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This newsletter is designed to keep you abreast of the range of activities and programs offered by the Center for Economic Education and Entrepreneurship in Delaware. Each issue highlights news, staff, sponsored programs and special events. We hope you'll find it a useful resource in promoting what we expect to be our common goal: furthering economics, personal finance and entrepreneurship education. |
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Presentation of the James B. O'Neill Award
During the 2013 Economic Forecast held at the University of Delaware on February 12, John Cochran, vice chair of the University's Board of Trustees, presented the second annual James B. O'Neill Award for Excellence in Economic Education and Entrepreneurship to Richard Struthers, president of Ashford Point Enterprises.
The award recognizes a person identified by the Center for Economic Education and Entrepreneurship (CEEE), the Delaware Council on Economic Education and the Alfred Lerner College of Business and Economics who has made a substantial contribution to promoting economic and financial literacy, as well as entrepreneurship.
"Serving as the first Delaware marketing president at the Bank of America and responsible for local business, civic and philanthropic leadership, Ric Struthers made financial literacy a personal and professional priority," said Cochran. "His overarching goal was to ensure that every student in Delaware received a solid grounding in personal finance and economic education, one which Ric knew to be very important not only to our children, but also to the nation's economic recovery."
Cochran praised Struthers for his support of financial programs developed by the CEEE such as:
- Keys to Financial Success and the related culminating competition that benefit Delaware's high school students.
- Meaningful Economics, which provides both an educational and competitive opportunity for third- through sixth-grade students of economics and personal finance.
- Freshman Year Experience classes at the University, which teach students how to make prudent financial decisions and use credit responsibly.
He also noted that Struthers' support led to successful petitioning of state officials to incorporate personal finance into the Delaware recommended social studies curriculum. |
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Financial Literacy Education Fund Impacts Delaware Classrooms
Grants from the Financial Literacy Education Fund, administered by the Office of the State Bank Commissioner, support CEEE programs for Delaware teachers of economics and personal finance to update their teaching skills. They also provide classroom tools to enhance students' understanding of economic and financial issues.
Personal Finance Refresher for Teachers
On February 9, 17 teachers participated in a Personal Finance Refresher seminar conducted by Kevin Worsh, Sales Director for Bank of New York Mellon. The seminar focused on developing prudent money management skills to ensure financial security. A follow-up workshop, in which teachers played the GEN I Revolution video game developed by the Council for Economic Education, reinforced the personal finance topics presented at the seminar. The workshop also highlighted careers in economics and finance.
The Economist's Toolbox
On March 19, 25 teachers from 15 of Delaware's 19 school districts attended the rollout of the Economist's Toolbox,  consisting of five posters that reflect the theme of construction and highlight five economic decision-making tools. Designed by Jack Sherry, a graduate of Cab Calloway School of the Arts and currently a student at the University of Delaware, the Toolbox posters promote the importance of building a foundation of knowledge and skills to make informed economic decisions. The five tools depicted in the posters are the Decision-Making Process, Supply, Demand, Circular Flow of Economic Activity, and Cost/Benefit Analysis.
Each of the 25 teachers who attended the Economist's Toolbox presentation received a poster set for classroom use. They also received smart board lessons that reinforce the application of the five tools in economic decision-making. Additional smart board lessons can be accessed from the deecon workspace at
www.pbworks.com.
A grant from the Financial Literacy Education Fund will also provide on-going assistance to teachers in implementing the Toolbox to enhance instruction in economics.
Teach Children to Save Calendar
For 15 years, the CEEE has organized and prepared hundreds of banking professionals to visit elementary classrooms throughout Delaware to promote the importance of saving and making informed spending choices. As part of each year's Teach Children to Save Day activities, students design posters on the topic of  saving. This year, winning designs were incorporated in a Teach Children to Save calendar that displays a different savings-themed drawing each month. Each month also provides a link to a savings lesson.
Delaware teachers who participate in professional development receive Teach Children to Save calendars to support classroom instruction. A grant from the Financial Literacy Education Fund underwrote the cost of the calendars. |
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Stock Market Game News
On January 23, the CEEE hosted a reception at the University of Delaware's Newark campus honoring student teams that won the Fall 2012 Stock Market Game. The winners were among 1,070 students in Delaware on 258 teams who participated in the 10-week contest, which has been administered by the CEEE since 1983. The reception also honored an individual student who won InvestWrite, a national essay competition for students who participate in the Stock Market Game. The Delaware Department of Justice helps defray the cost of the Stock Market Game.
Winning Teams
Elementary School Division: Corey Geerlof, Kelly Kane, Michael Sanders and Katherine Severson from West Park Place Elementary School, coached by Jennifer Klima.
Elementary Boys and Girls Club Division: Darylita Coston, Amatullah Studevent and Bernaj Ward from Greater Newark Boys and Girls Club, coached by Stephanie Juarez.
Middle School Division: Janae Otter, Carlos Roques and Shyair Williams from Shue-Medill Middle School, coached by Kane Swaney
Middle School Boys and Girls Club Division: Joshua Reinhold and Kaylie Zimath from Greater Newark Boys and Girls Club,  coached by Stephanie Juarez
High School Division: Chris Barboun, Jack Conti, Mike Healy and Sean Simpson from Salesianum School, coached by George Horn.
High School Boys and Girls Club Division: Avonte' Cannon, Carlos Cannon, Kiana Higgin, Michael Murray, Naeemah Murray and Cinitae Savage from New Castle Boys and Girls Club, coached by Jawanna Saunders
InvestWrite Competition
Mariah Kincaid from Leasure Elementary School, coached by Timothy Werbrich, won the InvestWrite competition. The essay contest evaluates students' understanding of the stock market and their ability to write critically on investment strategies. Kincaid said she wrote about McDonald's stock because "everyone knows about it." She said she thought this made the company an ideal subject for her paper.
About the Stock Market Game
The teams invest a hypothetical $100,000 in stocks traded on the New York and NASDAQ exchanges. After researching stocks and the companies that issue them, the teams enter trades on the Stock Market Game website at real-time prices. At the end of the 10-week game, the team in each of the three grade-level and Boys and Girls Club divisions with the highest value portfolio is declared a winner. |
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2013 Economic Forecast
The 2013 Economic Forecast, sponsored by the CEEE and the Lyons Companies, brought together a panel of experts including Michael Oxley, former congressman and chairman of the House Financial Services Committee; Michael K. Farr, president of the portfolio management firm Farr, Miller and Washington, LLC; and Jon Hilsenrath, chief economic correspondent at the Wall Street Journal, to speak on U.S. economic
policy.
Moderated by Steven Russolillo, a 2007 University of Delaware graduate who works for the Wall Street Journal, the panel told the audience that only compromise and attention to the fragile state of the recovering economy will improve America's economic situation.
"I served long enough in Congress to understand you can't do  anything in Washington that makes any sense and has any impact without strong presidential leadership, and so far, we frankly haven't had it," said Oxley, who is of counsel at BakerHostetler LLP in Washington. "If we get that kind of presidential leadership, I think you're going to find a lot of folks in the country and in Congress who are willing to roll up their sleeves and deal with this problem."
Hilsenrath noted that although there has been a modest recovery and the value of the dollar has been relatively stable, the possibility of a financial bubble brought on by the Fed pushing too much money into the economy remains.
According to Farr, author of The Arrogance Cycle, one of the biggest issues with the economy is that the country cannot go on borrowing so heavily and the government must learn to function within its means. He noted that for every dollar spent, 40 cents is borrowed.
Although Farr acknowledged the economy has a long way to go before making a full recovery, he observed that confidence in the future is slowly improving. |
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Upcoming Events and Opportunities! |
Personal Finance Challenge
April 15 |
Teach Children to Save Day
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ME* Competition
Georgetown:
Grades 3 - 5, May 15
Newark:
Grade 3, May 21
Grade 4, May 22
Grades 5 & 6, May 23
Registration Deadline
More Information |
Microeconomics for the
Secondary Educator
July 8 - 18
Watch for Details in Your Inbox! |
Mini Society Training
July 16 - 18
Watch for Details in Your Inbox!
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Bank at School Program
Continues to Grow
Maclary Elementary School Bank Opening
The Delaware Bank at School program has expanded from elementary schools to include programs in five middle schools and one high school. |
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"Economic Stability:
Why Should I Care"
The CEEE, in partnership with the Delaware Department of Education , developed a sequence of lessons and related activities called "Economic Stability: Why Should I Care" to teach students how the aggregate economy works. The program underscores the importance of maintaining economic stability by monitoring statistics such as business cycle indicators and rates of unemployment and inflation and then employing monetary and fiscal policies when necessary. It also focuses on the sectors of the economy and their interdependence.
On February 20, 34 economics teachers from 15 of Delaware's 19 school districts attended an all-day workshop funded by the Social Studies Coalition of Delaware to learn how to teach the "Economic Stability: Why Should I Care" unit. The teachers participated in simulations in which they implemented monetary and fiscal policies to correct the economy and received materials to support the simulations in their classrooms. They also received Student Learning Maps and Power Point presentations related to the "Economic Stability: Why Should I Care" unit.
"Economic Stability: Why Should I Care" can be accessed at www.pbworks.com. After the initial log-in, request the deecon workspace. PBworks will send a request for approval to Barbara Emery, CEEE Program Coordinator, and an invitation will follow. |
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Overdraft Screening & Panel Discussion
On February 19, the Center for Economic Education and Entrepreneurship in the University of Delaware's Alfred Lerner College of Business and Economics hosted a special screening of Overdraft, a nonpartisan documentary that examines the facts surrounding the $16 trillion national debt and its implications for future growth. The documentary was produced by the Travelers Institute in collaboration with public television and has been screened at universities across the country.
Joan Woodward, executive vice president of public policy and president of the Travelers Institute, said the documentary was meant to address some of the most important issues facing the country today, and as one of the largest insurance companies in the country, Travelers was eager to make the documentary and share it with audiences nationally.
"Travelers is a data-driven company and this is reflected in nearly everything we do," Woodward said. "In that context, our leadership team was tumbling through some long-term economic data and some really significant economic challenges came into focus. As a result, Travelers decided to get involved."
The film presented first-hand accounts of those who have been impacted by the national debt as well as opinions of experts who recommended tax reform and spending cuts in programs such as entitlements and defense to reduce the debt.
After the screening, Bruce Weber, dean of the Lerner College, initiated a discussion with panelists Michael N. Castle, former Delaware governor and Republican congressman; Stephen Mockbee, president and founder of Patriot Government Services, Inc., and former president and CEO of Bancroft Construction; and James Butkiewicz, chair of the Department of Economics at the University of Delaware.
Weber opened the discussion by asking if the film was fair in comparing the national debt to a family spending beyond its means. Castle said, "We do have excessive borrowing going on in this country and what was said here in the Overdraft documentary is basically correct."
Butkiewicz also considered the film's analogy and explained that although sometimes it is necessary for the government or a family to acquire debt in order to function, there is cause for alarm when it appears that relief from the debt will never occur. He added, "My outlook is even more dismal, being a dismal scientist, than you might have gotten from the documentary." He noted that unfounded liabilities by state and local governments, low interest rates and the long-run rate slow-down are other causes for concern.
Weber asked business founder Mockbee if he would start a business in today's economy. Mockbee pointed out that he would worry about borrowing from a bank, which he equated with investing not only in the new company but also in today's fragile economy. He also questioned whether a new company today would be profitable enough over time to pay off its debts.
The event closed with a question-and-answer session in which the panelists fielded questions from faculty, students and community members on topics ranging from the current tax code to the need for bipartisan compromise in addressing the issue of government spending. |
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