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>>

  • 'Spider-man' slugs cop in Times Square

    'Spider-man' slugs cop in Times Square

    Sunday, July 27 2014 7:54 PM EDT2014-07-27 23:54:59 GMT
    New York City NewsNew York City News
    A man dressed as Spider-Man was arrested on charges he slugged a police officer who told him to stop harassing tourists in Times Square.
    A man dressed as Spider-Man was arrested on charges he slugged a police officer who told him to stop harassing tourists in Times Square.
  • Kayakers breach New York's JFK airport security

    Kayakers breach New York's JFK airport security

    Sunday, July 27 2014 3:46 PM EDT2014-07-27 19:46:29 GMT
    The tower at John F. Kennedy International AirportThe tower at John F. Kennedy International Airport
    Two kayakers have been cited for trespassing after breaching a Kennedy Airport security perimeter.
    Two kayakers have been cited for trespassing after breaching a security perimeter at New York's Kennedy Airport.
  • Woman gets 20-year prison term for fatal stabbing

    Woman gets 20-year prison term for fatal stabbing

    Sunday, July 27 2014 2:32 PM EDT2014-07-27 18:32:05 GMT
    A southern New Jersey woman who fatally stabbed a man last year during an argument in his home has been sentenced to 20 years in state prison.
    A southern New Jersey woman who fatally stabbed a man last year during an argument in his home has been sentenced to 20 years in state prison.
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