Posts Tagged ‘budget deficit’

In need of a hero?

Monday, July 25th, 2011

Holy blazes, Batman, the budget’s gonna bust! We’re zooming toward the debt ceiling, but nobody seems to know what to do..

We need a hero. A Budget Hero!

Luckily, American Public Media put together this awesome widget that you can use to play around with the U.S. government budget, a little bit like our elected officials in Congress do. Cut spending, increase taxes, watch your deficit move around, and learn about what all these cuts and increases mean.

Think you can do better than Congress is now? You just might be… a BUDGET HERO!

In need of a hero?

Monday, July 25th, 2011

Holy blazes, Batman, the budget’s gonna bust! We’re zooming toward the debt ceiling, but nobody seems to know what to do..

We need a hero. A Budget Hero!

Luckily, American Public Media put together this awesome widget that you can use to play around with the U.S. government budget, a little bit like our elected officials in Congress do. Cut spending, increase taxes, watch your deficit move around, and learn about what all these cuts and increases mean.

Think you can do better than Congress is now? You just might be… a BUDGET HERO!

Debt and the Presidents of the United States

Friday, April 15th, 2011

If you’ve ever watched the news, you probably know that every problem facing our nation is all one person’s fault: the president.

Well, that’s probably not fair.

This neat-o infographic shows the net worth of every U.S. president and the national debt when they entered and left office. It’s a great perspective during this particular time of budget crisis and finger-pointing.

Do you see any patterns? Is the federal deficit tied to a president’s money-management skills? Wealth? Or something entirely different (like, uh, wars and recessions)?

presidents-and-debt.png
(via credit sesame)

If we need more money, why can’t the government just print more?

“Last In, First Out” Rule Could Make Some Schools Nearly Teacherless!

Thursday, March 3rd, 2011

“Some of New York City’s 1,600 schools would lose more than half their teachers while others would lose none under Mayor Michael Bloomberg’s plan to lay off 4,600 teachers if the last-in, first-out policy is not changed.

…

Under the last-in, first-out policy, schools that are new, have grown heavily in recent years or are situated in high-poverty neighborhoods would be hit the hardest. Columbia Secondary School on West 123rd Street would lose 14 of its 20 teachers, or 70%.”

What do you think?

How would you handle teacher layoffs? Is there any way to balance the city budget without cutting public school jobs?

Midwest Workers To Governors: We’re Not Paying For Your Deficit

Thursday, February 24th, 2011

wisconsin-union-protest.jpg
(photo credit: marctasman)

State governments around the country are facing serious budget deficits, and something needs to be done. But unionized workers in Wisconsin, Ohio, and Indiana are pretty sure that that something shouldn’t include eliminating their right to organize.

  • Republican-sponsored bills in the three states propose to chip away at budget deficits by limiting or eliminating the power of private and public-sector workers to unionize.
  • Most of the bills would curtail the right to collective bargaining. This is the process by which a group of employees in a particular company or industry can negotiate with business owners for better pay, improved working conditions, or greater job security (among other things).
  • Collective bargaining was critical to reform in an era when children worked in factories and most workers were glorified indentured servants. Today, opponents say it’s unnecessary and costly. Supporters argue that without it, they are at risk of the same historical abuses that led to the union movement in the first place.

Facts & Figures

  • The Wisconsin bill would save the state an estimated $300 million over two years
  • The state’s budget deficit for that period is approximately $3.6 billion
  • Tens of thousands of protesters have packed the capitals of the three affected states in recent weeks
  • In Wisconsin, Democratic legislators actually fled the state to prevent the budget bill from being passed

Best Quote

“Governor Kasich decided he wants to squash unions and found a creative way to do it, but he has to realize that we’ve fought this battle before and he will not stop us because we will fight to the very end.” – JoAnn Johntony, President of the Ohio Association of Public School Employees

What do you think?

Are unions still necessary? Do you know anyone who is a member of a union?

Is limiting the right to collective bargaining a good long-term solution for these states, or a quick fix?

Get to it!

Union disagreements aren’t limited to factory workers, firefighters, and public school teachers. Check out Amy’s explanation of a potential strike of NFL players here.

Italy Cutting Higher Education To Balance Budget

Thursday, December 23rd, 2010

Weak economy, lots of debt, high unemployment. Up next: fewer universities!

Read the original to see students handing books to riot police in Rome:
BBC News, 12/22/10: Italian students demonstrate against education reforms

UK Tackles National Debt By Taking An Axe To The Budget

Wednesday, October 20th, 2010

It’s bold, it’s risky, it’s the 2011 United Kingdom budget!

  • Britain has been hit as hard as the rest of the world by the global economic crisis. Now it’s following the lead of some other European nations by tightening the tap of government spending.
  • The spending plan, unveiled today by Britain’s top finance minister, represents the deepest reduction in public spending since WWII. It’s a much more serious spending reduction than any other Western nations have attempted so far.
  • Groups opposed to the plan say it is too severe and will interfere with employment and stunt growth. But the budget deficit facing British lawmakers is too big to ignore.

Facts & Figures

  • Britain’s deficit is 11.5% of its economy. The U.S. deficit is 10.7%, and the German deficit is 5.4%.
  • The plan involves significant cuts to welfare, public sector jobs, and local government budgets. The retirement age will also be raised from 65 to 66 four years earlier than planned.
  • The average reduction of each government department’s budget will be around 19%

Best Quote

“We have had to make choices, choices in the things we support. We have taken our country back from the brink of bankruptcy.” – George Osborne, Chancellor of the Exchequer

Things Are Looking Up For Greece

Thursday, August 19th, 2010

Greece, after plummeting into an economic black hole a few months ago, is slowly crawling back to more stable territory.

  • Greece is in the process of implementing their austerity program, which includes civil service pay, reduced pensions and increased taxes.
  • The initial success of this program allows Greece to receive the next installment of its bailout package – a $9 billion boost.
  • Though the progress of Greece’s economy is overwhelmingly positive, there are still large economic glitches to overcome.
  • In the first half of the year, tax collection was below target and local government spending was over budget.

Facts & Figures

  • The Euro, which dropped to $1.19 in June has rebounded to $1.32.
  • Greece is trying to dig itself out of a $400 billion budget deficit.

Best Quote

“You have a government here that is clearly determined to move ahead. This program is off to a very good start. I would say a very impressive start.” – Paul Thomsen, Head, I.M.F. Delegation.

Tax Break And Debate

Wednesday, July 28th, 2010

Republicans and Democrats squabble over the extension of tax breaks for middle income families.

  • Debates over taxes and spending in Washington are prevalent as both parties attempt to address The Unites States’ ballooning budget deficit.
  • Democrats advocate extending tax cuts for the middle class while eliminating tax cuts for higher income Americans.
  • Republicans say that it is unwise to allow upper income tax breaks to expire, insisting that it will weaken an already unstable economy.

    Best Quote

    “Washington Democrats are poised to allow the largest tax increase in American history to take effect next year.” – Mike Pence, Republican, Indiana

    An I.O.U. From The Government?

    Wednesday, June 24th, 2009

    Everyone is cutting back now that we’re in a recession, even the government. You might want to know what this means for you, but also how it is going to affect your community and neighbors – it isn’t that great.

    • States are experiencing huge budget deficits because the recession has slashed their tax revenues by billions of dollars. To close these budget gaps, states are proposing and approving policy measures that would never otherwise be considered.
    • Many state governors and legislatures are not able to come to a consensus and so several states are still struggling to approve a budget for next year.
    • Even if the recession were to quickly end, states would continue to experience budget shortfalls for many years because of high unemployment, lower tax collections, and increased demand for government safety net programs.

    Facts & Figures

    • In the 2010 fiscal year, states will have a $121 billion budget gap.
    • Budget schemes include taxing candy and cellphone ring tones, releasing prisoners early, increasing sales taxes, selling state parks, and having state workers work for free three days a month.
    • Governors have proposed increasing taxes by roughly $24 billion dollars for the 2010 fiscal year.

    Best Quote

    “We still don’t know how bad it will be. The story is yet to be told, because in the next couple of weeks we will see some of the states with the biggest gaps have to wrestle this thing to the ground and make the tough decisions they’ve all been dreading.” – Susan K. Urahn, Managing Director of the Pew Center on the States