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Write down $500 billion. That was our deficit last year.
Now, divide by two. The result – $250 billion – is how much more we should have paid in income taxes, because income taxes provide half our revenue.
Now, where can we find $250 billion? One way is to raise taxes. The other – and I vote for this one – is to create more people who pay them.
Back to the math. The average American makes $50,000 a year and pays 25 percent – $12,500 – in income taxes. Divide 250 billion by 12,500 and you get 20 million – the number of people we need to put in new jobs in one year to cover our nut.
We’re almost done. Divide 20 million by 12, the number of months in a year, and the result – 1.67 million – is the number of new jobs we need to add every month to overcome half the deficit.
That’s right … 1.67 million new jobs a month.