Ping!
I would say that by and large, Americans are economically illiterate. Relatively few of them study it, and the popular press treatments of economic issues are simpleminded and often agenda-driven. As a consequence, the understanding of debt on a personal and a national level, as well as the related issues of currency stability and inflation are poorly understood.
Where is that pic of Captain Obvious?
We talk about poor education and the effect on our country, and this is the core of the problem: a lack of financial understanding. If we had taught our students about personal economics and finances, much of the situation the country is in would have never happened.
Well I couldn’t figure out how long it would take for a credit card balance to double. My answer would be either “too fast” or “I don’t care because I don’t carry balances on credit cards. That’s retarded.”
Okay...Compared to who? Compared to when?
There are 3 generations that need a depression to teach them about finances, responsibility, and work ethics.
Well it doesn’t help our cause when the winners of the $270 Million Lottery jackpot were a poor toothless illiterate couple living in a trailer house in the woods. But I digress.
Debt. Forgot about that. Not doing my part as an American. Need to buy a car or something. Or not. Maybe I’ll just buy some GM in a while.
And yet, they will vote in November to decide the future course of the nation.
Which famous economist was the author of the popular economic theory that we could borrow all we wanted from ourselves, because after all, we trust ourselves to repay ourselves, don’t we?
In this case, gross ignorance starts at the top.
The acme implementation of this theory is the monetary system based on fiat money being “borrowed into circulation”, that is borrowed from nowhere, based on nothing, and being used by the monopoly issuer (at present, the “Federal Reserve”, a corporation with zero government ownership) to purchase goods and services to the benefit of government.
For proof you can look at product advertising.
For many years Hawaiian Punch was a big seller and all the commercials and even the can had huge letters that stated that it contained 10% real fruit juice.
Why would anyone buy this garbage that was 90% “something else”? Because market surveys proved that consumers thought it meant that HP had 10X as much fruit juice as the other brands!
This is a real shame. I propose that taxpayers contribute to a fund so that financially stupid types who overcharged too many frilly things and live too lavishly can get their bills paid.
And they think and education is expensive? Well, how’s that ignorance doing for your bottom line?