Opinion
Federal Opinion

It’s Their Future

By Andrew L. Yarrow — August 19, 2009 3 min read

Sixty years ago, an enlightened group of educators and business leaders, concerned that young Americans knew too little about the economy, created the Joint Council on Economic Education to develop and disseminate curriculum about personal finance, macroeconomics, and public finance to millions of schoolchildren. Ever since, a host of organizations—from Junior Achievement, to an interagency Financial Literacy and Education Commission, to many business groups—have made increasing Americans’ economic literacy a priority.

Why is this so important? Aside from depressingly dismal findings about young (and older) Americans’ knowledge of personal savings, how markets work, and government budgets and debt, you don’t need to be Adam Smith or Ben Bernanke to recognize that, as the “Cabaret” lyricists put it, “money makes the world go around.” While our world is defined by many nonmonetary things—beauty and love, family and community, the environment and security, values and learning—we live in a highly complex economy in which financial decisions at the personal, corporate, governmental, and international levels affect almost every aspect of our lives.

Starting in middle and high school, we need to be better informed economically to make sound decisions about personal savings and spending to improve our lifelong economic security. We also need to be better educated about macroeconomics and public finances—to know what does and doesn’t promote economic growth, and how and why taxpayer dollars are spent as they are—to thoughtfully evaluate policies that can bolster our national well-being.

Beyond balancing checkbooks and understanding the miracle of compound interest, young people need to learn—and teachers need the curriculum resources to teach—about public finances. How do federal, state, and local governments spend close to $5 trillion a year? How are these decisions made, and what does this say about our priorities? What does it mean that the federal government has a rapidly rising national debt of nearly $11.5 trillion (excluding another $45 trillion in unfunded federal liabilities), with additional debt incurred by state and local governments? And why do these imbalances in public spending—some might say, fiscal irresponsibility—pose such a risk to individual Americans’ future well-being? And, without delving too deeply into the wonkish details of entitlement, health care, Social Security, tax, and other budget reforms, what are the economic and moral issues involved in saddling young Americans with trillions of dollars of debt and risking economic calamity for future generations? What should students consider when they think about reforms that would put our nation on a more sustainable economic path?

A set of free curriculum materials about the nature, causes, and potential consequences of America’s looming fiscal crisis, developed for high school and middle school teachers, is being rolled out this fall by my organization, Public Agenda, and the Youth Leadership Initiative of the University of Virginia’s Center for Politics. These lesson plans—on Social Security, health-care spending and reform, taxes, and the budget process—integrate readings, audiovisual materials, online games and simulations, and student discussions and assignments in ways designed to provide an easy-to-understand overview of U.S. federal finances. They can be downloaded and modified for use in social studies, government, or other subjects at FacingUp.org or the Youth Leadership Initiative.

Eighty years ago, when federal debt and expenditures were relatively minuscule, President Herbert Hoover quipped: “Blessed are the young, for they shall inherit the national debt.” Whether they are blessed, cursed, or potential agents of change, young people can benefit immeasurably from learning about public finances, the challenges America faces, and the reform options that can put our nation on a more fiscally sustainable and prosperous course.

Related Tags:

Events

This content is provided by our sponsor. It is not written by and does not necessarily reflect the views of Education Week's editorial staff.
Sponsor
Student Well-Being Webinar
Equity, Care and Connection: New SEL Tools and Practices to Support Students and Adults
As school districts plan to welcome students back into buildings for the upcoming school year, this is the perfect time to take a hard look at both our practices and our systems to build a
Content provided by Panorama Education
This content is provided by our sponsor. It is not written by and does not necessarily reflect the views of Education Week's editorial staff.
Sponsor
Classroom Technology Webinar
Here to Stay – Pandemic Lessons for EdTech in Future Development
What technology is needed in a post pandemic district? Learn how changes in education will impact development of new technologies.
Content provided by AWS
School & District Management Live Online Discussion A Seat at the Table: Strategies & Tips for Complex Decision-Making
Schools are working through the most disruptive period in the history of modern education, facing a pandemic, economic problems, social justice issues, and rapid technological change all at once. But even after the pandemic ends,

EdWeek Top School Jobs

Teacher Jobs
Search over ten thousand teaching jobs nationwide — elementary, middle, high school and more.
View Jobs
Principal Jobs
Find hundreds of jobs for principals, assistant principals, and other school leadership roles.
View Jobs
Administrator Jobs
Over a thousand district-level jobs: superintendents, directors, more.
View Jobs
Support Staff Jobs
Search thousands of jobs, from paraprofessionals to counselors and more.
View Jobs

Read Next

Federal Biden Pick for Education Civil Rights Office Has History With Racial Equity, LGBTQ Issues
Biden selected Catherine Lhamon to lead the Education Department's civil rights work, a role she also held in the Obama administration.
2 min read
Flags decorate a space outside the office of the Education Secretary at the Education Department in Washington on Aug. 9, 2017.
Flags decorate a space outside the office of the Education Secretary at the Education Department in Washington on Aug. 9, 2017.
Jacquelyn Martin/AP
Federal Lawmakers Press CDC About Teachers' Union Influence on School Reopening Guidance
Republican senators asked CDC Director Rochelle Walensky about reports a teachers' union had input on guidance for schools on COVID-19.
3 min read
Dr. Rochelle Walensky speaks during an event in Wilmington, Del., to announce President-elect Joe Biden's health care team on Dec. 8, 2020.
Dr. Rochelle Walensky, CDC director, speaks during an event in Wilmington, Del., to announce then-President-elect Joe Biden's health care team on Dec. 8, 2020.
Susan Walsh/AP
Federal Biden Taps Ex-Obama Aide Roberto Rodriguez for Key Education Department Job
Rodriguez served as a top education staffer to President Barack Obama and currently leads a teacher-advocacy organization.
3 min read
BRIC ARCHIVE
Getty
Federal Biden Pitches Plan to Expand Universal Pre-K, Free School Meal Programs, Teacher Training
The president's $1.8 trillion American Families Plan faces strong headwinds as Congress considers other costly administration proposals.
8 min read
President Joe Biden addresses Congress from the House chamber. Behind him are Vice President Kamala Harris and Speaker of the House Nancy Pelosi.
President Joe Biden addresses a joint session of Congress Wednesday night, as Vice President Kamala Harris, left, and House Speaker Nancy Pelosi of Calif., applaud.<br/>
Chip Somodevilla/AP