On Wednesday, February 18, President Obama announced a plan that will provide federal funding to help people who face foreclosure. (Foreclosure occurs when a homeowner can no longer make mortgage payments on her or his property, so the property is sold by the mortgage holder to pay off the homeowners’ debts.) Opponents of the plan believe it is unfair to use taxpayer dollars to help people who, in many cases, bought homes they could not afford or did not manage their money properly. In short, people who pay their mortgages will, through taxes, be helping to fund the mortgages of those who, for whatever reason, can’t. Proponents of the plan think that if nothing is done to stop the foreclosure crisis, property values will fall as will funding for schools, libraries and police — all of whom rely on property taxes to pay for their programs. As a class, discuss your opinions on the issue. Then, as individuals, read an article in USA TODAY about the foreclosure crisis or another problem that is affecting the economy. In writing, explain how saving, investing and/or budgeting would have helped prevent the problem. Then, over the next week, peruse the Federal Reserve Bank of Dallas’ "Building Wealth" guide at www.dallasfed.org/ca/wealth/index.cfm to learn how you can prevent personal financial troubles in your future. Identify three tips from the guide and discuss them with your parents.
• Beyond the Election Cross-Curricular Activity Archives
