CH. 16-17 ECONOMIC AND WELFARE POLICY PLEASE SILENCE YOUR CELL PHONES.

Slides:

Advertisements

Similar presentations

Economic Policy An Overview of Chapter 18.

Advertisements

Chapter 14 Economic Policy Basic Economic Issues Fiscal Policy Monetary Policy Deficit Spending Budget Process.

 Spending, taxing, & borrowing policies  Government collects taxes to pay programs (Roads, education, National Defense)  Taxes used to influence behavior.

Unit 7 Macroeconomics: Taxes, Fiscal, and Monetary Policies Chapters 14.3 Economics Mr. Biggs.

Economic Policy Chapter 18. Roots of Economic Policy The early years of our nation were marked by a _____________ economic policy. Interstate Commerce.

The Federal Money Tree Unit V/VI. $$$$$ Managing the federal coffers President advises, Congress delegates somewhat harmoniously Who bears the burden.

Taxes and the Federal Budget

The Federal Budget and Social Security. Introduction Key Terms – Budget – A financial plan for the use of money, personnel, and property. – Balanced Budget.

Health Economics Unit Budget of the US Government Fiscal Year 2000 l October 1, 1999 to September 30, 2000 l Total Government Spending is 29% of.

M ONETARY AND F ISCAL P OLICY. F EDERAL R ESERVE S YSTEM Run by board of governors – serve 14 year terms Chair – serves a 4 year term 12 Federal Reserve.

Chapter 18 Economic Policy. Copyright © 2011 Cengage WHO GOVERNS? WHO GOVERNS? 1.Who in the federal government can make our economy strong? 2.Who was.

JANUARY 9, 2014 Economic Policy. Fiscal Policy Spending and taxing decisions made by the government The annual federal budget is the basis of fiscal policy.

Chapter 16 Economic Policy. Copyright © Houghton Mifflin Company. All rights reserved.18 | 2 Politics and Economics Deficit: when expenditures exceed.

Sherean Ali, Claire Edelson, Christian Lyon, & Lisa Reimann.

Expires May 15, The Congress, the President, and the Budget: The Politics of Taxing and Spending Chapter 14.

Aim: ECONOMIC POLICY POLITICS OF ECONOMIC PROSPERITY Economy and elections “pocketbook issue” “It’s the economy stupid” Unemployment inflation.

Unit 6 Final Review Public Policymaking. What is public policy? Laws and acts of the government that seek to – Fix social problems (high crime rates,

Chapter 14.  The Government’s Authority to Tax  Purpose of Taxation  The Power to Tax ▪ 1 st Power given to Congress  Limits on the Power to Tax ▪

THE BIG PICTURE. WHAT CAN GOVERNMENT DO TO PROMOTE ECONOMIC GROWTH? Is economic growth really the government’s job? What should the government.

Fiscal Policy. How are taxes collected “Pay-as-you-earn” “Pay-as-you-earn” – Taxable income: income on which you can be taxed Personal exemptions and.

Economic Policy Social Welfare September 22, 2015September 22, 2015September 22, Introduction to American Government.

Monetary Policy Monetary Policy – the process by which the government controls the supply of money in circulation and the supply of credit through the.

Pearson Education, Inc. © 2005 Chapter 17 DOMESTIC POLICY: THE ECONOMY AND SOCIAL WELFARE.

Government Finances Chapter 25. The Federal Government Section 1.

Income Tax – a percentage of gross income Who collects it? (Federal/State/Local) Sales Tax – on items purchased Who collects it? (State/Local) TAXES.

Economic Policy Theories to Practice Chapter 18 Theories to Practice Chapter 18.

ECONOMIC POLICY MONEY MONEY MONEY MONEY!!!. GOVERNMENT ECONOMIC POLICY 1.MONETARY POLICY 1.CONTROLLED BY THE FEDERAL RESERVE 2.MAINTAIN STABILITY OF OUR.

The Tools of Fiscal Policy. When is the Fiscal Year? October 1 to September 30. FY2014 will begin this coming Oct. 1.

1 Chapter Eighteen Economic Policy. 2 Politics and Economics Deficit: when expenditures exceed revenues Deficit: when expenditures exceed revenues National.

Economic Policy. The politics of deficit spending The general landscape Deficit: government spending over and above the amount taken in by taxes National.

ECONOMIC POLICY (Or… “How Many Harvard Economists Does It Take to Craft an Economy Policy?”

Chapter 14 Taxes and Government Spending Taxes Tax – Financial charges imposed on individuals and businesses by a government Purposes of taxes To provide.

Policy Making— Economic Policy --The Government’s Role --Theories of Economic Policy --The Budget --National Debt 1.

PUBLIC POLICY NEED TO KNOW: Unit 5. POLICY-MAKING PROCESS Chapter 17.

Public Policy #3 Fiscal Policy. The Budget You must trim the budget by looking at 10 key areas of spending!

Fiscal Policy. How are taxes collected “Pay-as-you-earn” “Pay-as-you-earn” – Taxable income: income on which you can be taxed Personal exemptions and.

Making Public Policy. Economic Policy and the Budget Key Concepts-  Politicians & economists have conflicting views on how to regulate the economy 

© 2013 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 18 Economic Policy US Government AP. The Economy HHard to predict how policy will impact the economy over the long term NNatural business.

 10 trillion and counting   Solve the deficit 

Public Policy A purposeful and consistent course of action taken by government to address a particular problem.

 Chapter 16 Government Spending. Growth of Government In 1929 only 3 million governme nt workers at all levels Depression causes greater demand for government.

PUBLIC POLICY OVERVIEW. COSTS vs. BENEFITS Cost = any burden that a group must bear Benefit = any satisfaction that a group will enjoy from a policy Costs.

 Problems, Policy, and The Fed.  Economic Problems: o Inflation o Loss of wages for workers o Lowered standard of living o Unemployment o Recession.

Taxes and Government Spending Chapter 14. What are taxes? »A required payment to a local, state, or federal government »Becomes government revenue.

Chapter Eighteen Economic Policy Mr. Ognibene SHS.

Economic Policy Chapter 18. Roots of Economic Policy The early years of our nation were marked by a laissez faire economic policy. Interstate Commerce.

Financing the Government. Taxes and Revenue Progressive tax – the higher the income, the higher the rate Payroll taxes – taxes matched by employers Regressive.

{ Topic 8:Taxes and Spending.  Governments collect taxes to pay for programs, but taxes can have powerful effects on the general economy  The federal.

Understanding Fiscal Policy. Revenues vs. Expenses  Budgets: tools used by consumers and the government to better manage their resources  Federal Budget:

Ch 14 Federal Budget.  Laswell- Who gets what, when and how?  Some definitions  Revenue  Expenditures  Deficit  Deficit + deficit + deficit +

Economics Unit 4: Macroeconomics Vocabulary Review.

BELLWORK What is the title of Unit 7, as well as Chapter 20? (Hint: Chapter 20 is right after Chapter 19 and right before Chapter 21)

CHAPTER 22 TAXES AND GOV’T SPENDING. Federal Gov’t We authorize the federal government, through the Constitution and our elected representatives in Congress,

Chapter 14 Taxes and Government Spending. Taxes Tax – Financial charges imposed on individuals and businesses by a government Purposes of taxes To provide.

THE FEDERAL BUDGET  10 trillion and counting

Chapter 15SectionMain Menu Understanding Fiscal Policy What is fiscal policy and how does it affect the economy? How is the federal budget related to fiscal.

Economic Policy: Chapter 18.  deficit  what the government takes in (taxes) and is less than what it spends (expenditures)  measured over a year 

Chapter Eighteen Economic Policy. Copyright © Houghton Mifflin Company. All rights reserved.18 | 2 Politics and Economics Deficit: –when expenditures.

Economic Policy.

The Tools of Fiscal Policy

10 trillion and counting Solve the deficit

Chapter 18 Economic Policy

Government Spending and Taxing

2017/18 Payment Calendar Due Date Cut-off Day 1st of every month

Chapter 18 Economic Policy

Government Spending and Taxing

Topic 8:Taxes and Spending

Chapter 18 Economic Policy

Topic 8:Taxes and Spending

Presentation transcript:

CH ECONOMIC AND WELFARE POLICY

PLEASE SILENCE YOUR CELL PHONES

LOWER INCOME… UNEMPLOYMENT… VOTE (D)

HIGHER INCOME… INFLATION??… VOTE (R)

ECONOMY = VOTE? NATIONAL –YES LOCAL – NO

“SOCIOTROPIC” “OTHER REGARDING” VOTERS

“POCKETBOOK” ISSUES “BREAD AND BUTTER” ISSUES

4 ECONOMIC THEORIES

1.“LAISSEZ-FAIRE ”

2.MONETARISM $$$$$ GOODS INFLATION

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

4.GOVT. PLANNING

WAGE AND PRICE CONTROLS

MINIMUM WAGE?

TAX POLICY

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

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

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

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

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, Withholding = $600 per month = $7, Refund? -$2,162.50

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, TOTAL FEDERAL TAX (+ state tax, city tax, sales tax, gasoline tax, Social Security tax, Medicare tax = approx. $25K)

“REAGANOMICS” “ I LOVE MR. NUNNEY”

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

SUPPLY-SIDE TAX CUTS

“THE $100 DINNER”

CAPITALISM SOCIALISM COMMUNISM

PLEASE SILENCE YOUR CELL PHONES

UNRELATED SLIDE TO PACIFY STUDENTS WHO MISS THIS CLIP ART

IS IT FUNNY A SECOND TIME???

ECON. “TROIKA”

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

FEDERAL RESERVE BOARD “REGULATE $$$ SUPPLY”

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

THE FEDERAL BUDGET - $3.8 T

1 MILLION = 11.6 DAYS

1 TRILLION = 33,781 YEARS!!!

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) < > January 2006 February 2006 March 2006 Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa : 14: 22: 29: 5: 12: 21: 27: 6: 14: 22: 29: April 2006 May 2006 June 2006 Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa : 13: 20: 27: 3: 11: 18: 25: July 2006 August 2006 September 2006 Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa : 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 Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa : 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 days old - and other useless factsFind when you are days old Countdown to New Year Copyright © Time and Date AS / Steffen Thorsen , Disclaimer, Feedback: Home page | Site Map | Site Search | Linking | Date Menu | The World Clock | Calendar | Countdown | Home pageSite MapSite SearchLinkingDate MenuThe World ClockCalendarCountdownPrivacy

PRESIDENT SUBMITS IN FEB.

PLEASE SILENCE YOUR CELL PHONES

ROLE OF CONGRESS

ENOUGH ALREADY??

H/S BUDGET COMMITTEES/CBO - SPRING

APPROPRIATION LEGISLATION (SUMMER)

DISCRETIONARY VS. MANDATORY SPENDING

2/3 NON- DISCRETIONARY 1/3 DISCRETIONARY

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

DEFICIT VS. SURPLUS

NATIONAL DEBT $15.5 TRILLION!! (debt clock)

SOLUTIONS????

CUT SPENDING

Can you name these 3 states?

GRAMM-RUDMAN ACT – 1985 (BALANCED BUDGET)

“SEQUESTER”

RAISE/LOWER REVENUE/TAXES

PLEASE SILENCE YOUR CELL PHONES

TAX REFORM??

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

“LOOPHOLES” “DEDUCTIONS”

WELFARE PROGRAMS

MAJORITARIAN (SS, MEDICARE)

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$1,921$ $27,010$2,251$ $30,970$2,581$ $34,930$2,911$ $38,890$3,241$18.70 Over 8 add per child +$3,960+$330+$ Federal Poverty Guidelines for the 48 Contiguous States and the District of Columbia

ISSUE?: COST/WHO WILL PAY?

CLIENT (MEDICAID, FOOD STAMPS)

ISSUE: LEGITIMACY?

AMERICAN VIEW 3 DIFFERENCES…

WHO IS “ENTITLED?”

SLOWER….

PLEASE SILENCE YOUR CELL PHONES

LARGER ROLE OF THE STATES

FEDERALISM “EXPERIMENT”

SERVICES VS. MONEY?

SOCIAL SECURITY IDA MAY FULLER

1929 SCENARIO…

WIDOWS, ORPHANS, ELDERLY…

LOCAL GOVT. AND CHARITIES

1932 ELECTION… D-D-D

IS “WELFARE” CONSTITUTIONAL?

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

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

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

MEDICARE % (7.65% TOTAL)

THE PROBLEM??

SOLUTIONS?

DAVID WHITTLE (D-VA) SOCIAL SECURITY REFORM BILL

RAISE AGE – NOW MOS.

RAISE THE $106,800 LIMIT

“MEANS TEST”

FREEZE BENEFITS (cola)

RAISE SS TAXES

PRIVATIZE

AFDC/TANF (ELMINATED 1996)

PLEASE SILENCE YOUR CELL PHONES

QUIZ ON THIS MAP TOMORROW?

PERSONAL WORK AND RESPONSIBILITY ACT OF 1996…

EARNED INCOME TAX CREDIT

What Else???

“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?”