miranda reports imperialism. what really big event happened on this date in 1775?

Miranda reports

Imperialism

What really big event happened on this date in 1775?

What really big event happened on this date in 1775?

• Revolutionary war began with the battles of Lexington and Concord

A few economics updates

A few economics updates

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

Our Sarasota family

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

• Your income for 2010 was $41,957

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

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

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

Our Sarasota family

• You react by telling your spouse they’re going to kill women and disabled children, and starve granny

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

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

So to little surprise....

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

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

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?

President’s Obama’s deficit reduction ‘plan’

President’s Obama’s deficit reduction ‘plan’

• Raise taxes on the productive (the ‘rich’)

President’s Obama’s deficit reduction ‘plan’

• Raise taxes on the productive (the ‘rich’)• What will be unintended consequences?

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

Remainder of 2011

• Four classes remaining

Remainder of 2011

• Four classes remaining• Three chapters of Basic Economics remain

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

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”