1. Why can’t we just print more money? Unemployment Foreclosures Teacher layoffs Student loans Road budgets cut School closures Prison overcrowding: Prisoners being released early Credit card debt Bankruptcy filings up

2. Auction time!

3. Time Warp: Germany, 1923 VIDEO

4. AGENDA January 7/8, 2014 Today’s topics  Why can’t we just print more money?  Role of Government in a Market Economy  Chapter 16: Financing the U.S. Government Administrative  The Road Ahead… Homework  None INFLATION

5. The Road Ahead… Upcoming Dates… January 7/8/9After school study & review sessions January 9/10Ch. 16 Reading + Glossary quiz January 14/16After school study & review sessions January 16/17Unit 4 Guide due January 17Portfolio EXTRA CREDIT option due at 3:00 p.m.

6. Learning Goals Unit 4 Guide How should the government spend taxpayers’ money? On what does the federal government spend the most money? (top five categories and amounts) How would you change these budget priorities? Understand all Unit 4 concepts and Glossary terms Explain and apply all Glossary terms and related concepts

7. What is the proper role of Government in the economy? The Next New Deal

8. Role of Government in a Market Economy

9. Chapter 16 Section 1: Taxes and Other Revenue Section 2: Borrowing and the Public Debt Section 3: Spending and the Budget Section 4: Fiscal and Monetary Policy

10. Chapter 16: Taxes and Other Revenues What are the major sources of revenue (income) for the federal government?

11. Taxes Income tax Brackets Progressive tax

12. Taxes Payroll taxes Social Security Medicare Unemployment insurance Regressive tax

13. Taxes Estate tax

14. Homework Before you leave  Pick up your belongings  Straighten up your area Homework  None Reminders:  January 7/8/9 After school study & review sessions  January 9/10 Ch. 16 Reading + Glossary quiz