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Miranda reports
Imperialism
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What really big event happened on this date in 1775?
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What really big event happened on this date in 1775?
• Revolutionary war began with the battles of Lexington and Concord
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A few economics updates
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A few economics updates
• What if the average family in Sarasota behaved like the federal government?
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Our Sarasota family
• What if the average family in Sarasota behaved like the federal government?
• Your income for 2010 was $41,957
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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
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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
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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
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Our Sarasota family
• You react by telling your spouse they’re going to kill women and disabled children, and starve granny
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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
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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
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So to little surprise....
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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
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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
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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?
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President’s Obama’s deficit reduction ‘plan’
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President’s Obama’s deficit reduction ‘plan’
• Raise taxes on the productive (the ‘rich’)
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President’s Obama’s deficit reduction ‘plan’
• Raise taxes on the productive (the ‘rich’)• What will be unintended consequences?
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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
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Remainder of 2011
• Four classes remaining
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Remainder of 2011
• Four classes remaining• Three chapters of Basic Economics remain
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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
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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”