Ever wondered why need a Department of Education? Here is the latest program that will be funded out of this bloated bureaucracy:
Federal regulators want to know more about the saving habits of those living in in low-income and minority neighborhoods.
A joint project between the Social Security Administration (SSA) and the Department of Education disburses grants for “quality research” on the financial literacy and retirement preparedness of those living in the disadvantaged neighborhoods.
The grants are available to graduate students at universities that serve those populations.
The SSA has set aside a total of $440,000 to be given in four separate awards, in amounts ranging from $60,000 to $120,000. The Department of Education will assist the SSA in choosing the recipients and monitoring the progress of the researchers.
It doesn’t take a scientific study to examine the saving habits of low-income neighborhoods. Just look at the results of the 50-year failed experiment, known as the war on poverty, which has perpetuated poverty with the very policies that these studies seek to justify.