Obama Proclaims April the Month to Teach Young People ‘How to Budget Responsibly’

April 1, 2013 - 10:49 AM
Barack Obama

President Barack Obama (AP Photo)

(CNSNews.com) - President Barack Obama, who has increased the national debt by $53,377 per household, has proclaimed April “National Financial Capability Month,” during which his administration will do things such as teach young people “how to budget responsibly."

“I call upon all Americans to observe this month with programs and activities to improve their understanding of financial principles and practices,” Obama said in an official proclamation released Friday.

“My Administration is dedicated to helping people make sound decisions in the marketplace,” he said.

"Together, we can prepare young people to tackle financial challenges--from learning how to budget responsibly to saving for college, starting a business, or opening a retirement account,” he said.

“My Administration continues to encourage responsibility at all levels of our financial system by cracking down on deceptive practices and ensuring that consumers are informed of their rights,” he said.

The proclamation on the White House website links to two other government websites: the site for the Consumer Financial Protection Bureau, and MyMoney.gov, which includes materials from 21 federal agencies.

Listed among the “popular topics” on MyMoney.gov is “Managing Debt and Credit,” which includes a link to a page on the Federal Reserve’s website called “Getting the most from your credit card.” Tip 2 on that page is: “Stay Below Your Credit Limit.”

When Obama was inaugurated on Jan. 20, 2009, the total debt of the federal government was $10,626,877,048,913.08. As of the close of business on March 28, 2013, the total debt of the federal government was $16,766,988,432,792.62—an increase of $6,140,111,383,879.54 since Obama took office.

That means that under Obama the federal debt has increased $53,377 for each one of the 115,031,000 households the Census Bureau says there are now in the United States. The president is required by law to submit a budget proposal for the next fiscal year by the first Monday in February.

Thus far, Obama has not submitted his budget proposal for fiscal 2014.