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.

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Presentation transcript:

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 2010

Government Revenue (FY2010) Income Category Total (Billions) Percent Individual Income Taxes % Corporate Income Taxes % Social Insurance Taxes & Contributions 86540% Other Taxes % Total2.162 trillion

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 2010

Government Spending (FY2010) Spending Category Total (Billions) Percent Defense69620% Education1254% Interest on debt1976% Foreign Aid451% Social Security70721% Welfare & Income Security62418% Health83524% Other1805% Environmental Protection471% Total3.456 trillion

The 2010 Deficit Gov’t Outlays (Spending) — $3.456 trillion Gov’t Revenue (Income) $2.162 trillion Gov’t Deficit = $1.294 trillion

The federal deficit in 2010 was $1.294 trillion

As of 2011, the National Debt is $14.38 trillion$14.38 trillion

What is a trillion dollars? $10,000 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.

Currently, the largest problem in Europe is the debt crisis A growing number of European nations are unable to pay their debts Since 2010, Greece, Italy, Ireland, Spain, & Portugal received bailouts from European gov'ts