CHAPTER 10: ECONOMICS OF SPENDING Chevalier Fall 2015.

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Presentation transcript:

CHAPTER 10: ECONOMICS OF SPENDING Chevalier Fall 2015

Government Spending  Why the increase in Gov’t. spending?  WWII  Public opinion  Success of large scale public works  Inevitable result of progress  Military spending  The aging of America  Growth of cities and their infrastructure  Deficit spending/ financing the debt

Two Kinds of Gov’t. Spending  Goods and Services-  Goods-  1. public sector vs. private sector spending Can the private sector do a better job? Prisons Military (Blackwater) Trash National parks Mail Education

Two Kinds of Gov’t. Spending  Transfer Payments  A payment for which the Gov’t. receives neither goods nor services in return Social security Welfare Unemployment Aid for people with disabilities

Forms of spending  Per capita  Per person ,300/person ,200/person , 041/person  Gross or aggregate (total)  trillion  trillion  trillion

Impact of Gov’t. Spending  Where will the Government spend its resources?  Resource allocation  Guns vs. butter  Price supports

Impact of Gov’t. Spending  Redistribution of income  Transfer payments can directly affect family income  Closing of military bases in the 1990’s  Price supports  Progressive tax code

Impact of Gov’t. Spending  Competing with the private sector  Private vs. public college  VA hospital vs. a private hospital

Federal Gov’t Expenditures  Establishing the federal budget  House and senate  Mandatory vs. discretionary spending

Major spending categories

Deficit, surplus, and the nat’l debt  Balanced budget  Deficit spending  Federal debt-total amount borrowed from investors to finance the government’s deficit spending  How big is the debt?  $2.2 Trillion  $10.8 Trillion  $18.4 Trillion

Impact of national debt  Who pays the national debt?  Has effects on people in America  Taxes and incentives  Foreign problems  American manufacturers

When finished…  Turn in quiz up front  Pick up chapter 13 handouts  Begin reading chapter 13 and working on handouts  PLEASE WORK QUIETLY-  Chap. 13 quiz will be 11/27 (next Tuesday)