Thursday, May 28, 2015

Final Exam Topics

The last class of the semester will be final exam day.

The final exam will cover material from the entire course.

Students should bring questions and their notes to class on Monday, June 1st for the semester review class.

Topics on the final will include:

Vocabulary such as: supply; demand; cost; return on investment; producer, consumer; mortgage; compound interest; marginal cost; opportunity cost

Supply & Demand

Supply & Demand in the labor market

Inflation

Marginal Cost / supply / cost / profit and other aspects of production in micro-economics

Taxes / Tax Policy 

Fiscal Policy

Financial Choices

Thursday / Friday 28 / 29 May

Classes took the Financial Choices Unit Test today.

Wednesday, May 27, 2015

Tuesday / Wednesday 26 / 27

Class continued examining how a mortgage works as a way to accumulate wealth.

The class practiced analyzing the ROI for a house purchase.

Next the class made a brief study of insurance "the bet you hope to lose."

The class was given the following list of topics for the unit exam which will be next class period.

Banking
Banks for profit
Credit Unions are not for profit

Check Book
Ledger use
balancing
available balance
writing a check
credit cards vs. debit cards

Budgeting
General knowledge of suggested percentages

Credit / Credit History / Credit Score
Good credit can save you money
bad credit will cost you money
use credit wisely

Mortgage
Calculating ROI
Opportunity Costs
Profit

Insurance
Collision v. Liability
Deductible and Co-insurance
Life insurance
benificiary

Tuesday, May 26, 2015

Thursday / Friday 21 / 22 May

Class finished out study of credit and credit ratings and heard that one of the most important things experts say to do to protect your financial future is to have three to six months expenses on hand (unfortunately, most Americans have about zero months on hand).

We began analyzing the benefits and cost of buying a home. We listened to a podcast describing a new normal in which renting may not be less expensive than owning.

The following graph illustrates some of the costs, ROI, and opportunity costs of a mortgage over ten years:


Next class will focus on mortgages (and insurance); there will be a unit test on Thursday / Friday.

The final exam will be on the last day of class.

Tuesday, May 19, 2015

Tuesday / Wednesday May 19 / May 20

This link can be used to get a broad estimate of your credit score: http://www.myfico.com/fico-credit-score-range-estimator/  You can also Google-it with "free estimate for credit score"

Monday, May 18, 2015

Monday, 18 May

Class listened to the (a bit goofy) podcast about the similarities and differences among banks, credit unions, and thrifts.

Then the class did a scavenger hunt quiz on credit. Students who missed this quiz must make it up during tutorial this week or next.


Friday, May 15, 2015

Thursday / Friday May 14 / 15

Class focused on budgets and the budgeting process.

Students read and discussed "Custom Budgeting for Young Adults".

Students practiced analyzing personal budgets.

Students were taught about "withholding;" "the link between a W-2 and withholding; and the importance of correctly calculating withholding to avoid tax liability.


Wednesday, May 13, 2015

Tuesday / Wednesday 12 / 13 May

Class worked through several lessons that help students understands the goals of the next unit:

"Making Personal Financial Decisions"
The unit will focus on the following concepts and skills:


CONCEPTS

Budgeting
Banking
Credit
Saving
Investing
Insurance

SKILLS

Budgeting
Reconciling
Graphing and analyzing compounding interest and growth
Calculating Return on Investment (ROI)

The class was given the following initial vocabulary list and some information about some of the first words:
VOCABULARY
Budget: A financial plan; includes income and expenses.

Bank Accounts: “Places” that hold money. Checking and savings are the main kinds. Checking accounts are used for money you plan to use soon; savings accounts are usually better for money you won’t need immediately (this month or next month).
  
Cash flow: The balance of money into and out of an account or set of accounts.

Balance: How much money remains in an account.

Available Balance: How much money that remains in an account that you can use (Banks will often put a “hold” on a new deposit, and you can not write a check, withdraw cash, or use a debit card for the amount on “hold” / “not available”).

Debit Cards: A card that when used to make a purchase immediately withdraws money from the account to which it is linked (like writing a check).

Credit

Credit Line

Insurance

Next the class looked at the format of a check, how to write a check, and how to endorse a check.

The class then worked on the skills of entering financial transactions into a personal ledger, and began examining how a ledger can provide data for making financial decisions:


Monday, May 11, 2015

Monday, 11 May

Students turned in the Fiscal Policy Posters by giving a one to three sentence statement about the topic and conclusion of their poster.

Students received a grade print out; students are to bring the print out, signed by a parent to next class.

Students were reminded about the resume requirement for graduation; resumes should be turned in with an attached rubric next class.

Students were given the following assignment:

You have been investigating United States Fiscal Policy. Politicians like those written about below will be guiding fiscal policy in the near future. Do you agree with the arguments presented in this article, namely that being “Middle Class” is a dream American’s must give up? Does the research you did for your poster suggest a possible answer different from the conclusions suggested in this article? Do the posters of any of your class mates suggest a different answer?

In a well organized paragraph that begins with a clear thesis statement use your poster the posters of other students, and your knowledge to argue for or against the idea that the middle class is no longer a reasonable goal for most Americans. Due next class.

As Middle Class Fades, So Does Use of Term on Campaign Trail
Hillary Rodham Clinton calls them “everyday Americans.” Scott Walker prefers “hardworking taxpayers.” Rand Paul says he speaks for “people who work for the people who own businesses.” Bernie Sanders talks about “ordinary Americans.”
The once ubiquitous term “middle class” has gone conspicuously missing from the 2016 campaign trail, as candidates and their strategists grasp for new terms for an unsettled economic era. The phrase, long synonymous with the American dream, now evokes anxiety, an uncertain future and a lifestyle that is increasingly out of reach.
The move away from “middle class” is the rhetorical result of a critical shift: After three decades of income gains favoring the highest earners and job growth being concentrated at the bottom of the pay scale, the middle has for millions of families become a precarious place to be.
A social stratum that once signified a secure, aspirational lifestyle, with a house in the suburbs, children set to attend college, retirement savings in the bank and, maybe, an occasional trip to Disneyland now connotes fears about falling behind, sociologists, economists and political scientists say.
That unease spilled out during conversations with voters in focus groups convened by Democratic pollsters in recent months.
“The cultural consensus around what it mean to be ‘middle class’ — and that has very much been part of the national identity in the United States — is beginning to shift,’’ said Sarah Elwood, a professor at the University of Wisconsin and an author of a paper about class identity that one Clinton adviser had studied.
Rising costs mean many families whose incomes fall in the middle of the national distribution can no longer afford the trappings of what was once associated with a middle-class lifestyle. That has made the term, political scientists say, lose its resonance.
“We have no collective language for talking about that condition,” Dr. Elwood said.
The result is a presidential campaign in which every candidate desperately wants to appeal to middle-class Americans — broadly defined as working-age households with annual incomes of $35,000 to $100,000 — but does not know how to address them. That has led to some linguistic maneuvering.
Senator Marco Rubio, a Florida Republican, has said what makes America unique are the “millions and millions of people who aren’t rich.” Mr. Sanders, an independent from Vermont who is seeking the Democratic nomination, has talked about “working families” and “people working full time.” Senator Ted Cruz of Texas, a Republican, has made “hardworking men and women across America” the focus of his message.
“It used to be ‘middle class’ represented everyone, actually or in their aspirations, but now it doesn’t feel as attainable,” said David Madland, managing director of economic policy at the Center for American Progress, a liberal think tank with close ties to the Clinton campaign. “You see politicians and others grasping for the right word to talk about a majority of Americans.”
Candidates realize they cannot win election without widespread appeal among the 51 percent of Americans who, according to Gallup, identify as middle or upper-middle class. That compares with an average of 60 percent who identified the same way in polls conducted from 2000 through 2008.
But sociologists say such surveys obscure how Americans feel about the characterization — and how much the middle class has shrunk. They call the new economy an “hourglass” with a concentration of wealth at the top and low-paying service jobs at the bottom and “a spectacular loss of median-wage jobs in the middle,” said William Julius Wilson, a sociologist and Harvard professor.
In surveys, more Americans still choose ‘middle class’ when asked which category they belong to, because they do not want to identify as rich or poor and because no new phrase exists to describe middle-income earners who view their social class as vulnerable. Working class, once associated with manufacturing jobs, now mostly connotes low-paying service jobs.
“People are looking for some way to say, ‘I recognize I’m a little below the middle,’” said Dennis Gilbert, a professor of sociology at Hamilton College who has published books on American class structure.
Before presidential campaigns tested replacement terms, academics started to adopt phrases like the “near poor” or “the sandwich generation.’’ Afterthe Great Depression, “submerged middle class” became popular to describe families who could rise if aided by the New Deal.
“What do you call people who don’t have good jobs but who aren’t poor?” said Andrew J. Cherlin, a sociology professor at Johns Hopkins University and author of “Labor’s Love Lost,” about the rise and fall of working families.
The words may be endangered, but the idyllic image of the American middle class that took hold after World War II and became the backbone of everything from selling appliances to pitching presidential candidates still looms large on the campaign trail. When candidates talk about the middle class, they increasingly use the words as a nostalgic term, a reminder about what the American economy has been and what it could again become — with the right president, of course.
The 67-year-old Mrs. Clinton regularly walks down memory lane with stories about her middle-class upbringing in the suburbs of Chicago, invoking an era when parents who were not rich could raise a child who would become a senator, a secretary of state and a potential president.
In addition to her signature phrase, “everyday Americans,” Mrs. Clinton often says: “We need to make the middle class mean something again.” The line, her campaign said, was informed by the growing school of thought that in 2015, “middle class” makes a majority of voters more anxious than optimistic..
“In the 1960s, ‘middle class’ felt like it fit your lifestyle,” said Felicia Wong, the president and chief executive of the Roosevelt Institute, a liberal think tank with ties to Mrs. Clinton’s economic team.
Even if families fall in the middle in income distribution, they cannot afford many of the necessities, much less the luxuries, traditionally associated with being middle class, Ms. Wong said.
Household incomes for the middle class have been stagnant, while the costs of middle-class security — which economists define as child care, higher education, health care, housing and retirement — increased by more than $10,000 from 2000 to 2012, according to a Center for American Progress report, “Middle-Class Squeeze.”
“If you’re technically in the 50th percentile in income distribution but you can’t afford to send your kids to college or take a vacation, are you middle class or not?” Ms. Wong said.
But skeptics say that “everyday Americans” and the other phrases candidates use to fill the void are overly vague and upbeat and obscure a bleak reality.
“If you had a candidate running around talking about the ‘submerged middle class,’ voters would run the other way,” said Frank Levy, an economist and professor emeritus at the Massachusetts Institute of Technology.

The phrases can be awkward, too, or slow to catch on. Mrs. Clinton has a mantra: “Everyday Americans need a champion.” But when she visited a high school in Las Vegas last week to talk about immigration, she found the students had welcomed her with a handmade sign with her campaign slogan. They had botched the punctuation — and a bit of the meaning, though perhaps it still resonated. “Everyday, Americans need a champion,’’ it read.

Thursday, May 7, 2015

Thursday / Friday May 7/8

Class consisted of several different lessons about writing and revising resumes.

Resumes should be uploaded to Naviance and a hard copy and scoring guide turned in to Mr. Zartler by Wednesday / Thursday 13 / 14 May.

The Fiscal Policy Poster is due on Monday, 11 May.

Wednesday, May 6, 2015

Claims and Counter Claims

from Facebook:
HOW TO REBUT BILL O'REILLY'S BIGGEST LIE YET
“Taxes are through the roof on affluent Americans and business profits, but for the rest of Americans things are not so bad,” says Fox TV host Bill O’Reilly. “How much more can the government take from the affluent without crashing the entire free market economy?”
Ordinarily, I ignore Bill O’Reilly’s rants (he’s called me a “communist” and an “admirer of Karl Marx”) but as cable’s most-watched news host, O'Reilly poisons millions of minds daily. So when he lies about something as important as inequality and taxes, it’s necessary to rebut those lies. Here’s the truth:
1. Corporate taxes haven’t budged as a percent of GDP for more than 25 years. In 1989, corporate taxes amounted to 1.9% of GDP. Last year, they amounted to 1.9% of GDP.
2. Personal income taxes on the rich haven’t gone through the roof. To the contrary, they’ve plunged. 60 years ago, the rich paid federal income taxes over twice today’s rate. In 1953, the top marginal income tax was 91% -- applied to earnings in excess of $1,522,595 (adjusted for inflation). In 2013, after new Obama higher taxes on the rich went into effect, the federal income tax rate on income over $1,522,595 was 39.6%.
3. Moreover, in the 1950s and 1960s, the American middle class was surging and the top 1% got only 9 to 10 percent of total income. Now, the middle class is faltering and the top 1% is getting 18 to 20 percent of total income. If America had the same distribution of income as it did in 1979, before Ronald Reagan became President, the average incomes of America’s middle 20 percent of families would be $8,752 higher than today’s current middle-class incomes and the average income of the nation’s top 1 percent would be $824,844 less.
Spread the truth.

Monday-Wednesday, 4-6 May

On Monday the class began by listening to the story "Where Poor Kids Grow Up Makes a Huge Difference" and study an related interactive graphic on the NyTimes.com site.

Then students had time to work on their poster project which is due on Monday, 11 May (see below).

On Tuesday & Wednesday the class began by reading, analyzing, and discussing  the essay "Inequality is a Choice" by Nicholas Kristoff

Then students had time to work on their poster projects with help from Mr. Zartler

Poster: Identifying a Federal Tax of Monetary Policy Issue & Your Opinion on the Issue

Name ________________________________________________ Date ___________________ Period ________

Due Date: Monday, May 11

Choose one (or a set of related) fiscal policy issues in the United States and analyze who is affected positively; who is affected negatively and what course of action you think the country should follow.

Your poster must be a minimum of 8.5 x 11 inches. It may be submitted as a pdf.

Your poster should address the following content criteria:
1)    Identify an economic issue – or set of issues (tax policy; wealth distribution; other fiscal policy).
2)    Describe the problem / issue being specific about how differences in point of view between fiscal conservatives and liberal / progressives differ on the issue.
3)    Describes or illustrates different ways the issue might be addressed (or not addressed by people who do not view it as a problem.
4)    Identify your favored course of action
5)    Argues in favor of your favored course of action.

Your poster should follow the following production guidelines:
1)    Well done, well edited, well produced
2)    Address all five (5) of the content points (above)
3)    Incorporates at least one chart; graph; or other visual data table
4)    Well organized: titles; sub-titles; headings, etc. Think about color and font as organizing devices.
5)    “Exceeds” and “Above and Beyonds”
A)   Demonstrates evidence of additional research (including citations)
B)    Includes effective use of illustrations
C)    Exceptional clarity of expression


NOTES: