Las Vegas casino mogul Steve Wynn today put out a statement saying he’d be glad to step up and save Sesame Street characters such as Big Bird from Republican Mitt Romney‘s threatened budget axe. But he’s got a condition.
If President [Barack] Obama and the Democrats will stop overspending and stop reducing the value of the paychecks of my employees, Wynn Resorts will guarantee to protect Sesame Street for the country. I am sure other private businessmen will protect the value of the great programs on PBS because we support what Governor Romney stands for.
Technically, Big Bird is not in any trouble, since the Children’s Television Workshop that produces the program makes serious bank from licensing, merchandise sales and international agreements. What Romney threatened to cut was funding that subsidizes the Corporation for Public Broadcasting, which airs Sesame Street among many other quality programs.
Then again, since the Public Broadcasting System comprises a tiny fraction of the federal budget 1/100th of 1 percent!), what Wynn is proposing is really not cost effective. Obama “overspent,” to the tune of $901 billion in the 2013 budget (that’s the deficit, the difference between revenue and expenditures). The entire CPB budget for Fiscal Year 2013 is just $445 million.
So Wynn is offering to cover $445 million if Obama will erase $901 billion from the budget? That doesn’t sound like a smart business decision for the president! That’s especially true when you consider the non-mandatory portion of the federal budget that would have to be scaled back in order to bring the budget into balance.
But there’s no doubt Wynn is good for it: According to the company’s website, net revenues for the first quarter of 2012 were more than $1.3 billion.