Electoral College numbers
Total # 538
(435 reps + 100 senators + 3 D.C = 538)
*270/538 wins
Any trends with the change of the electoral college map?
long term pop change people are moving West and South “ where the jobs are at” (leaving the rust belt)
Plurality System :
winner take all for votes
-we vote on the 1st Tuesday after the first Monday in November
Why do we have this system (electoral college)?
- 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
Why do people dont like the electoral college?
- 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
Info stuff from videos…
- If you’re a US citizen and living in the US territories your vote does not count
Discretionary Spending :
Spending in which gov’t can make choices
Mandatory Spending :
Spending that is required based on current law
Deficit :
The amount by which a gov’t expenditures exceeds its tax revenue (1yr)
Debt
The sum of all previously incurred deficits. Financed by borrowing (TOTAL)
Federal Revenue (major %)
-54% Individual income
-30% Payroll taxes
What is the 2022 Deficit and Debt?
Fiscal Year 2022 Deficit :
-Expenditures $6.27 Trillion
-Revenues $4.9 Trillion
= $1.37 Trillion
–CURRENT DEBT 31 Trillion
https://www.usdebtclock.org/
Who Owns the Debt?
- 2/3 individuals, businesses, & foreign gov’ts
- the other third is owned by the federal gov’t (SS)
Which Countries Own US Debt ?
China + Japan
Social Security Act
- Signed into law in 1953 by Franklin Roosevelt
- Paid for by payroll taxes (FICA)
Payments
- Through FICA individuals pay 6.2% of income
- Employers match contribution (self employed 15.3%)
- Payments are capped after $127K
Retirement Age
age is constantly increasing
How Social Security Works :
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
Social Security Fund Balance will be out of money in the year…
2035 ($0)
Problems with Social Security :
- 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
What can be done to fix the problem?
- 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
