Tag Archives: education

A Financial Literacy Quiz

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It’s short, and it’s from AEIDeas.

Personal Finance Quiz. There three basic questions are often used to test basic financial literacy.

  • Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow: more than $102, exactly $102, or less than $102?
  • Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, would you be able to buy more than, exactly the same as, or less than today with the money in this account?
  • Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”

Only 27% of young adults could answer all three questions correctly.

Answers at the second link.

Texas Education

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Lawmakers in Austin are now debating SB 276, a bill that would provide school choice and educational freedom to all Texas students. It would allow parents who opt out of public schools to take with them 60% of the money the state would otherwise spend on their child—about $5,200—to pay private-school tuition. The rest of the money, roughly $3,000 per student, would go back into the state treasury.

There are a couple of alternative uses for those $3,000 than just dumping them back into the general pot.

Texas’ schooling, as elsewhere, is generally paid for with personal property taxes. Several years ago, Texas decided to consolidate those taxes, though, and redistribute them state-wide, rather than leaving them in the local community whose members had paid the taxes.

Thus: rather than sending the money to the general pot, leave the money with the school whose student(s) just left. This will increase the money available to be spent on the remaining students’ education. Of course, I’m naively assuming those $3k will be spent efficiently and for the benefit of the students….

Alternatively, the money could be earmarked, in keeping with the intent of that earlier property tax consolidation move, for the poorest of our school districts, giving them an increased opportunity to teach their students. Here, too, I’m making that same naïve assumption.

There is an alternative use for those $5,200, too. Don’t limit them to private-school tuition. Let the money be used for voucher payments/tuition at any school with room that the parents might prefer: parochial, charter, better performing public schools. Let the money be used, too, to defray parents’ costs of homeschooling.

Sending the $3k to the state’s general treasury, though, ought not at all be a deal breaker for this move, neither should the proposed commitment of the $5k to private-school tuition: SB 276 still is a major move forward. There’s plenty of time to come back again in the next legislative session to improve the move and to go farther. We’ll even have two school years of data to mull over as we consider the next move.

Now, there’s a thought.

The NAACP is Right on This

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There’s a school district in Prince George’s County, MD (which works out to suburban DC), that’s looking to set up two public (not private) high schools for immigrants and second generation students who don’t speak English—and to teach in their old country language.

The NAACP is objecting, and they’re right on this one, albeit for some wrong reasons. Bob Ross, president of the Prince George’s County branch of the NAACP, had this:

It risks turning Prince George’s County into a segregated school system[.]

He said the setup is a violation of Brown v Board of Education, and he’s close. He’s also worried that this will divert resources from the existing school system, and he’s right here, too. This objection, though, isn’t that important; any effort to add schools will divert those resources.

Tehani Collazo, Senior Director of Casa’s Schools and Community Engagement section, disagreed, also with reason:

If we are saying all [English-language-learning] students must go to these schools, that’s one thing. But we are not.

Like the many that already exist across the country, the International Schools are schools of choice. They are built on an innovative and proven model that will help support the needs of our most struggling group of learners—English Language Learners.

They’re both missing the larger point, though, about American education in this context. The segregation argument is close, but it misses.   Brown was about forced segregation; this is voluntary.

On the other hand, “schools of choice” are appropriate for a lot of things, but not in this context. There can’t be any choice about being taught in English.

Immigrants need to assimilate into American culture; it’s our culture that has created the opportunities we have and that underlie our enormous success. Our culture isn’t learned by students and their families holding themselves apart from it, which is what happens when students go to American schools to learn in their own language instead of in English.

Language is thought, and English is the language of American culture. It’s entirely likely that English needs to be taught with greater emphasis in those of our public schools that have large fractions of their student populations who don’t speak a version of English natively. However, public funds should not be spent on public schools that will teach only in a foreign language. That’s not how American culture will be learned; that’s not how immigrants will assimilate.

Academic Apostasy

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What are our post-high school academic institutions coming to?

Dartmouth Dean of the Faculty of Arts and Sciences Mike Mastanduno said this:

More than I’d like to, I hear this: “It’s really hard to teach on Thursday morning because of what the students do on Wednesday night.” I hear that from faculty. What I never hear, and what I’d love to start hearing from students is, “It’s really hard to do what we want to do on Wednesday night because of what’s expected of us on Thursday morning.”

Dude—party, man. It’s what we’re here for.

Maybe things might change a little, though. Dartmouth President Phil Hanlon is looking to make changes.

He wants to reorganize the dormitory system into “house communities” in which students will tend to reside for their college career instead of moving around frequently. Shockingly, they will

have dedicated space for study and social interaction….

Say, what!? Dude, chill.

But wait—there’s more:

I am asking the faculty to consider a number of ways to increase the rigor of our curriculum—from curbing grade inflation, limiting lay ups, to not cancelling classes around celebration weekends, to earlier start times for classes on Tuesday and Thursday mornings.

Dude, hold up—don’t listen to that Dean….

 

Dude….

Even the AP Is Catching On

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They fact-checked President Barack Obama’s State of the Union speech, and they found these things.

OBAMA: At this moment—with a growing economy, shrinking deficits, bustling industry and booming energy production—we have risen from recession freer to write our own future than any other nation on Earth.

THE FACTS: Job growth has been…fueled in part by lower-paying jobs…which have replaced many higher-paying positions…. Part-time jobs also remain elevated: there are still 1.7 million fewer workers with full-time jobs than when the recession began in December 2007.

[F]aster hiring hasn’t pushed up wages much. They have been growing at a tepid pace of about 2% a year since the recession ended 5 1/2 years ago. That’s barely ahead of inflation and below the annual pace of about 3.5% to 4% that is typical of a fully healthy economy.

And

OBAMA: I am sending this Congress a bold new plan to lower the cost of community college—to zero.

THE FACTS: Zero for qualifying students; an estimated $60 billion over 10 years to the treasury.

And

OBAMA: Thanks to a growing economy, the recovery is touching more and more lives. Wages are finally starting to rise again. We know that more small-business owners plan to raise their employees’ pay than at any time since 2007.

THE FACTS: A survey of small businesses by the National Federation of Independent Business does show that a rising proportion plans to raise wages. But plans to raise pay aren’t the same as actually raising them.

Average hourly earnings rose just 1.7% in December from 12 months earlier, according to the Labor Department. That’s about half the rate that is typical of a healthy economy….

And on.