Day 8 economic issues
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This document contains questions and prompts for an economic assignment on various topics: 1. It asks whether a poor person can still get rich today and how to pay off the $17 trillion national debt, through raising taxes, cutting spending, or both. 2. It provides background information on Alexander Hamilton's economic plan and asks if students would have supported it in 1776 as farmers or factory owners. 3. It also includes discussion questions about states' electoral votes, the 1832 US election between Andrew Jackson and Henry Clay, and the structure and role of the US Federal Reserve system.
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Day 8 economic issues
- 1. First Economic Assignment 1. Do you think a poor person can still get rich in 2014? Explain why that is or isn’t possible 2. Which is the best way to pay off the $17 trillion debt: raise taxes, dramatically cut spending, or both 3. Are you willing to pay higher taxes to pay off the debt that your grandparents and parents voted for? 4. How is this graph evidence that Reconstruction failed?
- 2. Check out Hamilton’s plan on 204 • USA a broke, baby country • As a group on each person’s paper: & explain each #5. Would you vote for his plan in 1776? #6 How much of his plan do we have today? #7 If you owned a factory in Boston would you have voted for this plan? #8 If you were an indebted farmer in Tennessee would you have voted for this plan? #9 The US did pay off its foreign debts, how would our history be different if they had not paid it off?
- 3. Thought questions: 1. Which 2 states has the most electoral votes? 2. Which 2 states have the least?
- 5. 1832 Election • Democratic • Andrew Jackson (TN) – VP Martin Van Buren • Whig • Henry Clay (KY) – VP John Sargent
- 6. States for simulation • New York 7 • Pennsylvania 6 • Virginia 6 • Massachusetts 4-5 • North Carolina 3-4 • Illinois 1 • Missouri 1 • Rhode Island 1
- 9. Andrew Jackson (1767-1845) • Hero of War of 1812 • “Indian Fighter” of Florida • Slave owner from Tennessee • “Old Hickory” • Lost presidency 1824 • Returned as “Democrat” 1828 • Reelected in 1832 • Spoils system
- 10. Next Economic assignment 1. Why do some people keep their money in cash instead of at the bank? 2. Why do most people put their money in the bank?
- 11. #3 OPTIC on this 1901 $10 bill
- 12. Banking Simulation Split room into ¼ s A. Student loan borrower $10,000 – fixed rate 5% B. Student loan borrower $10,000 – variable rate 4% C. Student loan lender $200,000 - fixed rate 5% D. Student loan lender $1,000,000 – variable rate 4%
- 13. US Central bank increases money supply by $3 trillion
- 14. Congress raises taxes by 10%
- 15. US Central bank lowers interest rates by 2%
- 16. US Central bank increases interest rates by 5%
- 17. US Central bank decreases money supply by $3 trillion
- 18. 1840’s and beyond Jackson vs. 2nd bank of US Westerners and Farmers distrusted banks Cheaper currency (inflation) Easterners wanted stronger banking rules Stronger currency (stability)
- 19. Government created inflation • 1770’s – pay the Continental Army • 1860’s CSA $$ • 2010’s $3 Trillion new $$
- 20. What happens today? Pull out your $$$
- 21. Who regulates the banks today? • “The Fed” • 1913 • SF Earthquake 1906 • “Panic of 1907”
- 23. The Federal Reserve System The Federal Reserve Banks u The New York Fed implements some of the Fed’s most important policy decisions.
- 24. Why is the Chairman of the Fed sometimes thought of as the “second most powerful person in the US”? • Monetary change:: increases interest rates • Effect: • Monetary change: decreases interest rates • Effect:
- 25. Page 261 • # 2 & 3
- 26. Next Assignment 1. Summarize the plot of the “Wizard of Oz” 2. Why do you think our money has value?
- 27. 2001 $20
- 28. 1920’s $20
- 29. The Wizard of OZ • Frank Baum 1900 • Election of 1896 – page 474 • Ruby Slippers actually silver • Yellow Brick Road = Gold • Wicked Witch of East = Bankers/Industry • Glenda of West = Farmers • Dorothy = American people
- 30. Money Supply • 5 items more expensive than when you were younger • 5 items cheaper than when you were younger
- 31. Money Supply • Inflation: prices rising • Good for…. • Bad for… • Deflation: prices decreasing • Good for… • Bad for…
- 32. Money Supply • Gold Standard • “Free Silver” • Greenbacks: fiat currency
- 34. 1896 William Jennings Bryan
- 35. 1896 Election vs
- 36. 1896 Election page 474
- 38. Election of 1896 Questions Chapter 15 3 Contrast William Jennings Bryan and William McKinley’s campaigns 4. Explain how this election was actually about the money supply of the US 5. Why did the Midwest and southern voters support Bryan? 6. Analyze this election. Why did McKinley win? 7. Explain how you would you vote for in 1896. 8. Predict who the voters of Arizona would have supported in 1896? (AZ economy based on mining) 9. Compare this election to the election in 2016.
- 39. Next Assignment 1. Was Andrew Carnegie born wealthy? 2. How did he become a billionaire?
- 40. “Titans of Industry” • 10 “tweets” • Born, died • 1 picture that represents their life • What industries or industry were they part of? • How did this person help the United States • What lessons can you learn from this person’s life?
- 42. Henry Clay Frick 1870 – Dropped out of college, waste of my time 1880 – Got a loan from A. Mellon, now I have my own steel co.! 1881 – Merged my co. w/US Steel, Carnegie is one cool dude 1885 – Makin’ mad skrilla in da steel trade 1889 – Survived Johnstown flood. Going to sue the city of Pittsburgh 1892 - @ AFL Go home strikers you’re fired! 7/5/1892 – Had private agents shoot and disperse union strike at Homestead factory. Good day for management 7/23/1893 – Anarchists tried to kill me, but failed! Thx Pittsburgh PD! 1906 – My attempted assassin was freed from prison 1910 – Decided to leave my big baller art collection to charity (1849-1919) Industry: Steel & Mining Helped USA: Major investor in other businesses. Ended Homestead Strike Lesson for students: Be careful not to be too ruthless in business. 2. Donate your art collection and be remembered forever
- 43. 1. Why is being a firefighter a dangerous job? 2. Why is working at a factory a dangerous job?
- 44. Late 1880’s • Largest industries in US?
- 45. Jobs in the 1880’s-1910’s • Work was different • 6 day work week • No overtime rules (10-12 hour days) • No workers’ compensation • No holiday pay • No benefits • No discrimination rules
- 46. Union vocabulary • To organize • Labor contract • Strike • Lockout
- 47. Simpsons Unionization questions 1. What type of union is Homer a member of? 2. What does Mr. Burns remove from the labor contract? 3. What is management’s view of the employees? 4. How does Homer’s union achieve their goals? 5. Why do you think firefighters and police officers have stronger unions than software programmers? 6. Do unions still have a place in modern US society?
- 48. Andrew Carnegie John D. Rockefeller Cornelius Vanderbilt Leland Stanford James J. Hill Jay Gould J. P. Morgan Samuel Gompers Alexander Graham Bell Thomas Edison Andrew Carnegie John D. Rockefeller Cornelius Vanderbilt Leland Stanford James J. Hill Jay Gould J. P. Morgan Samuel Gompers Alexander Graham Bell Thomas Edison
- 49. 1. Who is the first member of your family to have moved to Arizona? (That you know of) 2. Why did they move here?
- 51. Mining & Ranching Game • Chapter 14 • In your groups, write 5 good history questions • You will get to ask 3 of them to the class • Group with the most correct answers wins 5 points of extra credit Mining & Ranching in the American West
- 52. Rosemont Copper Mine • 3 paragraph persuasive letter to AZ Daily Star either supporting or opposing the new copper mine • Each paragraph should address one reason of support or opposition