Guest Speaker Offers Money Managing Tips to Students

By Maris Cohen

 

 

KALAMAZOO, Mich.--According to Tamera Draut, the speaker at this year’s 2008 William Weber Lecture in Government and Society, we are the first generation of the post World War II era that will earn less than our parents.

            She spoke to about forty college students and faculty in Stetson Chapel at Kalamazoo College on Friday, offering explanations for the economic decline and tips for using money wisely.  Draut wasted no time with pleasantries, however, immediately launching into why our economy was failing and how a college degree comes with no guarantees.  There was a nervous chatter among students as she rattled off alarming statistics about the grim future of the job market and rising tuition costs. The director of the Economic Opportunity Program at Demos, Draut has also written a book, Strapped: Why America’s 20- and 30- Somethings Can’t Get Ahead.

            In her lecture, Draut asserted that the disparity between the salaries of our generation and those of our parent’s generation involves the lack of one essential policy.

“We are the first generation coming of age without a social contract,” Draut said.

            Draut also attributed the sharp economic decline to events that happened decades ago.  She believes that the current American economy stems from policies created as far back as the New Deal in 1933.  During that time, Draut argued, the country’s economic plan was overcome by apathy, resulting in decades of trickle-down economics.

            Besides identifying the sources of economic turmoil, Draut also offered solutions.  She emphasized that change in our economy requires universal healthcare, education reform, more money for public spending, and a comprehensive job growth plan that involves investing in the country’s infrastructure.

            “We have to realize that markets will not regulate themselves,” she said.

            Draut was able to connect to the collegiate audience by offering tips for managing money in this difficult financial time.  These tips included being weary of credit card companies, staying in college, and moving back home after college, an option that garnered a collective groan from the audience.

            At the conclusion of the lecture, however, Draut revealed the most important tip for managing money: being and staying politically active.

            “Demand change and hold our elected officials accountable until it happens,” she said. 

             

 

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