Monday, September 13, 2010

Geithner Issues Statement on Teaching Students Personal Finance

On the occasion of the Obama Administration marking the back to school season by emphasizing the importance of financial education and launching its National Financial Capability Challenge for the 2010-11 school year, Treasury Secretary Geithner stated:
The recent financial crisis taught us an enduring lesson. Financial literacy is essential not only to the financial security of millions of American families, but also to the economic health of our nation as a whole. Ensuring that young people have the skills they need to make wise financial choices today and into adulthood will help us build a stronger foundation for our nation’s economic future.
LOL. Keep in mind this is coming from a Treasury Secretary who has over 60% of the government's debt ($5.2 trillion) coming due over the next three years. That's some budgeting.

According to the Treasury, the Challenge is a voluntary online exam and classroom toolkit that helps educators teach high school students about saving, budgeting, investing, the safe use of credit, and other important skills critical to developing strong financial knowledge and capability.

There is no indication that the test will require students to identify the significant similarities between Social Security and a Ponzi scheme. Nor will they be asked why gold is a hedge against inflation, and why the dollar depreciates in value year over year. Other than weakness on these points, it should be a helluva great course.


  1. Haha! I'll alert my kid's high school immediately. He's been looking for a way to get Austrian economic ideas a platform. His current approach is to wait until later in the school year when they start discussing the great depression.

  2. I wish I could have the white house promo a kit that would be used to teach children how to be a good customer for me, and not do anything that will hurt my bottom line.

    I guess I just need to get myself an Elizabeth Warren.