CEEL study: Amidst economic crisis, more than eight in 10 congressmen have no background in economics or businessMortgagePress.comCEEL, Center for Economic and Entrepreneurial Literacy, economics, bailout, Congress, financial illiteracy, Econ4U
A Center for Economic and Entrepreneurial Literacy (CEEL)
analysis of economic education among congressional members revealed
that less than 15 percent of current members have degrees in the
business, economics, or finance fields. The research showed that
30.5 percent of congressional members studied politics and
government, while 18.1 percent majored in humanities. In fact there
are more members who studied science (7.5percent) than economics
(6.7 percent).
The lack of personal finance education in America has resulted
in widespread financial illiteracy throughout the country. That
illiteracy has been partly to blame for the current credit crunch,
as Americans at all income levels acted recklessly by taking on too
much debt.
CEEL's economic literacy project, Econ4U, has been advertising
in the subway station that serves the U.S. Congress as a way to
promote financial literacy. The Econ4U quizzes ask basic personal
finance questions and direct congressmen and hill staffers to "get
the facts."
"Financial literacy is woefully inadequate in this country and
we have been advocating for increased education in economics and
personal finance in American public schools," said James Bowers,
managing director of the Center for Economic and Entrepreneurial
Literacy. "But after watching the events of this week, a crash
course on Capitol Hill might not be a bad place to start."
More than eight in 10 congressmen received no formal schooling
in economics or business; it's interesting that those who are
responsible for solving the biggest economic crisis in generations
don't have the educational background to know the difference
between commercial paper and copy machine paper."
"It is time we increased our commitment to financial literacy
for Americans in all walks of life," Bowers concluded.
For more informaiton, visit www.econ4u.org.
