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Monday, October 25, 2010

Dumb Idea of the Week

This one's right up there with the Rasheed Wallace Sportsmanship Camp:

Let the state government educate your kids about money.

Comments (7)

The Oregon College Savings plan has been relatively mediocre for pretty much the entire length of its existence. Up until a couple of years ago, choices were limited to high cost mutual funds and even then their number were very limited. The limitation and administrative costs are such as to completely offset the 9% savings in Oregon income taxes. This is not to mention the big string attached as to whether one's child will actually go to college. Other states offer prepaid tuition plans so as to lock in against education cost escalation, but not Oregon.

So, yes Oregon state government is kind of a lame educator of personal finance.

Ha-ha! The one place they shouldb e teaching personal finance, schools, do nothing (at least in my experience with PPS).

Maybe they can teach ponzi scheming 101.

The secret to taking $400 million in lottery profits to pay light rail bonds and then claim only the jobs you spent it on without deducting the jobs you took it from.

The clever accounting in skimming property tax revenue from goverment services and claiming you created it with savvy development projects.

The masterful math in dreaming up $20 million in savings from a bridge project to divert to light rail.

Or even the wisdon in building an $8.5 millon Tram with $57 million.

etc etc etc

all the way to investments in new computer systems.

I have just a tad more confidence in something educational about debt and spending produced under Ted Wheeler's auspices than any other place in state governmenrt, but espicially anything originating in Susan Castillo's clow palace.

Just a tad.

Now, now, very cynical take, in my view.

Considering that a failure in basic numeracy allowed one group of people to fool and tempt another group of people to jump off the bridge with them into a full-on financial collapse...well, I think it says something positive that at least one leader thinks it's a good thing to promote basic financial literacy.

And this stuff should absolutely be taught in school, along with sewing, carpentry, vegetable gardening, and auto mechanics. And web design and tango dancing. And writing. Oh, and how to fill out a US tax return. Now THAT will wake'em up.

And don't forget: how to recognize a nasty
and dangerous person. And what people look like who have been killed in auto wrecks due to a drunk driver. And what a person's mouth looks like after they've been doing meth a few years.

OK, I'll stop now.

"And this stuff should absolutely be taught in school, along with sewing, carpentry, vegetable gardening, and auto mechanics."

You can stop - Let's start with basic personal finance. I believe it is more important than vegetable gardening.

I only base this on my interfaces with senior/juniors who have 0 idea of hwo things like credit work. Yet if they go to college (another place that doesn't teach sruvival skills) they'll have a bazillion offers for credit thrown at them.

"How to spend other peoples' money with no consequences 101"

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