Why Are American Taxpayers Eating So Much Pork? It's Not Even Labor Day

On Saturday, President Obama hailed congressional approval of a $787 billion economic stimulus bill, which the White House said he would sign on Tuesday. Only three Republicans voted for the measure in the Senate, and no Republicans broke ranks to support it the House, arguing it had too much spending and not enough tax breaks. The final plan was split into 36 percent for tax cuts and 64 percent in spending and other provisions.

According to The Centrist, the current Stimulus Plan will have 'A trillion dollars of pork barrel spending . Other sources put the amount closer to $25 billion in narrow provisions that Republicans deem "questionable or non-stimulative.

Here Are Some Of The “Non-Stimulative” Items

$355 million for education related to sexually transmitted diseases

$200 million to monitor earthquakes and volcanoes

$50 million for National Cemetery monument repairs

$200 million to repave the National Mall

$276 million for new computers at the State Department

Looking at this, I wonder, does anyone in Washington get it? The American public is being told that economy is in dire straights and that the US now has a record deficit of $250 billion--to which the Stimulus Plan will most certainly add. Now, I’m convinced our Government had to do something to help the failed economy, but to tack billions of dollars of pork-barrel pet spending projects onto an emergency bill meant to save Americans is simply incorrigible.

When President Obama went to office, he went with the mantra of “change.” Yet, here we have this bill laden with excess special interest spending that doesn't have a thing to do with stimulating the economy.

Shouldn't the President have threatened to veto this bill if it included any unnecessary spending? Shouldn't' he veto the Stimulus Bill until all the pork is taken out? I think he should--that would be true change, true courage, and most certainly not “politics as usual.”

Do you feel he should have vetoed this bill? Do you feel he did the right thing? What can be done now to account for this money?

The Right Kind Of Education?

The civil rights organization Operation Hope just released the results of a study, the third of its kind, about African American students and their personal finances. The results are intriguing.

According to the article, Third Study Shows African American Students Consume More, Save Less:

When contrasted with the financial literacy of whites with the same incomes, the
highest income African Americans (those with family incomes above $80,000) had
financial literacy scores that were just 71.9 percent of whites. In contrast,
the lowest income African Americans had financial literacy scores that were 95.6
percent that of whites in the same income group. The report also revealed that
African American students are better spenders than savers.

In contrast to young white adults, African American high school seniors of
the same age are more likely to use credit and debit cards, are less likely to
have a bank account, and are less likely to work part-time or summers while they
are still in high school. This orientation toward consumption and away from
saving may help explain higher relative scores of African Americans on spending
rather than saving questions.

Several things jumped out at me. While high income African Americans had only 72 percent of the financial literacy of their white counterparts, low income African Americans had 95 percent of the financial literacy, or should I say illiteracy, as their lower income white counterparts. And, many of the African American "high-schoolers" did not work. The conclusions one can draw from this are many: (a) African Americans with good incomes who know a little something about managing their money need to know more, (b) knowing how to use your money means you're probably going to have more of it because you're going to keep more of it in YOUR pocket, (c) not knowing how to use your money will keep you poor--regardless of race, and (d) by not making our children earn what they want, we (African Americans) are not preparing our kids for the real world or the responsibilities of handling money. We are setting them up to be poor.

All of us want our kids to have the best education possible. Perhaps we should teach our children that character is "who we are" on the inside that shows outwardly in our decisions and actions--you don't wear it on your back. Next, we need to teach them the difference between needs and wants. And clearly, as this study by Operation Hope shows, it is important for us as black parents to learn all we can about personal finance and then teach those skills to our kids. Remember, many of us created our own financial crisis by buying way more house, car, clothes, hair, jewelry, holiday gifts, etc. than we need.

A final note - "Don't spend money you don't have trying to impress people who don't feed you."