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What is the current NATIONAL DEBT?
What is per capita?
per person basis, each citizen's share of national debt
What is the estimated per capita?
The federal, state, and local government makes up the ____ of the economy. This sector buys it goods and services from individuals and business, which makes up the _____ of the economy.
- public sector
- private sector
In genteral, the government makes 2 kinds of expenditures.
The 1st is the purchase of goods and services.
What are some goods and services the federal government pays for?
- road reconstruction
The second form of payments to disadvantaged Americans and other designated groups. These are payments in which the government receives neither goods nor services in return. What are these types of payments called and give examples.
- called transfer payments
- ex. social security, welfare, unemployment compenstation
What is a budget deficit?
when you want to spend more money this month than your income
What national debt?
when ypu can't pay off your debt by the next time the bill comes and you have to borrow money
What is the annual plan outlining the proposed money coming in and money going out for the upcomming year?
What is the fiscal year and when does it start?
- a 12 month financial planning period
- Oct 1- Sept 30 2011
Whose job is it to prepare and submit the federal budget?
Whose job is it to approve the federal budget?
What are the top 5 government expenditures?
- Social Security
- Dept. of Defense
- Interest on National Debt
Louisiana and the President's Fiscal Year 2011 budget! Under the President's budget for the 2011 fiscal year, what will LA see?
- increase childcare tax break by 35% credit for middle class families
- added 1.6bill to child care development fund
What is the balance buget amendment?
it amend the US constitution by requiring through law that congress pass a federal budget that balances project revenue and expenditures with certain exceptions
How do you go from having a DEFICIT to being in DEBT?
when you borrow money
DEFICIT SPENDING is when you spend more money then you have. How do you do this?
using a credit card when your in debt
What happens when you borrow money?
BOOOM YOUR IN DEBT