| Consumer Economics 101 in High School |
Knowledge is the key to preventing financial Crisis in America
Everyone has noticed it. You go into a store and make a purchase and you are quite certain that without the automatic calculations of the cash registers, the clerk would be unable to give you correct change. As a business owner, I am amazed at how many young people lack practical financial knowledge. We hope after high school, our graduates know math, science, english, and other courses taught in our "Smart Core" curriculum. Schools even have mandatory classes in fine arts and health and safety. But, we have no requirements related to practical consumer economics 101. Our students often graduate from high school poorly equipped to deal with their own personal finances. Basic things like how to manage credit and the difference between a regular interest rate and "A.P.R." when buying a home.
Studies have shown a primary reason non-graduating college students do not a make it to graduation is because they start to have financial problems. Upon graduation, our teens are bombarded with offers for FREE (or so they think) credit cards.
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| An act to prohibit an Accident Response Fee |
As the economy slows and so does sales and property tax revenue that is the lifeblood of counties, municipalities, and local Governments. Unfortunately, this reduction in revenue leads to these municipalities being ripe for companies approaching them to offer what may seem like a great new way to boost income and revenue. These companies have been going to other surrounding states and offering billing services for additional fees charged when a police officer responds to a 911 call or auto accident.
Just think, you and two passengers are involved in an auto accident, no one is taken to the hospital in fact, the ambulance was never called. You exchange driver's information, insurance cards, and phone numbers and go on your way. Two weeks later each of the passengers as well as the driver receives a bill in the mail for 75.00 each, entitled "municipal accident response fee". Since it is part of the accident you just assume....
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| Promises and Projections - How to pass a tax |
Disappointing news came to the legislature regarding the reduction of the projections for the new cigarette tax. What was first thought to bring in $86 million is now projected to be just over $72 million/year.
The blame is being placed squarely on the shoulders of the new federal excise tax. But wait, if memory serves, DF&A should have known all along that this federal tax was coming! In fact this is where sponsors got the idea to tax cigarettes in order to raise funds for a trauma system, fund dozens of health and welfare projects and at the same time STOP everyone from smoking.
The theory was, if you raise taxes enough you will slow the use of tobacco and prevent new smokers from starting. Now they are shocked to find that by doubling the tax it will increase the reduction of sales and thereby reduce the tax revenue? Hard to believe, but that's their story and I think they are sticking to....
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| HB1590 - Going to Interim Study |
HB1590 the bill that would have increased the amount of money the state paid county jails to house state prisoners awaiting transfer has been referred to an Interim Study Committee. As part of the process, I wanted you to be able to see the type of opposition that this bill for public safety created.
Read a memo from the Association of Arkansas Counties opposing this bill.
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