 percent contained late Thursday night.
    A school and many homes in Ocean County, N.J., were evacuated on Thursday afternoon because of several brush fires that were fanned by winds. Some residents returned a few hours later. The largest fires burned about 300 acres around Berkeley Township. Firefighters had about 30 percent contained late Thursday night.
  • 'Here Lies Love'

    'Here Lies Love'

    Thursday, April 24 2014 7:33 PM EDT2014-04-24 23:33:22 GMT
    "Here Lies Love" tells the rise and fall of former Philippines first lady Imelda Marcos. History meets disco literally as the story is told in a nightclub.Ruthie Ann Miles plays Marcos. Miles admits a big challenge is bringing to life a woman with views vastly different from her own and giving that to show-goers. "As an actor you believe in yourself," Miles says. "You need to be your own best friend, your own biggest supporter so that the audience can come on a journey with you."
    "Here Lies Love" tells the rise and fall of former Philippines first lady Imelda Marcos. History meets disco literally as the story is told in a nightclub.Ruthie Ann Miles plays Marcos. Miles admits a big challenge is bringing to life a woman with views vastly different from her own and giving that to show-goers. "As an actor you believe in yourself," Miles says. "You need to be your own best friend, your own biggest supporter so that the audience can come on a journey with you."
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices