Question of the DayQuestion of the Day

Do you think the following quote is Do you think the following quote is true or false and why?true or false and why?

““We give the government our We give the government our money, and they spend it where money, and they spend it where

they want without even asking us.”they want without even asking us.”

Income Tax for OccupationsIncome Tax for OccupationsDentistDentist-$113,000-$113,000– TaxTax-$29,274-$29,274

ParamedicParamedic-$33,000-$33,000– TaxTax-$3,683-$3,683

LawyerLawyer-$100,000-$100,000– TaxTax-$25,634-$25,634

Bank ManagerBank Manager-$53,000-$53,000– TaxTax-$11,138-$11,138

Social WorkerSocial Worker-$47,000-$47,000– TaxTax-$9,638-$9,638

Physical TherapistPhysical Therapist-$60,000-$60,000– TaxTax-$12,888-$12,888

MechanicMechanic-$49,000-$49,000– TaxTax-$10,138-$10,138

NurseNurse-$71,000-$71,000– TaxTax-$15,638-$15,638

Unit 5 Activity 2 Day 1Unit 5 Activity 2 Day 1Government Borrowing and DeficitsGovernment Borrowing and Deficits

Budget ProcessBudget Process

Governments make a Governments make a budgetbudget—plan —plan for managing and spending their for managing and spending their moneymoney

The budget has two parts:The budget has two parts:– A list of their A list of their revenuerevenue

– A list of their A list of their expendituresexpenditures—the items —the items on which they plan to spend their money on which they plan to spend their money onon

Balancing the BudgetBalancing the Budget

Governments try not to spend more than Governments try not to spend more than they receivethey receive

However, this is not always possible and However, this is not always possible and sometimes governments have to borrow sometimes governments have to borrow moneymoney

Balancing the Budget continuedBalancing the Budget continued

Most state constitutions require that the budget be balanced and that they cannot borrow money

States can ask the federal government for a grant—a sum of money given for a specific purpose

2003 Federal Expenditures2003 Federal Expenditures

2005 Louisiana Expenditures2005 Louisiana Expenditures

0 10 20 30 40

EducationParks andHospitalsHighways

Police ProtectionCorrection

Natural ResourcesPublic WelfareAdministration

InterestHealthOther

ExpendituresExpendituresCopy the following list into your notebook.Copy the following list into your notebook.

– DefenseDefense

– Human ResourcesHuman Resources——includes Education, training, employment, social includes Education, training, employment, social services, health, Medicare, income security, social services, health, Medicare, income security, social security, and veterans’ benefitssecurity, and veterans’ benefits

– Physical ResourcesPhysical Resources——energy, natural resources, environment, commerce and energy, natural resources, environment, commerce and housing credit, transportation, and community and housing credit, transportation, and community and regionalregional

– Other FunctionsOther Functions——agriculture, international affairs, general agriculture, international affairs, general science/space/technology, administration of justice, and science/space/technology, administration of justice, and general governmentgeneral government

Unit 4: Activity 2: AssignmentUnit 4: Activity 2: Assignment 1 1To be turned inTo be turned in so put on loose-leaf so put on loose-leaf

You are the United States government and your You are the United States government and your job is to decide where your money will go.job is to decide where your money will go.

You have to prioritize the items you just copied You have to prioritize the items you just copied from most important to least important to you. from most important to least important to you.

After you rank these please tell in 3 paragraphs After you rank these please tell in 3 paragraphs why you listed them as you did.why you listed them as you did.

Turn into bin when you are done.Turn into bin when you are done.