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Fiscal Policy

Transcript: The two "tools" used in Fiscal Policy are taxing and spending, which are opposite exchanges of money. Discretionary Fiscal Policy involves purposefully altering taxation and spending programs in order to change aggregate demand and regulate the economy. Nondiscretionary Fiscal Policy are tools that work to stabilize the economy without any changes in taxation or spending levels. For example, spending programs such as unemployment and welfare benefits are stabilizers. The intended aim of Expansionary Fiscal Policy is to increase economic growth and have high employment. Discretionary and Nondiscretionary Fiscal Policy The unintended effect of Expansionary Fiscal Policy is too much economic growth suddenly, leading to inflation which causes the value of money to decrease. Fiscal Policy: It is the use of the Federal Government's power to tax and spend to regulate economic activity. Thania Stavropoulos Meagan Danielak 2nd Hour Cervi I. Expansionary Since this policy increases economic activity and lowers taxes, Households and Firms will have more money to spend and disposable income. Therefore, businesses will be able to produce more. Also, households will receive larger amounts in Social Security when the economy is growing, so they will be able to spend more, generating revenue for firms. FISCAL POLICY Contractionary Fiscal Policy is the opposite of Expansionary, and it is meant to slow down the economy by cutting government spending, raising taxes, or a combination of both. Expansionary Fiscal Policy increases the amount of economic activity and is accomplished by increasing government spending, lowering taxes, or by a combination of both. Contractionary Fiscal Policy affects the Households and Firms by slowing down the flow of money between the Product Market and the Resource Market. In this policy, the government intends for firms to slow production. Also, if inflation is successfully slowed down, then prices for households will go down. Fiscal Policy was first used to spur changes in our economy during the Great Depression in the 1930's. The idea came from John Keynes, a British economist, who believed that you could use expansionary or contractionary fiscal policy to alter the level of aggregate demand. The intended aim is to have stable prices by fixing the inflation (high prices). II. Contractionary Fiscal Policy is implemented by the legislative and executive branches in the United States government. For example, the President and Congress could decide to use their Fiscal powers to end inflation by increasing taxes or reducing government spending. What is it? Some unintended effects of Contractionary Fiscal Policy can be harmful to the economy. For instance, the economy can slow down too much, and that could lead to economic decline in the nation. It can also lead to a low point (contraction) in the business cycle, where unemployment rates will rise. h

Fiscal Policy

Transcript: Fiscal Policy Is government spending and taxing Changes in federal government spending of tax revenues designed to promote full employment, price stability, and reasonable rates of economic growth Expansionary Fiscal Policy Increase in government spending and / or a decrease in taxes designed to increase aggregate demand in the economy. The intent is to increase GDP and decrease unemployment Contractionary Fiscal Policy A decrease in gov. spending and / or an increase in taxes designed to decrease aggregate demand in the economy. The intent is to control inflation Keynesian approach Demand-side economics Focuses on changing aggregate demand in order to promote full employment Keynes argued that government stimulus could jolt the economy out of a severe recession or depression Supply-Side Fiscal Policy (Reaganomics) The idea that fiscal policy might directly affect aggregate supply. For example, a corporate tax cut may give businesses incentive to expand or invest in capital goods with the money saved. It usually results when the economy is already facing moderately high inflation and a price shock occurs (world wheat shortage or oil shortage) Laissez-faire (Total Free Market Capitalism) Hayek Freidman Classical economists believed that free markets without government intervention were the best way to achieve the economy’s potential output. Classical economists believed that although there might be occasional downturns in the economy, natural market forces would correct things in the long term. Discretionary fiscal policy vs. automatic stabilizers Discretionary Fiscal Policy requires congressional and presidential action to change gov. taxing or spending Automatic stabilizers automatically adjust to the ups and downs of the economy. Unemployment insurance is a good example during a down economy, progressive taxing is a good example during an up economy The problem with Lags Recognition lag Are we in a recession? How bad is the recession? How much needs to be done? Difficult questions because a recession isn’t identified until 6 months after it begins Decision making lag Action by policy makers usually takes months to approve Implementation lag The approved action then takes time to implement The recent stimulus checks are a good example I received mine 4 months after the bill was passed Effectiveness lag Once implemented fiscal policy can take from 9 to 18 months for the full impact to be realized. Will the economy still need the agreed upon policy? Fiscal or Monetary Policy The President is advocating a bill that will cut taxes by 5%. Fed chairman Ben Bernanke is planning on lowering the discount rate by ¼ point. The Fed Open Market Committee (F.O.M.C.) announced today that it will selling U.S. securities Both houses of the legislature have passed a bill that will spend $15 billion on infrastructure. Zippy received his first unemployment check today. The President announced today that the 2009 budget will be slashed in half. The Fed increased the reserve requirement today to 28%. The government announced a tax rebate today equaling $1000 per person. A contraction in the economies aggregate output (aggregate supply) combined with an increase in inflation Stagflation Stagflation occurred in the U.S. in 1973 and 1980

Fiscal Policy

Transcript: Fiscal Policy Refers to using either an increase in government purchases of goods and services or a decrease in taxes the stimulate the economy. The government purchases increase economic activity directly, while the tax reductions are designed to increase household spending by leaving households more after tax money to spend. Attempts to balance the budget should take time, otherwise it could end up being disastrous. There are three methods of balancing a budget. Cathy Kongloth Erin Banks Jessica Schmit Maragaret Kounniyom Made By: VOCAB The Budget would be structured so that spending would not exceed this full employment revenue causing a balanced budget. If the government increases taxes and/or reduces spending in attempt to balance the budget during a recession, it will lead to more unemployment. When this happens the newly unemployed will stop paying income taxes and will begin receiving unemployment compensation from the government, causing the deficit to increase even more. The only ways to reduce the deficit is to pursue policies that will restore full employment. Became the predominant body of economic theory in the western world. Much of modern Keynesian Economics are still rooted in Keynes idea. Annually Balanced Budget An economic theory that stresses the costs of production as a means of stimulating the economy. Where the total government revenue is equal to the total government expenditures each and every year. 1. Fiscal Policy in Theory When there is a recession deficits increases because of the loss of tax revenue and spending. But, when the economy recovers, the government would receive tax dollars from the newly employed workers, and spending would decrease causing the deficit to decline. 4. Budget Deficits Fiscal Policy Keynesian Economics Supply-Side Economics During times of recession, unemployment increases and corporations end up losing instead of profiting. This causes the government revenue to fall. At the same time government expenditures increase when unemployment rises. Taxes end up being reduced and spending increases leading to a larger budget deficit. • Debt Change Over Time: First reached the $1 trillion mark in 1981. It had taken 200 years to reach this. It took only five years to bring it up to $2 trillion. (1990-1996: $3 trillion → $5 trillion.) Every three years another $1 trillion is added. Having balanced budgets in the future won’t eliminate this debt. This debt will last forever. Every dollar spent on interest takes away spending for education, health programs, national defense and tax relief. • What The Debt Means: In the past, the money to finance deficits was borrowed from Americans. This is now impossible due to huge budget deficits. The money is therefore borrowed from foreign sources. The U.S. has gone from the world leader to the biggest borrower. In 1918, President Reagan abandoned Keynesian Economics and used an untested theory, supply-side economics. * Taxes got to such a high level they discouraged work and investments. The government decided to reduce tax rates as an incentive for workers to work longer. The tax cut worked so well the government was collecting more money with the cut than before. This worked but caused a high unemployment rate and the federal government had a budget deficit of $207.8 billion. Full-Employment 3. Supply-side Economics Where the government attempts to balance the budget over the course of the business cycle. •John F. Kennedy: Used fiscal policy to bring the U.S. out of a recession that had started in 1958 he increased federal spending on highways and allowed businesses to subtract from taxes. When it proved not enough, he proposed a major tax cut which Johnson signed. Was able to better fund the Vietnam war that fueled the American economy dropping the unemployment rate. •Weakness: Problem with controlling inflation, High taxes and cuts in Government programs were not popular, causing Politicians to satisfy voters need and not the needs of the economy. However, during periods of prosperity when total spending is so high that it threatens to increase the inflation rate, the government would spend less causing a surplus. (During some years there is a chance of a balanced budget.) This causes a rollercoaster effect. Cyclically Balanced Budget 6. Balancing The Budget 5. The National Debt The federal budget would be balanced when and only when the economy is operating at or near the full employment level. • Can be used to regulate the level of total spending, and thus the level of production. • British economist John Maynard Keynes The General Theory of Employment, Interest and Money Argued government should play an active role in maintaining proper level of total spending in order to minimize unemployment and inflation. With proper use, the extremes of the business cycle (high unemployment or high inflation) could be avoided. The government would estimate the total revenue that it would receive when the economy was operating at a

PowerPoint Game Templates

Transcript: Example of a Jeopardy Template By: Laken Feeser and Rachel Chapman When creating without a template... Example of a Deal or No Deal Template PowerPoint Game Templates There are free templates for games such as jeopardy, wheel of fortune, and cash cab that can be downloaded online. However, some templates may cost more money depending on the complexity of the game. Classroom Games that Make Test Review and Memorization Fun! (n.d.). Retrieved February 17, 2017, from Fisher, S. (n.d.). Customize a PowerPoint Game for Your Class with These Free Templates. Retrieved February 17, 2017, from 1. Users will begin with a lot of slides all with the same basic graphic design. 2. The, decide and create a series of questions that are to be asked during the game. 3. By hyper linking certain answers to different slides, the game jumps from slide to slide while playing the game. 4. This kind of setup is normally seen as a simple quiz show game. Example of a Wheel of Fortune Template Games can be made in order to make a fun and easy way to learn. Popular game templates include: Family Feud Millionaire Jeopardy and other quiz shows. Quick video on template "Millionaire" PowerPoint Games Some games are easier to make compared to others If users are unsure whether or not downloading certain templates is safe, you can actually make your own game by just simply using PowerPoint. add logo here References Example of a Family Feud Template PowerPoint Games are a great way to introduce new concepts and ideas You can create a fun, competitive atmosphere with the use of different templates You can change and rearrange information to correlate with the topic or idea being discussed. Great with students, workers, family, etc. For example: With games like Jeopardy and Family Feud, players can pick practically any answers. The person who is running the game will have to have all of the answers in order to determine if players are correct or not. However, with a game like Who Wants to be a Millionaire, the players only have a choice between answers, A, B, C, or D. Therefore, when the player decides their answer, the person running the game clicks it, and the game will tell them whether they are right or wrong.

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