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Tax Freedom Day® 2014 is April 21, Three Days Later Than Last Year

Tax Freedom Day® 2014 is April 21, Three Days Later Than Last Year | 3 Blanton Caleb | Scoop.it
What is Tax Freedom Day®?
3 Blanton Caleb's insight:

Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for year. it divides all federal, state, and local taxes by the nation’s income. 

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4 Kilcrease Katherine's curator insight, November 21, 2014 11:35 AM

Tax freedom day is the day where American make enough money to pay that year's taxes on average, and the rest of the year's money is their own personal income. Georgia currently ranks #34, with tax freedom day coming April 12th. Americans will pay 30.2% of their income to taxes. I don't think that is a fair amount b/c people with college degrees are being taxed more for being more successful than someone who relies on the government their entire life and never gets a job. 

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Budget Puzzle: You Fix the Budget - Interactive Feature - NYTimes.com

THIS IS AN ONLINE GAME WE WILL PLAY ON FRIDAY, 11/21 IN THE COMPUTER LAB. 

Answer in insight box:  Describe the decisions you made in the Budget Puzzle game.  What did you do with taxes?  What spending did you cut?  Why is it so difficult for the federal government to fix the budget?

3 Blanton Caleb's insight:

In the budget puzzle game, I did my best to try and lower taxes and keep it fair for all income levels.  I had 38% savings from tax increase and 68% savings from spending cuts.  It is really tough to decide what is really necessary to send money on and what you can cut.

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4 Kilcrease Katherine's curator insight, November 21, 2014 11:28 AM

You have to please the people by funding what the want. If you don't they will not support your decisions. I raised taxes in order to not borrow too much money. I cut unnecessary spending that is not vital to the economy. Without people's support of the government budget, you have to borrow money. 

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US Debt Crisis - Perfectly Explained - YouTube

UNIT 8 FISCAL AND MONETARY POLICY

Questions:  What is the argument of this video?  EVALUATE the argument- do you believe the statements in the video are valid?  Why or why not?

3 Blanton Caleb's insight:

The argument in this video is all about how to pay off the national debt and how uncle Sam should take care of that. The video is accurate in its argument on the way that debt should be handled. The video is correct in the sense that either way the countries would be harmed by debt, doesn't matter what country it is debt harms all countries.

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(Macro) Episode 32: Monetary Policy - YouTube

UNIT 8 FISCAL AND MONETARY POLICY

Question:  What is monetary policy?  Who is responsible for monetary policy?  How can monetary policy affect the economy?

3 Blanton Caleb's insight:

Changes in the money supply in order to achieve macroeconomic goals. The Fed. Expansionary monetary policy creates more money so the AD increases, while contractionary monetary policy is tight with money so the AD decreases. 


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(Macro) Episode 28: Taxes & Budget - YouTube

UNIT 8 FISCAL AND MONETARY POLICY

Questions:  Where do Federal Government dollars come from?  What are those tax dollars spent on?  Define the different types of tax structures (progressive, proportional, and regressive).

3 Blanton Caleb's insight:

Federal Government dollars come from personal income tax, corporate income  tax, and social security tax or payroll tax. The government spends the tax dollars on Social security, Medicare, and other retirement programs, National defense, veterans, and foreign affairs, physical human and community development, social programs, law enforcement and general government, and net interest on debt. Progressive tax is a tax that charges more taxes as the income increases. Proportional tax is tax that applies to all income levels. Regressive tax is tax that decreases as you make more money.

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(Macro) Episode 31: The Fed - YouTube

UNIT 8 FISCAL AND MONETARY POLICY

What is the Fed?  Describe its structure.

3 Blanton Caleb's insight:

The fed is the Federal Reserve System which is the central bank of the United States. It regulates the U.S monetary and financial system. It is composed of a central government agency and twelve regional Feds i major cities throughout the US.

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People's Pie | iCivics

People's Pie | iCivics | 3 Blanton Caleb | Scoop.it

UNIT 8 FISCAL AND MONETARY POLICY

QUESTION:  Analyze the challenges faced by members of Congress when making fiscal policy decisions about federal government spending and the budget.

3 Blanton Caleb's insight:

It was difficult because you couldn't please everyone and had to cut on certain programs to fund for others or had to borrow money to be able to invest a good amount in each program. 

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Budget Process

Budget Process | 3 Blanton Caleb | Scoop.it

COMPUTER LAB ACTIVITY 11/21

Scoop this window to your scoop.it page.  Read the flowchart and the article and answer these questions in Insight box.  The answers will help you write your FRQ on quia (parts a, b, and c).  Remember, creating the budget is a significant part of fiscal policy!

a) Define fiscal policy and describe the process in which fiscal policy is made.

b) Describe one significant way the executive branch (President) influences fiscal policy.

c) Describe one significant way the legislative branch influences fiscal policy.

 

3 Blanton Caleb's insight:

a. Fiscal policy is a government altering their spending and borrowing habits in order to affect the current status of an economy. The president requests a budget, then congress alters that budget, then the president has to approve the congress's budget. 

 

b. The president requests the first budget, then approves congress's budget. 

 

c. Congress has the choice to either alter, or accept the president budget request. Then they send budget to the president to be approved. 

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4 Kilcrease Katherine's curator insight, November 21, 2014 11:24 AM

a.) Fiscal policy is when the government adjusts the rates of spending and taxing to influence and growth the overall economy. 1.The President submits a budget request to Congress 2.The House and Senate pass budget resolutions 3. House and Senate Appropriations subcommittees “markup” appropriations bills 4.The House and Senate vote on appropriations bills and reconcile differences and 5.The President signs each appropriations bill and the budget becomes law.

b.) The president submits a budget request, but it is just a proposal. The president also has the power to sign the appropriations bill after it is sent to him by the Senate and the House. 

c.) Congress reviews the budget request and passes its own appropriation bills. Congress passes the federal budget, and Congress acts on tax and spending.

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Recovery.gov - Tracking the Money

Recovery.gov - Tracking the Money | 3 Blanton Caleb | Scoop.it

COMPUTER LAB 11/21 ACTIVITY

Open this page for Recovery.gov.  In your insight box, explain what the American Recovery Act did, and describe the government spending that was done in GA and Henry County.  Evaluate the impact of this fiscal policy.  Write your answer in insight box.

3 Blanton Caleb's insight:

The American Recovery Act gave american citizens large amounts  of money. The government gave 1 million dollars to the Department of Education. They also gave $386,220 to the Department of Energy. This fiscal policy gave a lot of money to the american people but will have to be payed back later in taxes. 

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4 Kilcrease Katherine's curator insight, November 21, 2014 11:34 AM

The 3 goals of the recovery act were to create new jobs and save old ones, spur economic activity and invest in long term growth, and foster unprecedented levels of accountability and transparency in government spending. Henry county was awarded $83,903,017. Georgia was awarded  $6,930,974,231. We were awarded a good bit of money that helped out massively  

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EconMovies 5: Cars (GDP, Recession, and Fiscal Policy) - YouTube

UNIT 8 FISCAL AND MONETARY POLICY

Question:  How does Mr. Clifford use the movie Cars to illustrate fiscal policy?

3 Blanton Caleb's insight:

Clifford uses the movie Cars to illustrate fiscal policy by explaining what happens in Cars. When Lightening McQueen has to fix the road under supervision of Towmater, to boost economic growth. The government tries to speed up the economy by increasing public works programs. An example of a phase of the business cycle. 

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EconPop - The Economics of House of Cards - YouTube

UNIT 8 FISCAL AND MONETARY POLICY

Question:  How does Econpop use the show House of Cards to analyze how fiscal policy decisions are made by Congress?  EVALUATE the argument of the video- do you think the opinions of Econpop are valid?  Why or why not?

3 Blanton Caleb's insight:

Congress needs to think about getting reelected again and can sometimes turn against why they ran in the first place. the opinions are valid because we see this everyday and how people do what they need to do to get ahead in life which means even if they have to turn against what their original goal was they will.

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Fed Chairman Game

UNIT 8 FISCAL AND MONETARY POLICY

(Complete this in computer lab 11/20 if you have time)

QUESTION:  After playing the game, what did you learn about making monetary policy?  Evaluate the challenges the Fed Chairperson faces when trying to steer the US economy.

 

The Fed Chairman Game brought to you by Federal Reserve Bank of San Francisco. So you want to be in charge of monetary policy? Think you have what is takes to steer our country's central bank? See how it works by taking charge of a simulated economy.

3 Blanton Caleb's insight:

The board of governors has a difficult job.  Although things can be done to adjust rates, it takes a lot of time and there also might be an unexpected event that can tank the economy no matter what you do. 

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(Macro) Episode 26: Fiscal Policy - YouTube

UNIT 8 FISCAL AND MONETARY POLICY

What is fiscal policy?  How can it be used to influence the economy?  

3 Blanton Caleb's insight:

Fiscal policy is changes in government expenditures and taxation in order to achieve particular macroeconomic goals. With expansionary policy, the AD increases. With contractionary policy, AD decreases.

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(Macro) Episode 30: Creating Money - YouTube

UNIT 8 FISCAL AND MONETARY POLICY

Question:  How do banks "create" money?  How does the Federal Reserve "create" or "destroy" money?

3 Blanton Caleb's insight:

Banks create money by lending money and that money goes to the excess reserves. Money is destroyed when the government increases or decreases bank deposits.

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