Beyond the Sound Bites:
A new fiscal index puts the U.S. at the bottom of the list of countries that are fiscally responsible, with David Walker, former U.S. Comptroller General/Comeback America Initiative founder/CEO.
Cf. US Finances Rank Near Worst in the World: Study
The Chapter 9 Section 1 Quiz is on Friday.
Cf. http://shanawiki.wikispaces.com/Honors+Business+Economics+Chapter+9+Section+1+Quiz+Prep+Page+Spring+2011
The Chapter 8 Test Make-up is today.
The Chapter 8 Section 3 Quiz Make-up is today.
The Chapter 8 Section 2 Quiz Make-up is today.
The
Chapter 7 Section 3 Quiz Make-up is today.
The Chapter 7 Test Make-up is available.
The Chapter 7 Section 1 Quiz Make-up is today.
The Chapter 7 Section 2 Make-up Quiz is today.
The Chapter 6 Test Make-up is available.
The Ch. 6 Sec. 3 Quiz Make-up is today.
The Ch. 6 Sec. 2 Quiz Make-up is today.
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Chapter 10: Government Spending
Section Preview
Content Vocabulary
pork
In-class assignment, with a partner, answer the following questions.
Pork Party House: Where DC insiders go for taxpayer-subsidized fun, 6:26
What is pork legislation?
What does Citizen's Against Public Waste do?
Over the last 10 years, the Sewall-Belmont House has gotten how much in earmarks?
What are one of the "biggies?"
Sen. Mary Landrieu (D-La.) received how much in the "Louisiana Purchase" for her vote on Obamacare?
Who is one legislator who is against pork?
How many times has he come to the floor, only to lose?
What is his bad behavior?
What happened after the Cunningham scandal?
Has it ended now?
public sector
private sector
In-class assignment, with a partner, answer the questions.
China 30 years: Private economy, 6:26
The private sector now comprises what percent of the country's total?
In contrast, what was the sector like 30 years ago?
In what year did things begin to change?
The private sector was no longer denounced as an evil of capitalism, but was regarded as what?
According to one professor, most importantly, how did people's attitudes change?
Within 30 years, the private economy represented what percent of the national industrial output?
The private sector creates how many million new jobs each year?
How many million private entrepreneurs are there across the country?
transfer payment
grant-in-aid
subsidy
distribution of income
In-class assignment, with a partner, complete the graph organizer by listing reasons for the increase in government spending since the 1940s.
10.1 Strategy
Government Spending in Perspective
p. 262, Government Spending
In-class assignment, with a partner, answer the questions.
Has government spending grown?
By how much?
Have state and local government spending increased as well?
What percentage of GDP has government spending increased over the years?
Chapter 10: Government Spending In Motion Government Spending
Cf. http://glencoe.com/sites/common_assets/socialstudies/in_motion_08/epp/EPP_p263.swf
Spending Since the 1930s
Two Types of Spending
Impact of Government Spending
Affecting Resource Allocation
Redistributing Income
Competing with the Private Sector
Increasing the Tax Burden
10.1 Review
In-class assignment, with a partner, use the graphic organizer to list two kinds of government spending and provide three examples of each.
Business Week News clip
The NSA: Security in Numbers (Cf. Matt Damon in Good Will Hunting)
Section 2: Federal, State, and Local Government Expenditures
The president, the House of Representatives, and the Senate develop and approve the federal budget. The largest components of the federal budget are Social Security, national defense, income security, and health care services. State expenditures are intergovernmental transfers, public welfare, insurance contributions, and higher education. On a local level, the government spends money on elementary and secondary education, public utilities, hospitals, police protection, interest on debt, public welfare, and highways.
Content Vocabulary
federal budget
In-class assignment, with a partner, answer the questions.
Budget Chef Presents: How to Balance the Budget W/O Raising Taxes!, 2:05
Between 2011 and 2020, the Congressional Budget Office estimates that total federal outlays - for defense, agriculture subsidies, Medicare, Social Security, you name it, will total how much?
To bring outlays down to revenue, we need to cut how much?
What percent per year needs to be cut for the next 10 years?
To put it in dollar terms, it means cutting how many billion a year?
fiscal year
appropriations bill
budget deficit
National Debt & Budget Deficit Explained, 7:19
In-class assignment, with a partner, answer the following.
What is a budget deficit?
How is a budget debt different than a deficit?
Did the debt grow during the Clinton presidency?
Can debt be easily paid off?
How is the debt placed in perspective?
What is the danger zone percentage?
How did Japan enter the danger zone?
What is the pressing issue?
Find more about debt to GDP ratio in other nations at the CIA Factbook:
Cf. https://www.cia.gov/library/publications/the-world-factbook/
budget surplus
mandatory spending
discretionary spending
Medicare
Corporatism and Medicare, 2:25
Michael Harrington (Corporatism) vs. Milton Friedman (Free Market) from 1980
Who makes a stronger argument in your opinion? In your own words, why?
Medicaid
balanced budget amendment
intergovernmental expenditures
10.2 Strategy
In-class assignment, with a partner, complete a graphic organizer by describing the different types of government spending.
Federal Government Expenditures
Establishing the Federal Budget
In-class assignment, with a partner, answer the following.
What is the largest mandatory spending item in the budget? The largest discretionary item?
Chapter 10: Government Spending In Motion The Federal Budget for Fiscal Year 2007
Social Security
National Defense
Income Security
Medicare
Health
Net Interest on Debt
Other Expenditure Categories
State Government Expenditures
The Budget Process
Intergovernmental Expenditures
Public Welfare
Insurance Trust and Retirement
Higher Education
Other Expenditures
Local Government Expenditures
The Budget Process
Elementary and Secondary Education
Utilities
Public Safety and Health
Other Expenditures
10.2. Review
In-class assignment, with a partner, list the five largest federal government expenditures.
Case Study
Boeing Going Strong
Section 3: Deficits, Surpluses, and the National Debt
Deficit spending adds to the federal national debt. The national debt affects the distribution of income and transfers purchasing power from the private to the public sector. Attempts to control the deficit have taken the form of mandated deficit targets and pay-as-you-go provisions.
Content Vocabulary
deficit spending
national debt
balanced budget
trust funds
per capita
crowding-out effect
"pay-as-you-go" provision
line-item veto
spending cap
entitlement
10.3 Strategy
In-class assignment, with a partner, list the various attempts by government to reduce the federal deficit and the national debt, then discuss the results.
From Deficits to Debt
Predicting the Deficit
Deficits Add to the Debt
A Growing Public Debt
Public vs. Private Debt
Impact of the National Debt
Transferring Purchasing Power
Reducing Economic Incentives
Crowding Out
Redistributing Income
Reducing Deficits and the Debt
Legislative Failures
Raising Revenues
Reducing Spending
10.3 Review
In-class assignment, with a partner, list five ways the national debt can affect the economy.
Profile in Economics
Alice Rivlin
Chapter 10 Resources
Chapter 10: Government Spending Multiple Choice Quiz
Chapter 10: Government Spending ePuzzles and Games Column
Chapter 10: Government Spending Vocabulary eFlashcards
Chapter 10: Government Spending In Motion The Federal Budget for Fiscal Year 2007
Chapter 10: Government Spending In Motion State and Local Expenditures
Chapters 8-11
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit3/
Chapter 9 Resources
Chapter 9: Sources of Government Revenue
Multiple Choice Quiz
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit3/chapter9/self-check_quizzes.html
Ch. 9 Crossword Puzzle
Chapter 9 Flashcards
Email (or hand in hard copy) to gmsmith@shanahan.org.
Thursday HW
1. p. 241, Reading Check; 2. p. 243, Reading Check; 3. p. 245, Reading Check.
Friday HW
1. p. 245, #3
