Keynes wants to invest in teachers

That is the latest story, between the lines. If we save the teacher's union from adjustments then we have a multiplier greater than one. I doubt it, and Will doubts it:

Although the public education lobby's cry of "Parsimony!" is not much of an argument, it is persuasive to Democrats comfortable in a relationship of co-dependency with teachers unions. But before Congress is stampeded into spending yet more (borrowed) billions, it should read "The Phony Funding Crisis" in the journal Education Next by James W. Guthrie, a professor at Southern Methodist University, and Arthur Peng, a research associate. They say:
"For the past hundred years, with rare and short exceptions and after controlling for inflation, public schools have had both more money and more employees per student in each succeeding year." Indeed, public schools have been so insulated from economic downturns that "there have been 11 periods during which GDP declined but mean total real per-pupil revenues still increased."

I have documented a number of instances where federal aid to local schools has had a disasterous effect as adjustment costs outstrip subsidies.  The multiplier is not greater than one, except for Brown, Obama and Pelosi who rely on union donations for re-election.  One more bailout of Obama's favorite unions should result in a short four year term.