Minimizing Effects of Foreclosure Crisis

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Even though I believe that education can help solve this problem, I do not believe that it alone can prevent our current foreclosure crisis. Other factors, along with education, need to be considered. Our financial mess is not only due to our own ignorance regarding financial matters and personal responsibility, but it has also been elevated by our government’s failed policies that have exacerbated an already fragile market. Politics have played a major role in our failures for a majority of Americans. When government policies are created to elevate a particular sect of the American population, for example, home ownership, those who were on the bubble for loan approval are susceptible. These individuals who were eventually approved, but then cannot sustain monthly payments, are doomed for at least a fall if not a total failure. To address the issue of education, I will point to a 2004 survey conducted by The National Council on Economic Education. The survey points out that since 2004 there are only seven states that mandate their students take a course on basic finances as a requirement for their high school graduation. Comparing the results of the survey to the individual states ranking in the category of home foreclosures, we see that this type of education has a dismal effect. According to the NCEE’s survey, thirty-eight states set school standards that indicate they want money issues and financial themes to be taught; however, many states do not enforce the standards and have not made them a part of their curriculum. By looking at the survey, we see that the following states have implemented a basic finance class as part of their required curriculum since 2004: Alabama, Georgia, Idaho, Illinois, Kentucky, New Y... ... middle of paper ... ...ollment surpassing that of our higher education system. A Responsible Citizenship curriculum will do no good unless the principles of that education are embraced and applied to our daily lives. If applied, people may be able to avoid or minimize a future foreclosure crisis and the resulting economic fallout. Works Cited Fulmer, Melinda. "States Ranked by Foreclosure Rates." MSN Real Estate. Web. 21 Oct. 2010. . "Public School Spending." Epodunk: The Power of Place. June 2004. Web. 24 Oct. 2010. . "Survey of the United States: Economic and Personal Finance Education in Our Nation's Schools in 2004." National Council on Economic Education, 2004. Web. 30 Nov. 2010. .

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