Question of the Day Do you think the following quote is true or false and why? “We give the government our money, and they spend it where they want without.

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Presentation transcript:

Question of the Day Do you think the following quote is true or false and why? “We give the government our money, and they spend it where they want without even asking us.”

Income Tax for Occupations Dentist-$113,000 –Tax-$29,274 Paramedic-$33,000 –Tax-$3,683 Lawyer-$100,000 –Tax-$25,634 Bank Manager-$53,000 –Tax-$11,138 Social Worker-$47,000 –Tax-$9,638 Physical Therapist-$60,000 –Tax-$12,888 Mechanic-$49,000 –Tax-$10,138 Nurse-$71,000 –Tax-$15,638

Unit 5 Activity 2 Day 1 Government Borrowing and Deficits

Budget Process Governments make a budget—plan for managing and spending their money The budget has two parts: –A list of their revenue –A list of their expenditures—the items on which they plan to spend their money on

Balancing the Budget Governments try not to spend more than they receive However, this is not always possible and sometimes governments have to borrow money

Balancing the Budget continued Most state constitutions require that the budget be balanced and that they cannot borrow money States can ask the federal government for a grant—a sum of money given for a specific purpose

2003 Federal Expenditures

2005 Louisiana Expenditures

Expenditures Copy the following list into your notebook. –Defense –Human Resources —includes Education, training, employment, social services, health, Medicare, income security, social security, and veterans’ benefits –Physical Resources —energy, natural resources, environment, commerce and housing credit, transportation, and community and regional –Other Functions —agriculture, international affairs, general science/space/technology, administration of justice, and general government

Unit 4: Activity 2: Assignment 1 To be turned in so put on loose-leaf You are the United States government and your job is to decide where your money will go. You have to prioritize the items you just copied from most important to least important to you. After you rank these please tell in 3 paragraphs why you listed them as you did. Turn into bin when you are done.