COVID-19 Update from the Texas Council on Economic Education (TCEE)
The spring semester of the 2020 school year was a major challenge to schools throughout Texas and across the country. We at TCEE want to congratulate the teachers, administrators, students, and parents for the resilience that was displayed to work through the COVID – 19 sheltering protocols and completing the school year.
During this crisis, we have learned that economic literacy is vital to the health of our economy and can help prepare students for their economic roles as workers/entrepreneurs, consumers, borrowers, savers, investors and voters. If the United States is to maintain its position as a leader in the global economy, we must continue to prepare our students for economic realities that continually evolve as nations become more and more interdependent.
The recent COVID-19 pandemic has provided ample evidence of why it’s important to understand economics and personal finance. Regional, and sometimes national, shortages of essential consumer goods. Disruptions of supply chains. Forced business closings. New Federal Reserve Bank monetary policy actions. Major fiscal policy interventions designed to help stabilize the economy by addressing increased unemployment and bankruptcies. Understanding these and other economic events and policy decisions is critical in devising effective plans to combat any crisis that has the potential to harm our economy, our way of life, and our nation’s economic prosperity.
By fully supporting the teaching of economics and personal finance in all U.S. K-12 schools, we will make sure that students are equipped with a sound understanding of basic economic principles that will empower them to make a lifetime of informed decisions and build healthy communities where they reside.
By dedicating time in the school curriculum for economic literacy, we are helping students become better decision makers and more able to thoroughly understand the ramifications of a myriad of economic factors impacting their daily lives. Economic literacy holds the key to living productive lives and is essential for our economy to function at its fullest levels of productivity while maintaining its competitive advantages.
George Stigler, Nobel Laureate in economics, probably stated it best when he said: “The public has chosen to speak and vote on economic problems, so the only open question is how intelligently it speaks and votes.” Ultimately, economics is the science of decision-making. As adult decision makers and leaders in our states, it is our responsibility to ensure every K-12 student has a basic understanding of economics. In addition, we want to produce future generations of Texans that are equipped to make the critical financial decisions necessary to secure their future and that of our state and nation.
This summer will be a challenging time during which we are struggling with how exactly our classes will be organized in the upcoming school year. The TCEE wants to be sure that you all have access to the resources that you will need to prepare your classes for the upcoming school year. As always, we hope that you will look to the TCEE webpage (www.economicstexas.org) for the latest offerings. In the meantime, please continue to use the resources available through our partners including:
The Council for Economic Education at www.econedlink.org
The Federal Reserve Bank of Dallas at https://www.dallasfed.org/educate
The Federal Reserve System at https://www.federalreserve.gov/aboutthefed/educational-tools/default.htm and https://www.federalreserveeducation.org/
Next Gen Personal Finance at https://www.ngpf.org/
$martpath at https://www.economicscenter.org/$martpath.aspx
Hands on Banking at https://handsonbanking.org/
National Endowment for Financial Education at https://www.nefe.org/
Stock Market Game at https://www.stockmarketgame.org/
We hope that you all have a safe and productive summer. Please reach out if we can help as you prepare for the new school year.
The Interim co-directors of TCEE
Director of the UNT Center for Economic Education
Director of the UT Tyler Center for Economic and Personal Financial Literacy