Beyond the Sound Bites (if time after Quiz):
The Chapter 9 Section 1 Quiz is today; all Chapter 9 Quizzes and Test will be recorded for the 4th Quarter, not this Quarter.
Cf. http://shanawiki.wikispaces.com/Honors+Business+Economics+Chapter+9+Section+1+Quiz+Prep+Page+Spring+2011
Clear your desk except for a pencil. Once everyone is quiet, and no talking during the Quiz, we can begin. Be sure to put your name on the Quiz and the Scantron. You may write on both the Quiz and the Scantron.
If you finish early, you may take out non-class materials; once everyone is finished, put away the non-class materials. Then, I will collect the Scantron first, and then I will collect the Quiz.
Be sure your name is on both the Scantron and the Quiz.
If your name is not on the Quiz it will not be returned.
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 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
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
Wisconsin Labor Protests - Noodles, 1:36
After 4th Period today, be prepared for a "pop" Quiz on Chapter 9 material.
Email (or hand in hard copy) to gmsmith@shanahan.org.
Friday HW
1. p. 245, #3
