Fun With Words, In Honor Of National Financial Literacy Month

Posted: Apr 29, 2009 1:41 PM
April has been designated by Congress as National Financial Literacy Month. In honor of the holiday, I present to you a compare-and-contrast, using actual text from the bill that created the holiday and text on the government's recent financial activity from the nonpartisan Congressional Budget Office.  Text from the bill that created the National Financial Literacy Month is italicized, and the Congressional Budget Office's text is in bold.

Whereas approximately 76,000,000 adults say they do not have any non-retirement savings, according to the National Foundation for Credit Counseling;

CBO estimates that enacted legislation will increase the deficit by $195 billion in 2009 and by $1.3 trillion over the 2010–2019 period. Nearly all of that increase is attributable to the economic stimulus legislation.

Whereas, according to a 2008 `Flow of Funds' report by the Federal Reserve, the net worth of households in the United States fell for the 4th consecutive quarter,

The projected deficit for fiscal year 2009 under that assumption—$1.7 trillion—is up significantly from the $1.2 trillion projected in January.

That the Senate designates April 2009 as `Financial Literacy Month' to raise public awareness about... the serious consequences that may result from a lack of understanding about personal finances;

Uncertainty is great about both how the economy would perform in the absence of fiscal stimulus and the impact of stimulus.