10/01/08 – Amidst Economic Crisis More Than 8 in 10 Congressmen Have No Background In Economics or Business
Capitol Hill Reflects The Public’s Economic Illiteracy
WASHINGTON DC – A Center for Economic and Entrepreneurial Literacy (CEEL) analysis of economic education among congressional members revealed that fewer than 15% of current members have degrees in the business, economics, or finance fields. The research showed that 30.5% of congressional members studied politics and government, while 18.1% majored in humanities. In fact there are more members who studied science (7.5%) than economics (6.7%).
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.” You can learn more about our economic literacy programs at www.econ4u.org
“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 8 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.
