1. Miranda reports Imperialism

2. What really big event happened on this date in 1775?

3. Revolutionary war began with the battles of Lexington and Concord

4. A few economics updates

5. What if the average family in Sarasota behaved like the federal government?

7. Our Sarasota family What if the average family in Sarasota behaved like the federal government? Your income for 2010 was $41,957

8. Our Sarasota family What if the average family in Sarasota behaved like the federal government? Your income for 2010 was $41,957 You spent $62,600

9. Our Sarasota family What if the average family in Sarasota behaved like the federal government? Your income for 2010 was $41,957 You spent $62,600 You owe $251,742 on your credit cards

10. Our Sarasota family What if the average family in Sarasota behaved like the federal government? Your income for 2010 was $41,957 You spent $62,600 You owe $251,742 on your credit cards Your more responsible spouse wanted to cut back your spending by $1,058 for the coming year

11. Our Sarasota family You react by telling your spouse they’re going to kill women and disabled children, and starve granny

12. Our Sarasota family You react by telling your spouse they’re going to kill women and disabled children, and starve granny You finally agree to cut spending about $600 to $62,000, even though you know you’ll only take in $42,000 next year

13. Our Sarasota family You react by telling your spouse they’re going to kill women and disabled children, and starve granny You finally agree to cut spending about $600 to $62,000, even though you know you’ll only take in $42,000 next year You’re in some serious financial trouble

14. So to little surprise....

15. U.S. government off a cliff Unless the Congress and Obama agree to enact serious deficit/debt reduction, S&P will downgrade our credit rating

16. U.S. government off a cliff Unless the Congress and Obama agree to enact serious deficit/debt reduction, S&P will downgrade our credit rating Result will be much higher interest payments on that nearly $14.3 trillion debt we’ve talked about

17. U.S. government off a cliff Unless the Congress and Obama agree to enact serious deficit/debt reduction, S&P will downgrade our credit rating Result will be much higher interest payments on that nearly $14.3 trillion debt we’ve talked about When the government sucks up ever more of the nation’s resources, what will be result?

18. President’s Obama’s deficit reduction ‘plan’

19. Raise taxes on the productive (the ‘rich’)

20. President’s Obama’s deficit reduction ‘plan’ Raise taxes on the productive (the ‘rich’) What will be unintended consequences?

21. President’s Obama’s deficit reduction ‘plan’ Raise taxes on the productive (the ‘rich’) What will be unintended consequences? Other problem: you can tax everyone who makes more than $100,000 at 100% – all their money – and it will won’t cover the Obama $1.6 trillion deficit for 2011

24. Remainder of 2011 Four classes remaining

25. Remainder of 2011 Four classes remaining Three chapters of Basic Economics remain

26. Remainder of 2011 Four classes remaining Three chapters of Basic Economics remain We’ll cover a chapter a week and have a final test on May 10

27. Remainder of 2011 Four classes remaining Three chapters of Basic Economics remain We’ll cover a chapter a week and have a final test on May 10 For April 26, read and study Chapter 23: “Myths about Markets”