The 2011 Federal Budget Mr. Way, Economics, 3/8 12.3.3 Describe the aims of government fiscal policies (taxation, borrowing, spending) and their influence.

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Presentation transcript:

The 2011 Federal Budget Mr. Way, Economics, 3/ Describe the aims of government fiscal policies (taxation, borrowing, spending) and their influence on production, employment, and price levels.

Federal Deficit Revenue 1.9, Expenditure 3.3  As stated earlier in the semester, our federal deficit is approximately $1.3 Trillion That’s $1,300,000,000,000 It also means that our federal government is currently spending 173% of its income. That’s the same as if you worked for $10 an hour and spent $17 an hour!

Federal vs. State & Local Spending Federal spending = $3.3 trillion State spending = $1.4 trillion Local spending = $1.7 trillion Total U.S. government spending: $6,400,000,000,000 U.S. GDP: $14.59 Trillion

Total State Spending

Mandatory Spending Mandatory spending is stuff that the government is required to pay. This is generally considered to include social security, medicare, interest payments on loans, & welfare. These are mandatory because everyone had money taken from their pay specifically to cover these programs, or because of a loan agreement.

Discretionary Spending Discretionary spending is what lawmakers have the freedom to change year after year without violating a contract. When Congress debates a budget, they only consider discretionary spending, which is currently only about 1/3 of the total federal budget.

What would your budget look like? On a separate sheet of paper, decide what percent of its budget you think the government should spend on each. Explain reasoning behind top and bottom 3 FBI, DHS, CIA Housing Veteran’s Benefits Food programs Research & Development International affairs Taking care of the environment Defense Pensions Health care/insurance Welfare Education Transportation infrastructure Paying off the debt

Find classmates with similar priorities Compare your list of government priorities with your classmates. Form a group of 3 to 9 with the most similar priorities. For instance, look for others who share 3/5 or more of your top priorities Or, supposing you feel very strongly about them, look for others who share your bottom priorities, or some combination thereof.

Congratulations! You and your peers have formed a political party. On one paper, write down each member’s name and their top 5 priorities + what % of the budget they think each should be As a group, decide your party’s top 3 priorities, and what % of the budget it wants each to be. Come up with a name for your political party. You will get extra credit points equal to (# in party)(# of priorities matched by party) If your party is not reflecting your priorities at all, you may leave to look for a new party.

Observe your political party’s goals. How close are they to your own? How about all the others in your group? Writing prompt (1 paragraph min): On the paper with your spending priorities list, answer the following: “Do political parties help their members achieve their individual goals?”