Financial Education Should Be Part Of The Recovery From The COVID-19 Recession. This Is Why.

The US Department of the Treasury recently issued the new National Strategy for Financial literacy. This is much needed, in particular in a time of crisis and a good part of the report is devoted to how to help people in these difficult times and the critical role of financial education.

Since the start of the crisis, one thing has been notably absent: the voices of those who say financial education is futile and a waste of time.  The long lines at food banks stand as a painful reminder of how little financial resilience many American families had and how daunting it is to manage our finances during a pandemic. It is during a storm that sailing lessons show their worth, and it is becoming painfully obvious that knowing a thing or two about financial literacy is essential—not simply to navigate our finances but to survive

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Opinion | September jobs report shows U.S. economy missing more jobs now than it did at worst point of any prior postwar recession

Here’s the bad news: The nation’s payrolls are still down 10.7 million jobs, or about 7 percent, since their peak in February, when the recession began. That’s enormous. In fact, a higher net share of jobs is still “missing” today, relative to pre-recession times, than was the case even at the worst period of any prior postwar downturn.

The chart below shows percentage changes in employment since the recession began, and how recent trends compare with other postwar downturns and recoveries. The black line plots the Great Recession and its aftermath. At the very worst point for the job market in that business cycle, payrolls were down about 6.3 percent. Now, however, the magnitude of those Great Recession job losses looks slightly less “great” when compared with more recent changes in employment, plotted by the red line.

Another measure of labor market health, the unemployment rate, tells a barely more

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