This is almost too funny to be true. A group of Democratic state senators wants to pass legislation to create a task force to study financial literacy in the state.
We find nothing to criticize in the legislation, SB533. The state would benefit greatly from a financially literate populace who understands that you cannot spend more than you make. We advocate strong financial education starting in grade school.
What we find so amusing is the irony of the legislation. Here are a group of people who just passed $1.4 billion in new taxes because they refused to cut their spending at a time when the economy is reeling from a downturn in the housing market and a credit crunch. And now they want to tell us how to handle our personal finances?
We would be glad to recommend to the General Assembly leadership a list of highly respected Maryland economists who could teach an Economics 101 for state legislators in need of a refresher course onfiscal responsibility.
