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The Importance of Education
Federal Revenue Board Chairman Alan Greenspan recently pickup on one of my favorite subjects and that is importance and need for education among all citizens as we continue on in this new and more technological century. Greenspan told a Labor Department conference that education is still the key to this countries ability to retain its position as a world leader in science technology and global economy. He emphases the need for workers to adapt to ever changing technological advances in the work place.
The Fed chairman said, "If we are to remain prominent in transforming knowledge into economic value the United States system of higher education must remain the world leader in generating scientific and technological breakthroughs and in preparing workers to meet the evolving demands of a skilled labor force." Greenspan repeated that technological advances have been the driving force in our expansion and he cautioned his audience that people of all ages and all competence must get an education that will allow them to be an important part of the so called new economy. He also stressed the need in continued education even after the completion of a higher degree. The Fed chairman said, "It's a challenge we can't afford to ignore."
Speaking directly about technology Greenspan said, "Rapid innovation has brought with it enormous opportunities to enhance living standards for a large majority of Americans. Our ability to take full advantage of these opportunities depends crucially on how well we as a nation can integrate these technologies into our society's education enabling individuals to overcome their reluctance or inability to take advantage of technological advances and product innovation that can be a means of increasing economic opportunity."
So there you have it no less then Alan Greenspan once again coming out talking about the importance of education and it really is at all levels. By that I mean of course in today's increasingly complex world education is indispensable for our young people. However those of us in our fifties and sixties and even seventies cannot afford to let the wonders of technology pass us by for lack of education and information. Today do to the Internet, information and education are more plentiful then ever before. If when I mentioned the Internet you rolled your eyes then you are exactly who should be getting involved. Don't say to yourself, I am too old to be on the Internet. Don't say to yourself, I don't need that. Yes you do, and you ought to get involved with it because not being involved with it today is like someone in the 1960s saying just give me the radio I don't need this new fangled television thing, I can do without it.
The bottom line in all of this is anybody who is not living in a cave has to realize that technology is driving our world today. It has produced new and unbelievable wonders for all of us both in work and recreation and for our general convinces and standard of living. Whether you learn and keep abreast of events through the media, the Internet or through more formalized education, it is certainly clear that in this rapidly changing world everyone needs to keep abreast of what is new and different in education of one form or another is indispensable.
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Changing subjects on you now I have a quick suggestion for savers and investors if you haven't done your IRA for this year -- do it now. Don't wait until next year. Stock prices are lower now so this would be a good time to take advantage of those lower prices. If we have an economic rebound next year as most economists expect the stock market will anticipate that and by the time many of us get around to this years contribution usually in March or early April in conjunction with the filing of our taxes you may be paying more to invest in your IRAs and Roth IRAs. So get together with a full service investment professional and my suggestion is do your IRAs and Roth IRAs now while prices are still lower.
(Tom Butenhoff is a First Vice President with J. E. Liss and Company, Inc.
in Milwaukee. The views are his, and not necessarily those of Liss
Financial Services or the Job Connection/Hiring
Network.)