A Matter of Economic or Financial Literacy?

July 18, 2011

It’s a fact: there is no requirement that members of Congress (Senate and/or House of Representatives) have a college degree.

This fact raises an interesting question: ‘How many of those elected to the House and the Senate are college graduates?’

The answer is: Almost 95 percent of those serving in the 112th Congress have earned at least a bachelor’s degree.

The colleges and universities where our Senators and Congressmen earned their undergraduate degrees include: Harvard; Stanford; Yale; UCLA; Georgetown; University of Florida (Gainesville); University of Georgia; University of Wisconsin (Madison); University of North Carolina (Chapel Hill); Brigham Young; George Washington University; Louisiana State; University of California (Berkley); University of Missouri; and University of Tennessee.

Now, this information begs another question: ‘Have our colleges and universities failed to provide a sound basic education in economics to their graduates?’

It would seem so, based on the statements emanating from our elected officials in the most recent debate around our debt ceiling.

Which of these statements do you think is true?
1. Columbus was wrong: the earth is flat.
2. Global warming is a fraud, one of the greatest scams of the 20th Century.
3. Bernie Madoff is one of the best investment advisors ever.
4. Enron stock is a great buy.
5. Raising taxes will kill jobs.
6. “Cut, Cap & Balance” will solve our current financial crisis.

Yes, I know. This is a very tricky question, because the answer is “None of the above”.

Why are some of the elected officials serving in our 112th Congress unable or unwilling to grasp the basic principles of how an economy works?

One possible explanation: Some of the elected Republicans from south of the Mason-Dixon Line are really Al Qaeda operatives in disguise, sent here to create the ultimate Economic Jihad, certain to derail our economy and cause our country to become a North American subsidiary of the People’s Republic of China….

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