80% of Congress Can’t Pass Econ 101?

Can members of Congress pass a basic economics class? Not many—or approximately 20%—says a recent report by Defeat The Debt.com.

With weighty issues surrounding the state of the economy, Defeat The Debt, a project of the Employment Policies Institute, says it begs the question of whether those in Congress have any educational background in economics.

The report, which gathered data from public records and biographies of Congress members, looked into the education of those representatives to find that more than half (55.5%) majored in either government-related fields or the humanities, but only 8.4% majored in an economics-related field, and 13.8% majored in a business or accounting-related field.

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The findings aren’t exactly scientific, but Defeat the Debt notes, “This research suggests that our elected Representatives may want to dust off their Econ 101 textbook (if they have one) before trying to tackle weighty questions about the impact of taxes, spending, and debt on our economy and the labor market.”

Written by Elizabeth Ecker

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  • It seems Ms. Carmen Wong Ulrich got her economic and financial education in the same place as most members of Congress.  Ms. Ulrich is the person who presented her view on the NBC Today show earlier this week concluding that a reverse mortgage could cost 20% of the value of the home.   
     
    After all she graduated from Fairfield with a bachelors degree in psychology and art history and a masters from Columbia in psychology.  She is also part of the Dr. Oz Show.  All of these make her an expert on reverse mortgages.  What is surprising is no one calls her credentials into question.  It seems she has trouble with simple math.
     
    If we looked at the credentials of most of our detractors we would find most of them are in the same boat as Ms. Ulrich and members of Congress.  Could the same be true of some who are advising our industry on crucial matters which are currently harming the industry?  I am afraid the answer is yes.

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