ECONOMIC ILLITERACY IN AMERICA---WHO FAILED US?

Emailer writes:

> Mr. Riccardi:> Listening to you weigh in a few moments ago on Hillary's profit margin> taxation plan during the Trey Ware show really lowered my opinion of> you. You made the comment that this plan may actually hold water to> someone who didn't understand profit margins, such as "people who> attended public schools."> I'm not sure what your basis is for making a remark like that. I am a> product of Texas public schools and have been teaching biology in Texas> public schools for the past nine years. I was taught in my high school> economics class about profit margins and I was taught in my elementary> reading classes how to read, for example, the business section of a> newspaper. Both lessons have served me well throughout my life.> Whatever your opinion of public school systems may be, perhaps you could> limit expressing that to a segment on education and not campaign> politics.> > Josh > Pleasanton, TX

My response:

Josh,
I'm sorry that the truth hurts. The vast majority of today's voters are public school educated, yet do not grasp basic economic concepts such as profit margin (and many other ideas, as evidenced by the recent mortgage meltdown). This economic illiteracy makes them vulnerable to pandering politicians with messages of "excessive" profits and the like. Which in turn leads them to vote in ways counterproductive to their own prosperity and well-being. If you have an alternative explanation for a population today that cannot name its own elected representatives, Supreme Court justices, even the vice president, cannot define the role of the Electoral College or which branch of government levies taxes, and does not have enough economic horse-sense to know when they are being lied to, I would gladly hear it. I have never said that every person in public ed is a failure, but the aggregate result of our public schooled-nation is a failure. Your recollection of learning some of these things in school is encouraging, but an exception does not disprove the rule. Obviously, the system can and does graduate a majority of people who don't grasp basic concepts required for enlightened voting and participation in the process of self-government.
Thanks for listening and for the exchange of ideas!
Jack