Executive Notes

Question 1

Electoral College numbers

Answer 1

Total # 538
(435 reps + 100 senators + 3 D.C = 538)

*270/538 wins

Question 2

Any trends with the change of the electoral college map?

Answer 2

long term pop change people are moving West and South “ where the jobs are at” (leaving the rust belt)

Question 3

Plurality System :

Answer 3

winner take all for votes

-we vote on the 1st Tuesday after the first Monday in November

Question 4

Why do we have this system (electoral college)?

Answer 4

• The original idea was that all states are important so campaigns wouldn’t favor populated states
• It protected slave states bc even though slaves couldn’t vote they were partially represented
• It keeps a two party system in place
• Its a protection in case not so smart voters make a bad choice, kind of a safety net

Question 5

Why do people dont like the electoral college?

Answer 5

• You can win the popular vote AND still lose the electoral vote
• People feel like their vote doesn’t count
• Does not give voters enough credit of being smart enough to choose

Question 6

Info stuff from videos…

Answer 6

• If you’re a US citizen and living in the US territories your vote does not count

Question 7

Discretionary Spending :

Answer 7

Spending in which gov’t can make choices

Question 8

Mandatory Spending :

Answer 8

Spending that is required based on current law

Question 9

Deficit :

Answer 9

The amount by which a gov’t expenditures exceeds its tax revenue (1yr)

Question 10

Debt

Answer 10

The sum of all previously incurred deficits. Financed by borrowing (TOTAL)

Question 11

Federal Revenue (major %)

Answer 11

-54% Individual income
-30% Payroll taxes

Question 12

What is the 2022 Deficit and Debt?

Answer 12

Fiscal Year 2022 Deficit :
-Expenditures $6.27 Trillion
-Revenues $4.9 Trillion
= $1.37 Trillion

–CURRENT DEBT 31 Trillion
https://www.usdebtclock.org/

Question 13

Who Owns the Debt?

Answer 13

• 2/3 individuals, businesses, & foreign gov’ts
• the other third is owned by the federal gov’t (SS)

Question 14

Which Countries Own US Debt ?

Answer 14

China + Japan

Question 15

Social Security Act

Answer 15

• Signed into law in 1953 by Franklin Roosevelt
• Paid for by payroll taxes (FICA)

Question 16

Payments

Answer 16

• Through FICA individuals pay 6.2% of income
• Employers match contribution (self employed 15.3%)
• Payments are capped after $127K

Question 17

Retirement Age

Answer 17

age is constantly increasing

Question 18

How Social Security Works :

Answer 18

6.2 cents of every dollar you make goes in (1.45 into medicare)
- you can start drawing out of it beginning at age 62, full benefits by 65
- if you die, children under 18 or nonworking spouse can collect OR it stays in S.S fund for other people to draw on
- people can also collect if they are disabled

Question 19

Social Security Fund Balance will be out of money in the year…

Answer 19

2035 ($0)

Question 20

Problems with Social Security :

Answer 20

• Life expectancy is increasing
• Fertility rate is slowing
• Elderly % of the population is increasing
  Today the elderly account for 12% of pop
  2050 = 20%
• Worker to retirees

Question 21

What can be done to fix the problem?

Answer 21

• Increase FICA to 14.1% (+1.1% to employer & employee)
• Raise retirement age to 70
• Reduce payment to wealthy retirees
• Tax ALL income (get rid of the cap of $127k)
• Set up private accounts