2. CH. 16-17 ECONOMIC AND WELFARE POLICY

3. PLEASE SILENCE YOUR CELL PHONES

4. LOWER INCOME… UNEMPLOYMENT… VOTE (D)

5. HIGHER INCOME… INFLATION??… VOTE (R)

6. ECONOMY = VOTE? NATIONAL –YES LOCAL – NO

7. “SOCIOTROPIC” “OTHER REGARDING” VOTERS

8. “POCKETBOOK” ISSUES “BREAD AND BUTTER” ISSUES

9. 4 ECONOMIC THEORIES

10. 1.“LAISSEZ-FAIRE ”

11. 2.MONETARISM $$$$$ GOODS INFLATION

12. 3.KEYNESIANISM SAVE VS. SPEND “SUPPLY AND DEMAND”

13. 4.GOVT. PLANNING

14. WAGE AND PRICE CONTROLS

15. MINIMUM WAGE?

16. TAX POLICY

17. “HEY, MR. AKER…. TELL US HOW THIS WHOLE INCOME TAX THING WORKS!”

19. TAXABLE INCOME TI = I - *D * (children, charity, mortgage interest, college tuition credit, business expenses)

20. 2010 Federal Income Tax Brackets Federal Tax BracketsSingleMarried Filing Jointly 10% Tax Bracket $0 – $8,375$0 – $16,750 15% Tax Bracket$8,375 – $34,000$16,750 – $68,000 25% Tax Bracket$34,000 – $82,400$68,000 – $137,300 28% Tax Bracket$82,400 – $171,850$137,300 – $209,250 33% Tax Bracket$171,850 – $373,650$209,250 – $373,650 35% Tax BracketOver $373,650

21. EXAMPLE…(single no children) $30,000 (TI) = $40,000 (I) - $10,000 (D) $ 837.50(10% of $0-$8,375) $3,243.75(15% of $8,375 - $34,000) Total Federal Income Tax = $4,081.25 Withholding = $400 per month = $4,800.00 Refund = $718.75

22. EXAMPLE…(married, one child) $75,000 (TI) = $100,000 (I) - $25,000 (D) $1,675.00(10% of $0-$16,750) $7,687.50(15% of $16,750-$68,000) Total Federal Income Tax = $9,362.50 Withholding = $600 per month = $7,200.00 Refund? -$2,162.50

23. EXAMPLE….(married, 2 children) $150,000 (TI)= $200,000 (I)- $50,000(D) $1,675.00(10% of $0-$16,750) $7,687.50(15% of $16,750-$68,000) $17,325.00(25% of $68,000-$137,300) $3,556.00(28% of $137,300-$209,250) $30,243.50 TOTAL FEDERAL TAX (+ state tax, city tax, sales tax, gasoline tax, Social Security tax, Medicare tax = approx. $25K)

25. “REAGANOMICS” “ I LOVE MR. NUNNEY”

26. 1.DOMESTIC CUTS 2.MILITARY INCREASE 3.TAX CUTS (so did JFK, GWB) 4. ELIMINATE “LOOPHOLES”

27. SUPPLY-SIDE TAX CUTS

28. “THE $100 DINNER”

29. CAPITALISM SOCIALISM COMMUNISM

30. PLEASE SILENCE YOUR CELL PHONES

31. UNRELATED SLIDE TO PACIFY STUDENTS WHO MISS THIS CLIP ART

32. IS IT FUNNY A SECOND TIME???

33. ECON. “TROIKA”

34. C.E.A. O.M.B. *TREASURY

35. FEDERAL RESERVE BOARD “REGULATE $$$ SUPPLY”

36. FISCAL POLICY (TAXES) VS. MONETARY POLICY (SUPPLY OF $$)

37. THE FEDERAL BUDGET - $3.8 T

38. 1 MILLION = 11.6 DAYS

39. 1 TRILLION = 33,781 YEARS!!!

40. FISCAL YEAR (OCT.1-SEPT.30) Search: Current location: Home page > Date menu > CalendarHome pageDate menu Other locations: Time zone menu | World Clock | CountdownTime zone menuWorld ClockCountdown Create calendar: Year: Country: Calendar for year 2006 (United States) <2005 2007> January 2006 February 2006 March 2006 Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 6: 14: 22: 29: 5: 12: 21: 27: 6: 14: 22: 29: April 2006 May 2006 June 2006 Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 5: 13: 20: 27: 3: 11: 18: 25: July 2006 August 2006 September 2006 Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 3: 10: 17: 25: 2: 9: 15: 23: 31: 7: 14: 22: 30: October 2006 November 2006 December 2006 Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 6: 13: 22: 29: 5: 12: 20: 28: 4: 12: 20: 27: Other calendars Perpetual yearly calendar - make yearly calendar for any yearPerpetual yearly calendar Perpetual monthly calendar - shows only one month at a timePerpetual monthly calendar Custom calendar - make customized calendarsCustom calendar Related links Find duration between two days Add a number of days to a given date Find when you are 20000 days old - and other useless factsFind when you are 20000 days old Countdown to New Year Copyright © Time and Date AS / Steffen Thorsen 1995-2006, Disclaimer, Feedback: webmaster@timeanddate.com Home page | Site Map | Site Search | Linking | Date Menu | The World Clock | Calendar | Countdown | PrivacyDisclaimerwebmaster@timeanddate.com Home pageSite MapSite SearchLinkingDate MenuThe World ClockCalendarCountdownPrivacy

41. PRESIDENT SUBMITS IN FEB.

42. PLEASE SILENCE YOUR CELL PHONES

43. ROLE OF CONGRESS

44. ENOUGH ALREADY??

45. H/S BUDGET COMMITTEES/CBO - SPRING

46. APPROPRIATION LEGISLATION (SUMMER)

47. DISCRETIONARY VS. MANDATORY SPENDING

48. 2/3 NON- DISCRETIONARY 1/3 DISCRETIONARY

49. ENTITLEMENTS SS, MEDICARE, VETERAN $, FOOD STAMPS….

50. DEFICIT VS. SURPLUS

51. NATIONAL DEBT $15.5 TRILLION!! (debt clock)

52. SOLUTIONS????

53. CUT SPENDING

54. Can you name these 3 states?

55. GRAMM-RUDMAN ACT – 1985 (BALANCED BUDGET)

56. “SEQUESTER”

57. RAISE/LOWER REVENUE/TAXES

58. PLEASE SILENCE YOUR CELL PHONES

59. TAX REFORM??

60. 2010 Federal Income Tax Brackets Federal Tax BracketsSingleMarried Filing Jointly 10% Tax Bracket $0 – $8,375$0 – $16,750 15% Tax Bracket$8,375 – $34,000$16,750 – $68,000 25% Tax Bracket$34,000 – $82,400$68,000 – $137,300 28% Tax Bracket$82,400 – $171,850$137,300 – $209,250 33% Tax Bracket$171,850 – $373,650$209,250 – $373,650 35% Tax BracketOver $373,650

61. “LOOPHOLES” “DEDUCTIONS”

62. WELFARE PROGRAMS

63. MAJORITARIAN (SS, MEDICARE)

64. Family Size Gross Yearly Income Gross Monthly Income Approximate Hourly Income 1$11,170$931$5.37 2$15,130$1,261$7.27 3$19,090$1,591$9.18 4$23,050$1,921$11.08 5$27,010$2,251$12.99 6$30,970$2,581$14.89 7$34,930$2,911$16.79 8$38,890$3,241$18.70 Over 8 add per child +$3,960+$330+$1.90 2012 Federal Poverty Guidelines for the 48 Contiguous States and the District of Columbia

65. ISSUE?: COST/WHO WILL PAY?

66. CLIENT (MEDICAID, FOOD STAMPS)

67. ISSUE: LEGITIMACY?

68. AMERICAN VIEW 3 DIFFERENCES…

70. WHO IS “ENTITLED?”

71. SLOWER….

72. PLEASE SILENCE YOUR CELL PHONES

73. LARGER ROLE OF THE STATES

74. FEDERALISM “EXPERIMENT”

75. SERVICES VS. MONEY?

76. SOCIAL SECURITY IDA MAY FULLER

77. 1929 SCENARIO…

78. WIDOWS, ORPHANS, ELDERLY…

79. LOCAL GOVT. AND CHARITIES

80. 1932 ELECTION… D-D-D

81. IS “WELFARE” CONSTITUTIONAL?

82. SS – OASDI - 1935 6.2% - $106,800 (4.2% “holiday”) EMPLOYER MATCH

83. SUPPLEMENTAL SECURITY INSURANCE (SSI -1974) * aged (65), blind, disabled people with low income

84. IF THIS IS THE 1 ST TIME YOU’VE SEEN THIS PLEASE LEAVE…

85. MEDICARE -1965 1.45% (7.65% TOTAL)

86. THE PROBLEM??

87. SOLUTIONS?

88. DAVID WHITTLE (D-VA) SOCIAL SECURITY REFORM BILL

89. RAISE AGE –70-80+ NOW 65 + 8 MOS.

90. RAISE THE $106,800 LIMIT

91. “MEANS TEST”

92. FREEZE BENEFITS (cola)

93. RAISE SS TAXES

94. PRIVATIZE

95. AFDC/TANF (ELMINATED 1996)

96. PLEASE SILENCE YOUR CELL PHONES

97. QUIZ ON THIS MAP TOMORROW?

98. PERSONAL WORK AND RESPONSIBILITY ACT OF 1996…

99. EARNED INCOME TAX CREDIT

100. What Else???

101. “HEY MR. AKER, WOULDN’T IT BE FUN TO HAVE A DEBATE ON SOCIAL WELFARE PROGRAMS AND POLICIES AND ALLOW STUDENTS TO RUN THE DEBATE AND HAVE YOU BE QUIET FOR A CHANGE?”