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Debt Terms Debt—something that is owed or bound to pay (US is 19. trillion) GDP—gross domestic product. How much money a country makes per yr. (US is 15.9 trillion) Deficit—the amount by which a sum of money is negative. If we have 100 dollars, and spend 150, we have a deficit of 50. Doing this for 3 years would give us a “debt” of 150. Federal Reserve—the central bank of the United States. Janet Yellen is the current chairperson. Supposed to control and stabilize US economy by printing/not printing money, and raising/lowering interest rates. Bretton Woods System— “gold standard” left by the US in 1971. We now print money without being backed by gold. Inflation—when prices increase when the value of money decreases. The more money in circulation, the less it is worth. Entitlements—the amount of which the person has a right to. In case of the US, social security, medicare Medicaid. (FDR and LBJ) Social Security—federal insurance program that provides benefits to unemployed, disabled, injured. Retirement age currently 65. Age set in 1930’s when life expectance was 67. Life expectancy is near 80 now. Medicare—federal insurance program controlled by states. Does medical insurance for people above 65, last stage of diseases, disabled people. Medicaid—Insurance for poor people/low income families. Parents with disabled children. Regressive Tax—tax the poor more Progressive Tax—tax the rich more Sales Tax—a tax on sales/receipts on sales. Ohio is 7.0%. Anything you buy but food. Income Tax—a tax levied directly on a person’s income. Roughly 25%-33% for most people. Taxed differently for every 10,000 earned. Corporate Tax—Separate tax on corporations. Highest 38% that make 15 million or more. Taxes go up as income from corporation does. Is the US’s too high or too low? Flat Tax—Everyone pays the same tax rate. Value Added Tax (VAT)—a tax applied through every part of the production, and added on at the end to the consumer. Regressive Tax—tax the poor more Progressive Tax—tax the rich more Simpson and Bowles— national committee on fiscal responsibility and performance. Came up with plan recently. Standard and Poor—stock market entity on top 500 companies. Moody’s—creates interest rates/credit grades from countries ranging from AAA+ to CCC (Greece) Monetary Policy: Done by the Federal Reserve. Printing of money, and controlling of interest rates. Fiscal Policy: Controlled by Congress. Essentially taxing and spending. Ayn Rand Ron Paul Paul Ryan