Bill would help schools, nonprofits teach financial literacy
OPS_admin | Mar 16, 2009 | Comments 0
Bill would help schools, nonprofits teach financial literacy
The numbers are startling. More than half of high school seniors have debit cards and nearly one-third have credit cards.
One-third of college students have four credits cards apiece when they graduate, and more than half of graduates have piled up $5,000 each in high-interest debt. The number of 18- to 24-year-olds who have declared bankruptcy has increased 96 percent in 10 years.
Surveys show that many of these young people also are financially illiterate: They don’t understand such things as interest, minimum payments, credit reports, identity theft or that they may be paying off their school loans for years.
The problem isn’t just with the young, however. One in five Americans thinks that the most practical way to become rich is to win the lottery.
Sen. Patty Murray, D-Wash., remembers that her kids started receiving credit card applications when they were 16. She said that she repeatedly heard from people, young and old, who wished they knew more about financial matters.
Murray will introduce legislation this week that would authorize $1.2 billion in grants over five years to promote financial-literacy education beginning in grade school and stretching into adulthood.
“It’s a perfect time to be doing this,” Murray said.
Ben Bernanke, the chairman of the Federal Reserve, agrees.
via Ledger-Enquirer.com | 03/15/2009 | Bill would help schools, nonprofits teach financial literacy.
Filed Under: Economy - Labor
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The oligarchs openly talking about a coup d'état in America?
Multi-millionaire lobbyist Grover Norquist is calling for the impeachment of President Obama. In an interview with the right-wing National Journal - Norquist warned that if President Obama wins re-election and decides to let the Bush tax cuts for the top 2% expire at the end of the year - then Republicans will "have enough votes in the Senate in 2014 to impeach [him]."What does that mean? It means that the super rich in America - and their political operatives like Norquist in Washington, DC - have now compared a tiny tax increase on the wealthy to high crimes and treason - the only Constitutional basis Congress can use to impeach a President. It sounds like the oligarchs are now openly talking about a coup d'état in America.-Thom(Do you think will try it? Tell us here.) -
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