The U.S. educational system has been lacking in preparing and teaching our students for some years now and it seems not to remain a high priority.

“Education is the key to our future success as a country and the cornerstone of our democracy. Yet, we have allowed our students to fall behind,” according to the mission statement on the website NBC Education Nation.

According to the U.S Dept. of Education, “Sixty-eight percent of our eighth-graders can’t read at grade level. One-third of our students drop out of high school, and another third aren’t college-ready when they graduate.” The American education system has been failing, where it was once at the top globally in science, math and reading, primary and secondary education in the United States is not even in the top ten as of today.

According to NBC Education Nation reports from Rehema Ellis, “Among 30 developed nations, we rank 24th in Math, 17th in Science and 10th in Literacy.” It seems that America has put education on the back burner and in the long run it will impact the future workforce and thus the economy.

It is important to look at the quality of education students are receiving; most young people aren’t getting the necessary skills and education in the arts and sciences to keep competitive. “We teach things, subject matter, but we don’t teach how to think, that is, to analyze and synthesize and to handle novelty,” says Dr. Robert F. Duvall, president/CEO of the Council for Economic Education.

Despite technological innovations and the progress of modern resources and tools, it seems as if the American educational system has not changed much over the years to fit the developing minds of the children who are learning using this technology.

In the United States a major benefactor is the condition of the poor economy which affects the financial aspect of education in concerns to funding.

According to the Department of Education the United States puts about the same amount of money into the system as most countries; it is about how the money is placed in the educational system. “It is States and communities, as well as public and private organizations of all kinds, that establish schools and colleges, develop curricula, and determine requirements for enrollment and graduation.”

The federal government initially does not have much power or gives much funding, which probably helps account for the failing education system. In order to remedy the failing system of the United States there are many things that could be done.

America has diversity in the classroom, which can be used by students to teach each other. American students, business leaders, and entrepreneurs can succeed in this global economy, yet they must have the proper education and knowledge of the world.

Pendoley argues in the article “World’s Apart” that the most important change should be cultural.

“We need to move beyond the culture of education as a political football and students as repositories of math and grammar rules,” he says, explaining that this includes paying teachers well, requiring students to learn new languages and about new cultures, encouraging foreign travel, rewarding accomplishments in science and technology, and most of all, giving them a competitive edge by using to an advantage the vast diversity of the United States.”

There is plenty of potential in the U.S. education system but the right people have to be placed and the focus on education has to become a top priority along with the student as an individual, not a building that can be sent finances to attempt to fix a problem. Students are no longer competing with their peers across the campus, but across the globe and if their education doesn’t prepare them for it, they’ll lose.

While there are steps being taken to change the path our value in education has taken, there is still much to do and people must get involved to save their children’s future.

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Sacramento, U.S.A. — Tribal government gaming generates important benefits across California’s economy, according to a new study conducted by Beacon Economics, a leading independent economic research firm.

The study, commissioned by the California Nations Indian Gaming Association (CNIGA), surveyed gaming and non-gaming tribes across the state, including a cross section of large and small casinos in urban and rural markets with a range of amenities including hotels, restaurants, retail establishments and entertainment venues. The study finds that Indian gaming operations provide significant benefits throughout California’s economy.

“California tribes made a promise to California voters: we promised we would provide for our people and land as governments, we would provide jobs for our people and our neighbors, we would be good neighbors sharing responsibility for services like fire and police and environmental protection, as well as supporting non-profits and public entities that contribute to the quality of life in our regions,” said Daniel J. Tucker, Chairman of CNIGA.

“This is our first report card, and I am proud of it. We have done well for our people, our neighbors, local and state governments and California taxpayers, as well as providing financial assistance for 71 other tribes to assist them in building a foundation for economic independence.”

“Our analysis shows that California tribal government gaming has a $7.5 billion annual impact and supports more than fifty-two thousand jobs for state residents,” said Chris Thornberg,

Founding Partner of Beacon Economics. “The benefits are broad-based and state-wide: including tribes and tribal members, non-tribal members, local economies and state and local government budgets. As today’s economy improves and discretionary spending rises, the magnitude of these effects can be expected to grow.”

Among the study’s key findings:

Tribal gaming generates $7.5 billion for California’s Economy: In 2010 alone, $7.5 billion in economic activity was supported by Indian gaming operations. Of that amount, more than half ($3.9 billion) was generated outside of direct spending from the gaming operations. That means that businesses throughout California’s economy — the vast majority of which are non-tribal — are being buoyed by Tribal gaming.

California tribal gaming creates more than fifty-two thousand jobs and $2.7 billion in income for Californians: The Beacon analysis concludes that tribal government gaming is an increasingly important pillar of job creation in California, supporting more than 52,000 good-paying jobs across the state and generating over $2.7 billion in income. The study estimates that upwards of 80% of casino employees are non-tribal members, and finds that many tribal gaming jobs are filled by lower-skilled workers, those hurt most by the economic downturn.

Tribal gaming generates $467 million in revenues supporting essential local and state services: According to the study, tribal government gaming operations generate $467 million in state and local revenues, and non-gaming operations provide an additional $47 million in state and local revenues.

Tribal government gaming has provided $818 million in critical support to non-gaming tribes: Revenue generated by tribal gaming provides essential support to non-gaming tribes, funding a range of services including education, health care, and housing. Non-gaming tribes receive up to $1.1 million annually from the Revenue Sharing Trust Fund. To date, the analysis shows that $818 million has been distributed to help reduce the reliance of non-gaming tribes on state and local governments.

California gaming tribes foster safe and healthy communities, active philanthropic giving: Many California gaming tribes sponsor police and fire departments to relieve strained county officials and protect tribal and non-tribal community members, according to the report. Tribal gaming revenues also support local health and dental clinics for tribal and non-tribal residents in critical areas where these services are not readily available. The study also reports that gaming tribes often serve as the most important sources of philanthropic giving in their surrounding communities.

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McLean, U.S.A. — Freddie Mac released the results of its Primary Mortgage Market Survey showing fixed mortgages rates breaking their streak of record-breaking lows and moving higher on mixed Eurozone and domestic economic data. Before this week, the average rate on the 30-year fixed had fallen to or matched record-low levels in 13 of the past 14 weeks.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.55 percent with an average 0.7 point for the week ending August 2, 2012, up from last week when it averaged 3.49 percent. Last year at this time, the 30-year FRM averaged 4.39 percent. 15-year FRM this week averaged 2.83 percent with an average 0.6 point, up from last week when it averaged 2.80 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent this week with an average 0.6 point, up from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 3.18 percent.
• 1-year Treasury-indexed ARM averaged 2.70 percent this week with an average 0.4 point, down from last week when it averaged 2.71 percent. At this time last year, the 1-year ARM averaged 3.02 percent.
• Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

“Recent announcements of additional debt relief for the Eurozone and mixed domestic economic indicators added upward pressure on Treasury yields as well as mortgage rates this week. The U.S. economy grew at a 1.5 percent annualized rate in the second quarter, slower than the 2.0 percent growth in the first quarter with consumer spending in June unchanged from May. However, consumer confidence rose in July for the first time in five months according to The Conference Board.

“Housing data were also assorted. The S&P-500 Case Shiller 20-City Composite Index rose for the fourth consecutive month in May with 18 of the cities experiencing positive growth. Nonetheless, pending home sales fell 1.4 percent in June, below the market consensus forecast of a 0.3 percent increase, and May’s figure had a downward revision.” - Frank Nothaft, vice president and chief economist, Freddie Mac.

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FICO’s quarterly survey of bank risk professionals found growing concern for the stability of the student loan market and deepening fears about the nation’s housing sector. The survey, conducted for FICO by the Professional Risk Managers’ International Association (PRMIA), shows that bankers expect delinquencies on most types of consumer loans to rise, balances on credit cards to grow, and global economic forces to put increasing pressure on the U.S. economy.

Delinquencies on student loans causing concern

Student loan debt now exceeds credit card debt in the U.S., with experts estimating that $750 billion in student loans are outstanding. In FICO’s survey, 67 percent of respondents expected delinquencies on these loans to rise. That is 19 percentage points higher than last quarter. Only eight percent of respondents expected a decline in delinquencies.

“Evidence is mounting that student loans could be the next trouble spot for lenders,” said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “A significant rise in defaults on student loans would impact lenders as well as taxpayers, who could be facing big losses due to these defaults. Our survey results underscore the ongoing challenges that millions of American households face as they try to cope with their debt during these uncertain times.”

Global concerns impacting U.S. economy

Survey respondents were also asked about global issues that could put pressure on the U.S. economic recovery. When asked about the most likely trigger for a possible double dip in the U.S. economy, the Eurozone debt crisis was cited most often (38.8 percent), just edging out U.S. government policies (38.4 percent). Another 19 percent are most concerned about the lack of spending and investment by U.S. companies.

Survey respondents were also asked about the economic growth of China as it relates to the future strength of U.S. consumers. Sixty-five percent of respondents felt that the global influence of Chinese consumers would overtake that of U.S. consumers within 5-10 years. By contrast, 28 percent felt that U.S. consumers would continue to wield more influence for another 20 years or longer.

“Whether it’s debt trouble in Europe or economic growth in Asia, there are significant implications for the near-term and long-term strength and health of the U.S. economy,” said Jennings. “There are risks, challenges and opportunities all around us. To compete in this increasingly complex global environment, we’re seeing more U.S. companies embrace innovative analytic technologies to help them understand and navigate the global playing field.”

Consumer credit seen weakening, led by housing concerns

Regarding mortgages, 47 percent of respondents expected mortgage delinquencies to rise and 13 percent expected delinquencies to decrease. That is slightly more pessimistic than last quarter. When asked about credit cards, 45 percent expected delinquencies to rise while 21 percent expected a decline.

That is also more pessimistic than last quarter and another sign of deteriorating confidence among bankers. In addition, 54 percent of respondents expected credit card balances to increase. These expected increases are likely due to higher spending by some consumers and financial stress for other consumers who are unable to pay down their balances.

Auto lending had a fairly balanced outlook with 33 percent of respondents expecting an increase in delinquencies, 22 percent expecting a decrease, and 45 percent expecting no change in the level of delinquencies.

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With the failure of the Obama administration to extend its fiscal policy and redeem the American economical illness, people have now fervently placed their hopes in the lap of the Federal Reserve Bank. The American economy is currently going through a rough phase riddles with unfortunate events that has infused pessimism in the system.

Americans are believed to be as pessimistic about the U.S economy as they were during the Great Depression; this shows in key readings of the consumer confidence data. In august the consumer confidence index plunged to its lowest level since April 2009. Consumer confidence index is the degree of optimism consumers have about the overall state of the economy.

It generally indicates the financial situation of the people and their confidence about their future earnings. In a situation like this where rising unemployment and mild lob losses on a constant basis lowers the probability of stability in future income, consumers eventually lose buoyancy and start reducing their spendings.

The consumer confidence index, also sometimes referred to as the expectation index, that dropped 23 point from 74.9 to 51.9 in July. The month of August saw the steepest fall since the heydays of the early recession in 2007.

Jobs in crisis

The darkening outlook of US economy is due to the debt ceiling debates, falling employment, irregular stocks and the downgrade by S&P. With spending cuts and the gloomy jobs outlook, the chances of a sooner-than-expected recovery remains a distant dream.

In a top job-killing list, prepared by CNN Money, Goldman Sachs, the Wall Street giant, took second place; Goldman recently axed 1000 jobs as a part of their cost-cutting effort. Technology giant Cisco Systems also announced a cut of 6500 employees. Top defense supplier to pentagon, The Lockheed Martin said it has laid off 6500 employees and counting.

Research in Motion, maker of Blackberry, also slashed 2000 employees or nearly 10 percent of its workforce. Once the leader in North America Smartphone market, the company finds that sales are waning since Apple launched its new iPhone. With fiscal alternatives drying up there has been a diversion of attention towards the Federal Reserve (FED).

At the two-day FED annual forum at Jackson Hole, Wyoming, Bernanke did not give any hints about another round of economic stimulus, but said that the central bank would do all to help boost recovery. Jesse Cole, head of Merlin Institutional group, said “Bernanke really indicated that the central bank has a lot more tools and weapons at its disposal to stimulate the economy.”

Hopes are sky high since the FED chief used his Jackson Hole speech last year to lay the groundwork for a second round of bond purchases. Earlier in December 2008, the FED chief expanded the meeting for two days and lowered the benchmark interest rate to near zero from 1%

Roller-coaster ride

Recent budget outlooks from the Congressional Budget Office (CBO) provided further proof that the U.S. should be serious about dealing with debt. CBO wants to make about about striking a balance in the efforts to tamp down the debt burden and tanking economic growth.

Not surprisingly, Bernanke echoed a similar voice when he said policymaker should be more careful with current economic recovery and fiscal headwinds that may come up in time. The macro economic situation is difficult with the current high unemployment rates, the high gasoline prices,the  debt mountain, and shrinking alternatives.

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