Last weekend, on his blogsite, Watchdog for the Taxpayers, he went beyond the usual political chatter to talk about a more fundamental problem in today's society: the inability of many people to really understand personal financial issues.
Because of “Tax Day,” April is a month when many people take stock of their finances. Unfortunately, it is also a grim reminder for many citizens that their personal finances are in trouble. Our personal habits for saving, borrowing and spending not only have a big impact on the well-being of our families, they affect the health of our state and national economies, and even our national security. With this in mind, many community leaders are increasingly involved in efforts to ensure that America’s students have the sound financial literacy skills they will need to be successful in life.
Sadly, America’s lack of personal financial literacy has helped to create some very serious problems in our nation, from massive borrowing and personal debt, the sub-prime mortgage crisis with resulting home foreclosures, trade deficits, our national debt, the large number of people who file for bankruptcy, and high taxes to finance the “safety net” provided for those in economic trouble.
Kudos to Comptroller Eckstrom for highlighting this issue. As is often the case, we in the Blogland couldn't agree with him more.