Addressing Economic Literacy

As the American economy begins to emerge from the financial downturn, many people are arguing that the problem is in part due to a lack of economic literacy.  In a speech in his native Arkansas, former president Bill Clinton  remarked, “The mess we got into in this country is that people didn’t have enough economic literacy.”  Though not going as far as the former president, Nan J. Morrison, President and CEO of The Council of Economic Education has argued that, “The economic turbulence of the past few years has certainly heightened the importance of economic and financial literacy.”

While a general lack of economic literacy may have played a role in the current economic climate, policy-makers are not without solutions.  A bill was proposed in House of Representatives in the previous Congress that sought to increase funding for financial and economic literacy.  The New Jersey Department of Education, meanwhile, has adopted updated academic standards stipulating that students must now take courses in financial, economic, business, and entrepreneurial literacy in order to graduate.

Posted by: Michael Darden

Sources: CBS  Money Watch, Council for Economic Education, GovIt, Politics Daily

Photo Credit: Economics, finance, and marketing courtesy of flickr user JaulaDeArdilla

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