When President Obama came into office, one of the first problems he addressed was the economic recession. Obama’s administration passed a $787 billion stimulus package; almost $100 billion of that stimulus package went straight for education.

In October 2009, officials said this stimulus saved 250,000 teacher, administrator, and other education-related jobs.

But now, less than six months later, many public schools are facing the financial danger of not having enough money to pay teachers, facilitate extracurricular activities for students, and offer elective classes.

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When we hear “economic recession,” my friends and I don’t really have a strong grasp on what all is involved. We know that the unemployment rate is higher than it has been in years and that it is becoming harder and harder for college graduates to find a job.

We also know that more students are not able to go to college because they simply cannot afford it. But beyond that, my friends and I do not have a clear understanding of the financial crisis. It’s too bad that we don’t go to Columbia University.

Steven Fraser, an American studies professor at Columbia, is now teaching a class about Wall Street and this financial crisis, comparing it to similar crises in the past.

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