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Essential Question : What is the current state of American deficit spending? . Government Revenues vs. Outlays . Where does the federal gov’t get its money & how does the gov’t spend it?

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Government revenues vs outlays
Government Revenues vs. Outlays

  • Where does the federal gov’t get its money & how does the gov’t spend it?

    • The “Income Board” lists the four major ways in which the federal gov’t generates revenue to pay for programs

    • Working with a partner, guess what percent each of the 4 categories makes up of the total gov’t revenue

    • Also, take a guess as to how much total money the U.S. gov’t collected in 2012


#3

$242 billion9.9%

#1

$1,132 billion46.2%

#2

$845 billion34.5%

#4

$229 billion9.4%



Government revenues vs outlays1
Government Revenues vs. Outlays

  • Where does the federal gov’t get its money & how does the gov’t spend it?

    • The “Spending Board” lists the nine major programs on which the federal gov’t spends money

    • Working with a partner, guess what percent each of the 9 categories makes up of the total gov’t spending

    • Also, take a guess as to how much total money the U.S. gov’t spent in 2012


#3

$792.4 billion22.4%

#7

$103.3 billion2.9%

#6

$220.4 billion6.2%

#2

$811.7 billion22.9%

#4

$419.0 billion11.8%

#8

$57.2 billion1.6%

#1

$818.5 billion23.1%

#9

$43 billion1.2%

#5

$272.5 billion7.7%



The 2012 deficit
The 2012 Deficit

Gov’t Revenue (Income) $2.448 trillion

Gov’t Outlays (Spending) — $3.538 trillion

Gov’t Deficit = $1.09 trillion


The 2012 deficit1
The 2012 Deficit

Gov’t Revenue (Income) $2.448 trillion

Gov’t Outlays (Spending) $3.538 trillion

Gov’t Deficit = $1.09 trillion



As of 2013, the National Debt is $16.8 trillion

http://www.usdebtclock.org/

How much is $16.8 trillion?


What is a trillion dollars
What is a trillion dollars?

A packet of one hundred $100 bills is less than 1/2″ thick and contains $10,000. Fits in your pocket easily and is more than enough for week or two of shamefully decadent fun.


Believe it or not, this next little pile is $1 million dollars(100 packets of $10,000). You could stuff that into a grocery bag and walk around with it.


While a measly $1 million looked a little unimpressive, $100 million is a little more respectable. It fits neatly on a standard pallet…


And $1 BILLION dollars… now we’re really getting somewhere…


Next we’ll look at one trillion dollars. This is that number we’ve been hearing so much about. What is a trillion dollars? It’s a million million. It’s a thousand billion. It’s a one followed by 12 zeros.


  • Watch the documentary “I.O.U.S.A.”

    • As you watch the film, answer the questions provided

    • Be ready to discuss your answers after the video

Ch 2 Savings 13.30

Ch 3 Trade 17.05

Ch 4 Leader 22.00


Class discussion what are the consequences of an increasing federal deficit
Class Discussion:What are the consequences of an increasing federal deficit?


Personal Finance: Saving and Investing Scenario

Alice is a 25-year-old who starts investing $5,000 a year in a mutual fund that earns 8% per year. Alice is only able to invest for 10 years. Alice adds nothing to her fund next 30 years except the 8% interest her money gains. She cashes out her fund when she turns 65.

Bob doesn’t start investing for a decade. Finally, when he turns 35 years old, he feels he has a good job and invests $5,000 a year every year for the next 30 years. Bob’s fund is identical to Alice’s and earns 8% per year. He cashes out his fund when he turns 65.

Who has more money at 65 years old?




Avoiding Debt: Creating a Budget


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