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  • Graphs from: https://www.google.com/search?q=graph+of+employment+by+industry&tbm=isch&tbo=u&source=univ&sa=X&ei=OJpuUfi5MI_J4AOljICgCw&ved=0CDAQsAQ&biw=960&bih=503#tbm=isch&sa=1&q=graph+of+employment+by+industry+1950s&oq=graph+of+employment+by+industry+1950s&gs_l=img.12...11679.13698.3.14713.6.6.0.0.0.0.45.217.6.6.0...0.0...1c.1.9.img.eAw6O70Sf6o&bav=on.2,or.r_qf.&bvm=bv.45368065,d.dmg&fp=dac7b9ed361358e9&biw=960&bih=503&imgrc=Ivqnjaqk2pD0QM%3A%3Brznvz2nSgeWpwM%3Bhttp%253A%252F%252Fwww.rba.gov.au%252Fpublications%252Fbulletin%252F2010%252Fsep%252Fimages%252Fgraph-0910-1-1.gif%3Bhttp%253A%252F%252Fwww.rba.gov.au%252Fpublications%252Fbulletin%252F2010%252Fsep%252F1.html%3B600%3B518
  • Approximately how many people were employed in manufacturing in 1951? Approximately how many people were employed in professional and business services in 1951? Approximately how many people were employed in manufacturing in 1972? Approximately how many people were employed in professional and business services in 1972? Approximately how many people were employed in manufacturing in 1990? Approximately how many people were employed in professional and business services in 1990? Approximately how many people were employed in manufacturing in 2007? Approximately how many people were employed in professional and business services in 2007? Did the overall trend for manufacturing employment increase, decrease or stay the same between 1951 and 2007? Approximately, what was the difference in manufacturing employment between 1951 and 2007? Did the overall trend for professional and business employment increase, decrease or stay the same between 1951 and 2007? Approximately, what was the difference in professional and business employment between 1951 and 2007?
  • Ronald Reagan (b. 1911). .  2005. Image. 25 May 2010. <http://www.discoveryeducation.com/>.

Transcript

  • 1. ReaganomicsReaganomicsWhat effect does achanging economy haveon American society?• America’s ChangingEconomy Graphing Activity• Reaganomics decision
  • 2. America’s ChangingEconomy Graphing ActivityDifferent Types of IndustriesEmployment by Industry graphMain sectors of the economyEmployment by Industry in the U.S. graph
  • 3. Different Types of Industries Services Considered whitecollar Some jobs require ahigh level of formaleducation Agricultural Considered bluecollar Create productsbased on a farm Little formaleducation needed Manufacturing Considered blue collar Create products byhand or with machines Little formal educationneeded Mining Considered blue collar Remove mineral fromthe ground Little formal educationneeded
  • 4. Write the following statementsin your notes. Between 1910 and 2010, these industriessaw a decline Between 1910 and 2010, this industry sawan increase
  • 5. Main sectors of the economyManufacturing Considered bluecollar Create productsby hand or withmachines Little formaleducation neededProfessional andBusiness Services Considered whitecollar Provides services ortransacts businessoperations Formal educationusually required
  • 6. Write the following statementsin your notes. Between 1951 and 2007, the overall trend formanufacturing employment (increase, decrease or stay the same) The difference in manufacturing employmentbetween 1951 and 2007 was Between 1951 and 2007, the overall trend forprofessional and business employment (increase, decrease or stay the same) The difference in professional and businessemployment between 1951 and 2007?
  • 7. Reaganomics DecisionDirections1. Read the handout and decide whatyou will do in each of the five areas.2. Fill out handout 2 and decide what youwill do about federal spending. If you are cutting the budget, decidewhere the money will come from.1. Discussion on the budget
  • 8. Reduce Federal Spending Would you cut the federal budget? Which programs would you cut and why?
  • 9. Lower income-tax rates forindividual and businesses Would you lower income-tax rates forindividual and businesses? How would this help with the economy?
  • 10. Decrease governmentregulation of business Would you decrease governmentregulation of business? How would this help with the economy?
  • 11. Fight inflation by keepinginterest rates high Would you fight inflation by keepinginterest rates high? How would this help with the economy?
  • 12. Balance the federal budget Would you balance the federal budget? How would this help with the economy?
  • 13. Read the Reaganomics handoutand answer these questions. Essential Question: What is the proper role ofEssential Question: What is the proper role ofgovernment in people’s lives?government in people’s lives? 1. Did the economy under Reagan improve? Use1. Did the economy under Reagan improve? Usetwo examples from the text to support your answer.two examples from the text to support your answer. 2. According to the article, why did Regan believe2. According to the article, why did Regan believecutting taxes would improve the economy? Explaincutting taxes would improve the economy? Explainat least two reasons in your own words.at least two reasons in your own words. 3. Which action taken by Reagan had the greatest3. Which action taken by Reagan had the greatestimpact on the economy? Use a specific exampleimpact on the economy? Use a specific exampleto support your response?to support your response? 4. Explain why Reagonomics is a good title for this4. Explain why Reagonomics is a good title for thisarticle. Give two reasons to support your response.article. Give two reasons to support your response.
  • 14. The Conservative(Reagan) Revolution Response to overgrowngovernment entitlementprograms $300 billion annually Goals of conservativemovement Shrink the size of thefederal government andreduce spending Promote family valuesand patriotic ideals Stimulate business byreducing governmentregulations and loweringtaxes Strengthen nationaldefense
  • 15. Reagan’s GovernmentSpending Policies Made an attempt to cut but was largelyunsuccessful Tried to slow its growth Increased defense spending by $28 billion Possibly led to end of the Cold War Proposed cutting Social Security payments to earlyretirees After pressure, Reagan dropped the idea Formed a commission to study the problem Cuts in education, protection, transportation,and general government Saved only $10 billion Federal budget rose to almost $500 billion
  • 16. Reagan’s Tax Cuts Congress passed and Reagan signeda law to lower tax rate 5% in 1982 10% in 1983 10% in 1984 Tax rate for wealthiest Americans droppedfrom 74% to 50% Also cut taxes on businesses May have caused the large economicexpansion of the 1980s At the time the longest peacetime expansion inAmerican history
  • 17. Reduction of RegulationsSome industries benefited Oil and bankingWeakened antitrust laws against largebusinessesPositives- decreased regulation reduced costsand increased investment and expansionNegatives- fewer regulations meant businessescould be riskier or unethical Banking industry had many savings and loanscompanies go bankrupt Cost the government over $500 billion
  • 18. Interest Rates The percentage that banks chargedborrowers on the unpaid portion oftheir loans High interest rates prevented inflationbut discouraged investment Federal Reserve did not lower them President Reagan did not intervene 1983 economy rebounds and interest ratesfall
  • 19. Balanced Budget Impossible when government spendingincreases while tax cuts are enacted Deficit What the government still owes after taxesare collected Grows from $79 billion in 1981 to $113 billionin 1982