Jeff Yass explains in today’s WSJ:

The Cost: New York City spends roughly $37 billion a year to educate about 850,000 children.

The Math: That’s over $42,000 per child, per year.

The Results: Abysmal. Two-thirds of fourth graders can’t do math problems properly, and almost three-quarters can’t read at grade level. You don’t have to be an expert in fractions to know that is bad.

Let’s agree that the political reality is we can’t reduce the amount of public education spending at all. Fine. What can we do?

Direct Vouchers: Tell every mom in New York City that the $42,000 currently spent on that terrible education is going to be her money.

The Split: We are going to give her half–$21,000. Every year, she will receive that as a voucher for her child to attend whatever school she chooses.

The Investment: We are going to take the other $21,000 and put it in a real account, for which her child is the sole beneficiary. If it returns a paltry 2% over the next 13 years, that child will graduate high school with $300,000–enough for college, trade school or a down payment on a home. Give $300,000 to a graduate who can read, write and do math, and adios, affordability crisis. No more need for $30 million government grocery stores, free buses or rent control. This solution is such an obvious win that I’m confident Mr. Mamdani, once he hears this, will agree and change the policy.