160 Exam 1

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established ways of doing things

policies are....

$113,700

the maximum taxable amount was $110,100 in 2012 and _______ in 2013

assets, labor, family and charity

traditional sources of economic security included....(4)

Charles L. Cochran and Eloise F. Malone

"Public policy consists of political decisions for implementing programs to achieve societal goals."

Clarke E. Cochran

"Public policy is the outcome of the struggle in government over who gets what."

B. Guy Peters

"Stated most simply, public policy is the sum of government activities, whether acting directly or through agents, as it has an influence on the life of citizens."

Clarke E. Cochran

"The term public policy always refers to the actions of government and the intentions that determine those actions."

Declining overall wealth Lower credit ratings Currency depreciation Higher interest rates for all types of loans Reduced foreign investment Falling country competitiveness Higher tax rates Less money available for public programs (more paid in interest) Rising debt to GDP and increased dependence on external financing

Consequences of Continued Large Fiscal Deficits

38

For Americans over 65, SS accounts for _% of income

Republic

Form of government where citizens only rule through officers and representatives chosen by citizens

29, 25, 25, 9,000

From 1929 to 1933, U.S. gross national product declined __ percent (in constant dollars), the price level fell __ percent, the unemployment rate reached __ percent, and some _____ banks failed

pillar

Generally, Social Security plans are defined as single or multi "_____" systems.

promote public good

Governments are constituted to...

women over 65

Group with most members in poverty?

yes

Have tax rate increases have been frozen since 1990?

It traps them into bad careers

How does medical underwriting harm young people?

18 months

How long does COBRA last?

20 million

How many more Americans would be poor without social security?

7.1 billion

How many people are in the world?

2.5 billion

How many people in the world live on less than $2 a day?

$108

How much does the average American spend per day?

6.1%

2008 unemployment rate

Social security, defense, medicare and medicaid

3 biggest government outlays

China, Saudi Arabia, Germany, Japan, Norway

5 biggest exporters

United States, Brazil, Russia, India, Australia

5 biggest importers

$30,000

75% of Americans nearing retirement (age 50 to 64) have less than ________ in retirement accounts

Pillar 2

American pillar. Money going in goes right out.

aging population, funding shortfalls

An _______ and _________ threaten the ability of the SS program to pay future beneficiaries

57

Approximately ______ million people were receiving ss benefits in 2013

Protection of minority rights Equality in voting Wide distribution of political resources Freedom of expression Competition for public office Majorities or pluralities primarily rule

Attributes of Democracies

5.1%

Average Personal Savings Rate of Americans

41,674

Average personal wage of Americans

Yes

Can forms of government have elections without being democracies?

yes

Can ss tax be manipulated without changing the tax rate?

Germany, 1889

The world's first Social Security retirement program was put into effect in ________ in ______.

12

The world's population is growing by 1 billion every how many years?

public interest

Theoretically it does so by attempting to discover the________that compels public action or studied inaction.

Great Britain, Japan, China

Three foreign countries we borrow from...

The act of installing and using the rules of authority that members of a community have agreed to obey

To Govern: definition

China, India, U.S

Top three populated countries

India, China, U.S

Top three populated countries in 2050

33x what you spend and 20x Your Income

Two Often Referenced Rules as a Guide for retirement calculations

65 ½, 62

_____ is the average retirement age. Retirees can begin collecting at age ____, but their monthly benefits are reduced

a form of social insurance to protect individuals from financial hardship

social security

50%

someone that makes it to their mid-80s has a _____ chance of making it to 99

Ancient Greece, 507 B.C.

Democracy was first tried when and where?

developing

Do developing or developed nations use more energy?

Yes

Do the employee and employer contribute equal amounts to ss?

the ability to do work

Energy is...

9.6 billion

Estimated total of people in the world in 2050

Pillar 1

European pillar. Not taxed.

Industrial Revolution

Families stopped depending on economic security from many children as the developed world underwent the...

12.4

If self employed, your tax rate would be the total rate (___%).

28 56

In 1890, only ____ percent of the U.S. population lived in cities, by 1930 this percentage had exactly doubled, to ___ percent

The head of the winning party

In a parliamentary system, who is asked to assume the office of Prime Minister or Premier

25

In two days the Dow Jones industrial average fell by ____% (ending on Black Tuesday, 29 October).

less

Is population growing faster in less or more developed countries?

No

Is social security a pension fund?

public policy

It is expressed in the body of laws, regulations, decisions and actions of government

Retirement

More than 50% of Americans have not made this calculation.

individuals

More than half of government outlays get paid to ______.

Parliamentary

Most popular form among the world's democracies

Old-Age, Survivors and Disability Insurance (OASDI)

Official name of social security

Pillar 3

Pension pillar

Spending cuts and revenue increases can be postponed to commence on a future date once economic growth has hopefully recovered Reform tax code Raise tax rates Higher economic growth rate Increase Revenue There must be reforms in Social Security, Medicare and Defense to make a meaningful impact Reduce Spending

Possible Solution to Growing Debt Burden

Thomas Dye

Public policy is "Whatever governments choose to do or not to do."

Oligarchy

Rule by a few such as a ruling class or business class

Democracy

Rule by the people

Monarchy

Ruled by a single person such as a king or emperor

20

SS comprises over __% of US federal government expenditures

1935

The Social Security Act of....

Individual Income Taxes, Social Insurance Receipts

The US Government's revenue is dominated by __________ and __________.

pay-as-you-go

The US works on a ________ ss system

34

The United States was slow to embrace social security. By the time the 1935 program was adopted, ___ other countries already had some sort of social insurance program

Anarchy

The absence of rules or supreme law

more than 50 billion

The difference between the United States' exports and imports

Tax can be manipulated without changing the tax rate Self-employed people might perceive they face a larger tax burden Regressive tax Higher income earners stop paying Social Security taxes on every dollar earned above $113,700 in 2013 Some individuals are not aware of the total tax burden assessed since half of the tax is paid by their employer

What are some concerns about the tax system?

Foreign holders, Government accounts, private domestic holdings

What are the three largest holders of government debt?

A tax that takes a larger percentage of total income from low-income people than from high-income people

What is a regressive tax?

It will get better, then level off

What is happening to the U.S. deficit in the next few years?

$113,700

What is the cut off for highest ss income?

legislative elections

What kind of elections are held for seats in Parliament?

19.8 million

What percent of population in poverty?

Less than 5%

What percent of the world's population is made up by the U.S?

29%

What percent of the world's population lived in cities in 1950?

47%

What percent of the world's population lives in cities?

61%

What percent of the world's population will live in cities in 2030?

34%

What percentage of the U.S. debt is held by foreign holders?

Presidential

What system has an election of a chief executive by electoral support independent of the legislature.

Presidential

What system separates the legislative and executive functions.

South Asia, East Asia and the Pacific, Sub-Saharan Africa

What three areas of the world have the most people living on less than $2 a day?

1932, 89%, 1954

When it finally reached its record low in July _____, the Dow Jones had fallen ____, and it did not recover to 1929 levels until _____.

2002

When was the last time the U.S had a surplus?

Pillar 5

Which pillar? 401K, IRA, Defined Contribution. Assets, house...etc.

Pillar 4

Which pillar? Company puts money in fund for your retirement. Defined benefit.

Expectation of high infant mortality Social safety net (children provide for the elderly) Women start having children earlier in life Cultural reasons Fewer women in the workforce Lack of reproductive education, family planning Lack of adequate contraceptive Greater percentage of rural people (more hands on the farm)

Why are fertility rates higher in less developed countries?

Uncompromising positions taken by many politicians Tax collection is already lower than average Despite the credit downgrade and debt concerns, borrowing costs of the US government continue at historical lows 16% of GDP in 2012 vs. average of 18% since 1950 Two of the costliness programs, Social Security and Medicare, are popular amongst arguably the strongest voting bloc in the US New stimulus bill would increase spending Tax incentives to hire or invest would decrease revenue Cutting spending now would dampen an already slow economic recovery Many policies that would accelerate growth may exacerbate the debt problems by increasing deficits in the short-term

Why is it so hard to solve the deficit problem?

social issues

public policies are those that the government adopts to address...

deficit

when a government's expenditures exceed the revenue that it generates, this is the result

surplus

when a government's revenue that it generates exceeds its expenditures, this is the result


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