Economy 101 - Revision history

WikiSysop at 12:27, 27 May 2014

2014-05-27T12:27:01Z

WikiSysop at 12:19, 22 May 2014

2014-05-22T12:19:08Z

WikiSysop at 10:21, 22 May 2014

2014-05-22T10:21:24Z

Tharrisn at 17:26, 20 May 2014

2014-05-20T17:26:51Z

Tharrisn at 17:23, 20 May 2014

2014-05-20T17:23:14Z

Tharrisn at 16:00, 20 May 2014

2014-05-20T16:00:41Z

Tharrisn at 15:57, 20 May 2014

2014-05-20T15:57:37Z

Tharrisn at 22:54, 19 May 2014

2014-05-19T22:54:18Z

Tharrisn at 22:50, 19 May 2014

2014-05-19T22:50:07Z

Tharrisn at 22:48, 19 May 2014

2014-05-19T22:48:40Z

@@ Line 1: / Line 1: @@
 {{Article
 |HasArticleText=The economy consists of the production, distribution or trade, and consumption of limited goods and services. The part of that with the most impact on your future is the “production”. The “national family” can only spend/consume as much as it makes plus what it borrows minus what it pays in interest on the national debt. The most important factor in your future well-being is the “family income” i.e. GDP.
@@ Line 138: / Line 142: @@
 *The Democrat leadership position is: we’ve it made much better, just give us some more time.
 *The Republican leadership position is: it’s gotten some better but it’s still bad and with the increase in spending (including Obama care) and the projected national debt, it will only get worse.
 }}

@@ Line 1: / Line 1: @@
 {{Article
 |HasArticleText=The economy consists of the production, distribution or trade, and consumption of limited goods and services. The part of that with the most impact on your future is the “production”. The “national family” can only spend/consume as much as it makes plus what it borrows minus what it pays in interest on the national debt. The most important factor in your future well-being is the “family income” i.e. GDP.
@@ Line 15: / Line 14: @@
 Values shown in the two tables below are for the beginning of that year
-{| class="wikitable"
+{{{!}} class="wikitable"
-|-
+{{!}}-
-!President!! colspan="2" | Reagan!! colspan="2" | Bush I!! colspan="2" | Clinton!! colspan="2" | Bush II!! colspan="2" | Obama
+!President!! colspan="2" {{!}} Reagan!! colspan="2" {{!}} Bush I!! colspan="2" {{!}} Clinton!! colspan="2" {{!}} Bush II!! colspan="2" {{!}} Obama
-|-
+{{!}}-
-|&nbsp; || 1980 || 1984 || 1988 || 1992 || 1996 || 2000 || 2004 || 2008 || 2012 || 2014
+{{!}}&nbsp; {{!}}{{!}} 1980 {{!}}{{!}} 1984 {{!}}{{!}} 1988 {{!}}{{!}} 1992 {{!}}{{!}} 1996 {{!}}{{!}} 2000 {{!}}{{!}} 2004 {{!}}{{!}} 2008 {{!}}{{!}} 2012 {{!}}{{!}} 2014
-|-
+{{!}}-
-|'''GDP per capita ppp''' || $25k || $28k || $33k || $32k || $37k || $40k || $43k || $45k || $45k || $45k
+{{!}}'''GDP per capita ppp''' {{!}}{{!}} $25k {{!}}{{!}} $28k {{!}}{{!}} $33k {{!}}{{!}} $32k {{!}}{{!}} $37k {{!}}{{!}} $40k {{!}}{{!}} $43k {{!}}{{!}} $45k {{!}}{{!}} $45k {{!}}{{!}} $45k
-|-
+{{!}}-
-|'''Government debt – trillions''' || $0.9 || $1.6 || $2.6 || $4.1 || $5.2 || $5.7 || $7.4 || $10 || $16.7 || $17.5
+{{!}}'''Government debt – trillions''' {{!}}{{!}} $0.9 {{!}}{{!}} $1.6 {{!}}{{!}} $2.6 {{!}}{{!}} $4.1 {{!}}{{!}} $5.2 {{!}}{{!}} $5.7 {{!}}{{!}} $7.4 {{!}}{{!}} $10 {{!}}{{!}} $16.7 {{!}}{{!}} $17.5
-|-
+{{!}}-
-|'''Gov’t spending per capita''' || $4.2k || $5.8k || $7.3k || $9.2k || $10.2k || $11.2k || $14.2k || $17.6k || $19.6k || $19.8k
+{{!}}'''Gov’t spending per capita''' {{!}}{{!}} $4.2k {{!}}{{!}} $5.8k {{!}}{{!}} $7.3k {{!}}{{!}} $9.2k {{!}}{{!}} $10.2k {{!}}{{!}} $11.2k {{!}}{{!}} $14.2k {{!}}{{!}} $17.6k {{!}}{{!}} $19.6k {{!}}{{!}} $19.8k
-|}
+{{!}}}
 Sources of data for the table above:<br />
@@ Line 69: / Line 68: @@
 :Interest rate is not a major factor in most years, but at the 1980 level – 15.7%  – it’s a major factor.
-{| class="wikitable"
+{{{!}} class="wikitable"
-|-
+{{!}}-
-!President!! colspan="2" | Reagan!! colspan="2" | Bush I!! colspan="2" | Clinton!! colspan="2" | Bush II!! colspan="2" | Obama
+!President!! colspan="2" {{!}} Reagan!! colspan="2" {{!}} Bush I!! colspan="2" {{!}} Clinton!! colspan="2" {{!}} Bush II!! colspan="2" {{!}} Obama
-|-
+{{!}}-
-|&nbsp; || 1980 || 1984 || 1988 || 1992 || 1996 || 2000 || 2004 || 2008 || 2012 || 2014
+{{!}}&nbsp; {{!}}{{!}} 1980 {{!}}{{!}} 1984 {{!}}{{!}} 1988 {{!}}{{!}} 1992 {{!}}{{!}} 1996 {{!}}{{!}} 2000 {{!}}{{!}} 2004 {{!}}{{!}} 2008 {{!}}{{!}} 2012 {{!}}{{!}} 2014
-|-
+{{!}}-
-|'''Unemployment U3''' || 7.5% || 8.0% || 5.7% || 7.0% || 5.6% || 4.0% || 5.6% || 5.0% || 8.3% || 6.3%
+{{!}}'''Unemployment U3''' {{!}}{{!}} 7.5% {{!}}{{!}} 8.0% {{!}}{{!}} 5.7% {{!}}{{!}} 7.0% {{!}}{{!}} 5.6% {{!}}{{!}} 4.0% {{!}}{{!}} 5.6% {{!}}{{!}} 5.0% {{!}}{{!}} 8.3% {{!}}{{!}} 6.3%
-|-
+{{!}}-
-|'''Unemployment U6''' || 12% || 15% || 10% || 13% || 10% || 7% || 10% || 8.5% || 15% || 13%
+{{!}}'''Unemployment U6''' {{!}}{{!}} 12% {{!}}{{!}} 15% {{!}}{{!}} 10% {{!}}{{!}} 13% {{!}}{{!}} 10% {{!}}{{!}} 7% {{!}}{{!}} 10% {{!}}{{!}} 8.5% {{!}}{{!}} 15% {{!}}{{!}} 13%
-|-
+{{!}}-
-|'''Average salary''' (2011 $) || 20659 || 21739 || 24475 || 23806 || 26428 || 29795 || 29000 || 28755 || 28281 || -
+{{!}}'''Average salary''' (2011 $) {{!}}{{!}} 20659 {{!}}{{!}} 21739 {{!}}{{!}} 24475 {{!}}{{!}} 23806 {{!}}{{!}} 26428 {{!}}{{!}} 29795 {{!}}{{!}} 29000 {{!}}{{!}} 28755 {{!}}{{!}} 28281 {{!}}{{!}} -
-|-
+{{!}}-
-|'''Rate of Inflation''' || 13.9% || 4.2% || 4.0% || 2.5% || 2.7% || 2.7% || 1.9% || 4.3% || 2.9% || 1.6%
+{{!}}'''Rate of Inflation''' {{!}}{{!}} 13.9% {{!}}{{!}} 4.2% {{!}}{{!}} 4.0% {{!}}{{!}} 2.5% {{!}}{{!}} 2.7% {{!}}{{!}} 2.7% {{!}}{{!}} 1.9% {{!}}{{!}} 4.3% {{!}}{{!}} 2.9% {{!}}{{!}} 1.6%
-|-
+{{!}}-
-|'''Interest rate''' (prime) || 15.7% || 11.5% || 8.5% || 6.5% || 8.25% || 8.75% || 4.25% || 6.5% || 3.25% || 3.25%
+{{!}}'''Interest rate''' (prime) {{!}}{{!}} 15.7% {{!}}{{!}} 11.5% {{!}}{{!}} 8.5% {{!}}{{!}} 6.5% {{!}}{{!}} 8.25% {{!}}{{!}} 8.75% {{!}}{{!}} 4.25% {{!}}{{!}} 6.5% {{!}}{{!}} 3.25% {{!}}{{!}} 3.25%
-|}
+{{!}}}
 Sources of data for the table above:<br />
@@ Line 106: / Line 105: @@
 His campaign motto in his 1984 bid for re-election was: “it’s morning in America” and he carried 49 of the 50 states
-Democrat President Clinton’s economic approach entailed a perceived modernizing of the federal government, making it more enterprise-friendly while dispensing greater authority to state and local governments. The ultimate goal involved rendering the American government smaller, less wasteful, and more agile in light of a newly globalized era. For the first two years of his presidency, Democrats controlled both chambers of Congress. For the last six years. Republicans controlled both chambers of Congress. In his 1996 State of the Union address, he declared, “[[Big_Government|The era of big government is over.]]” And it was – but not for long.
+Democrat President Clinton’s economic approach entailed a perceived modernizing of the federal government, making it more enterprise-friendly while dispensing greater authority to state and local governments. The ultimate goal involved rendering the American government smaller, less wasteful, and more agile in light of a newly globalized era. For the first two years of his presidency, Democrats controlled both chambers of Congress. For the last six years. Republicans controlled both chambers of Congress. In his 1996 State of the Union address, he declared, “[[Big_Government{{!}}The era of big government is over.]]” And it was – but not for long.
 [http://en.wikipedia.org/wiki/Economic_policy_of_Bill_Clinton Economic Policy of Bill Clinton]
@@ Line 139: / Line 138: @@
 *The Democrat leadership position is: we’ve it made much better, just give us some more time.
 *The Republican leadership position is: it’s gotten some better but it’s still bad and with the increase in spending (including Obama care) and the projected national debt, it will only get worse.
 |HasAuthor=Tharrisn
 |HasArticleDate=2014/05/19
 }}

@@ Line 1: / Line 1: @@
 {{Article
 |HasSummary=
-|HasArticleText=
+|HasArticleText=The economy consists of the production, distribution or trade, and consumption of limited goods and services. The part of that with the most impact on your future is the “production”. The “national family” can only spend/consume as much as it makes plus what it borrows minus what it pays in interest on the national debt. The most important factor in your future well-being is the “family income” i.e. GDP.
 There are a number of ways to measure economic activity of a nation. If you think of it as a family, the key factors are how much do we earn, how much do we spend and how much do we borrow.
@@ Line 145: / Line 139: @@
 *The Democrat leadership position is: we’ve it made much better, just give us some more time.
 *The Republican leadership position is: it’s gotten some better but it’s still bad and with the increase in spending (including Obama care) and the projected national debt, it will only get worse.

@@ Line 112: / Line 112: @@
 His campaign motto in his 1984 bid for re-election was: “it’s morning in America” and he carried 49 of the 50 states
-Democrat President Clinton’s economic approach entailed a perceived modernizing of the federal government, making it more enterprise-friendly while dispensing greater authority to state and local governments. The ultimate goal involved rendering the American government smaller, less wasteful, and more agile in light of a newly globalized era. For the first two years of his presidency, Democrats controlled both chambers of Congress. For the last six years. Republicans controlled both chambers of Congress. In his 1996 State of the Union address, he declared, “[[Big_Government The era of big government is over.]]” And it was – but not for long.
+Democrat President Clinton’s economic approach entailed a perceived modernizing of the federal government, making it more enterprise-friendly while dispensing greater authority to state and local governments. The ultimate goal involved rendering the American government smaller, less wasteful, and more agile in light of a newly globalized era. For the first two years of his presidency, Democrats controlled both chambers of Congress. For the last six years. Republicans controlled both chambers of Congress. In his 1996 State of the Union address, he declared, “[[Big_Government|The era of big government is over.]]” And it was – but not for long.
 [http://en.wikipedia.org/wiki/Economic_policy_of_Bill_Clinton Economic Policy of Bill Clinton]

@@ Line 112: / Line 112: @@
 His campaign motto in his 1984 bid for re-election was: “it’s morning in America” and he carried 49 of the 50 states
-Democrat President Clinton’s economic approach entailed a perceived modernizing of the federal government, making it more enterprise-friendly while dispensing greater authority to state and local governments. The ultimate goal involved rendering the American government smaller, less wasteful, and more agile in light of a newly globalized era. For the first two years of his presidency, Democrats controlled both chambers of Congress. For the last six years. Republicans controlled both chambers of Congress. In his 1996 State of the Union address, he declared, “The era of big government is over.” And it was – but not for long.			 Tim,Link to civic wiki big government
+Democrat President Clinton’s economic approach entailed a perceived modernizing of the federal government, making it more enterprise-friendly while dispensing greater authority to state and local governments. The ultimate goal involved rendering the American government smaller, less wasteful, and more agile in light of a newly globalized era. For the first two years of his presidency, Democrats controlled both chambers of Congress. For the last six years. Republicans controlled both chambers of Congress. In his 1996 State of the Union address, he declared, “[[Big_Government The era of big government is over.]]” And it was – but not for long.
 [http://en.wikipedia.org/wiki/Economic_policy_of_Bill_Clinton Economic Policy of Bill Clinton]

@@ Line 120: / Line 120: @@
 [http://en.wikipedia.org/wiki/Compassionate_conservatism#Criticism Compassionate Conservatism]
-==Understanding the current situation==
+===Understanding the current situation===
 The state of our economy and how to make it better is complex for even the best economist to understand. President Truman once said: “Give me a one-handed economist! All my economists say, On the one hand… on the other. With that in mind, only the aspect most important for most people – unemployment will be addressed here.
@@ Line 131: / Line 131: @@
 Their recent history can be seen here:
-[http://portalseven.com/employment/unemployment_rate.jsp Unemployment Rate - U-3]
+:::[http://portalseven.com/employment/unemployment_rate.jsp Unemployment Rate - U-3]<br />
-[http://portalseven.com/employment/unemployment_rate_u6.jsp Unemployment Rate - U-6]
+:::[http://portalseven.com/employment/unemployment_rate_u6.jsp Unemployment Rate - U-6]<br />
-:Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week. And the “marginally attached workers” include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 years or older.
+Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week. And the “marginally attached workers” include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 years or older.
 For a deeper look:
-[http://en.wikipedia.org/wiki/Unemployment_in_the_United_States General understanding]
+:::[http://en.wikipedia.org/wiki/Unemployment_in_the_United_States General understanding]<br />
-[http://generationopportunity.org/what-matters/youth-unemployment/ In-depth Discussion]
+:::[http://generationopportunity.org/what-matters/youth-unemployment/ In-depth Discussion]<br />
 Assessing how the plan is working is a very controversial issue since the magnitude of the problem is not well defined. This leaves the major issue wide open to argument in the political arena. Without doubt, the progress from recession to recovery is a contentious political issue beset upon by both parties, putting the unemployment rate smack in the center of the debate. The Democrats point to the U-3 rate— about 6.5% in 2014 —and argue that things are going well. The Republicans point to the U-6 rate—about 12% in 2014 —and argue that we haven’t made enough progress and having 12% of our workforce without a job is unacceptable. Of course, the politicians can’t agree:

← Older revision		Revision as of 15:57, 20 May 2014
Line 119:		Line 119:

	[http://en.wikipedia.org/wiki/Compassionate_conservatism#Criticism Compassionate Conservatism]		[http://en.wikipedia.org/wiki/Compassionate_conservatism#Criticism Compassionate Conservatism]
		+
		+	==Understanding the current situation==
		+
		+	The state of our economy and how to make it better is complex for even the best economist to understand. President Truman once said: “Give me a one-handed economist! All my economists say, On the one hand… on the other. With that in mind, only the aspect most important for most people – unemployment will be addressed here.
		+
		+	The most often used “fact” to measure economic health is the unemployment rate. The definitions of unemployment rate that are most used are the Labor Department’s definitions.
		+
		+	*U-3 is the official unemployment rate, which is the proportion of the civilian labor force that is unemployed but actively seeking employment.
		+	*U-6 unemployment rate counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts “marginally attached workers” and those working part-time for economic reasons.
		+
		+	Their recent history can be seen here:
		+
		+	[http://portalseven.com/employment/unemployment_rate.jsp Unemployment Rate - U-3]
		+	[http://portalseven.com/employment/unemployment_rate_u6.jsp Unemployment Rate - U-6]
		+
		+	:Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week. And the “marginally attached workers” include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 years or older.
		+
		+	For a deeper look:
		+
		+	[http://en.wikipedia.org/wiki/Unemployment_in_the_United_States General understanding]
		+	[http://generationopportunity.org/what-matters/youth-unemployment/ In-depth Discussion]
		+
		+	Assessing how the plan is working is a very controversial issue since the magnitude of the problem is not well defined. This leaves the major issue wide open to argument in the political arena. Without doubt, the progress from recession to recovery is a contentious political issue beset upon by both parties, putting the unemployment rate smack in the center of the debate. The Democrats point to the U-3 rate— about 6.5% in 2014 —and argue that things are going well. The Republicans point to the U-6 rate—about 12% in 2014 —and argue that we haven’t made enough progress and having 12% of our workforce without a job is unacceptable. Of course, the politicians can’t agree:
		+
		+	*The Democrat leadership position is: we’ve it made much better, just give us some more time.
		+	*The Republican leadership position is: it’s gotten some better but it’s still bad and with the increase in spending (including Obama care) and the projected national debt, it will only get worse.

@@ Line 34: / Line 34: @@
 |}
-:Sources of data for the table above:
+Sources of data for the table above:<br />
-:[http://www.tradingeconomics.com/united-states/gdp-per-capita United States GDP per capita]
+[http://www.tradingeconomics.com/united-states/gdp-per-capita United States GDP per capita]<br />
-:[http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm Historical Debt Outstanding - Annual 2000 - 2012]
+[http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm Historical Debt Outstanding - Annual 2000 - 2012]<br />
-:[http://useconomy.about.com/od/usdebtanddeficit/a/National-Debt-by-Year.htm National Debt by Year]
+[http://useconomy.about.com/od/usdebtanddeficit/a/National-Debt-by-Year.htm National Debt by Year]<br />
-:[https://www.google.com/#q=national+debt+2014 2014 Google 2014 National Debt]
+[https://www.google.com/#q=national+debt+2014 2014 Google 2014 National Debt]<br />
-:[http://www.usgovernmentspending.com/year_spending_1980USdn_15ds2n#usgs302 Government Spending Details]
+[http://www.usgovernmentspending.com/year_spending_1980USdn_15ds2n#usgs302 Government Spending Details]
 National debt is estimated by the Congressional Budget Office to be 26.1 trillion in 2023
@@ Line 92: / Line 92: @@
 |}
-:Sources of data for the table above:
+Sources of data for the table above:<br />
-:[http://portalseven.com/employment/unemployment_rate.jsp Unemployment Rate - U-3]
+[http://portalseven.com/employment/unemployment_rate.jsp Unemployment Rate - U-3]<br />
-:[http://portalseven.com/employment/unemployment_rate_u6.jsp Unemployment Rate - U-6]
+[http://portalseven.com/employment/unemployment_rate_u6.jsp Unemployment Rate - U-6]<br />
-:[http://nextbigfuture.com/2012/02/broader-unemployment-rates-going-back.html Broader Unemployment Rates Going Back to 1900]
+[http://nextbigfuture.com/2012/02/broader-unemployment-rates-going-back.html Broader Unemployment Rates Going Back to 1900]<br />
-:[https://www.census.gov/hhes/www/income/data/historical/people/ United States Census Bureau]
+[https://www.census.gov/hhes/www/income/data/historical/people/ United States Census Bureau]<br />
-:[http://www.usinflationcalculator.com/inflation/historical-inflation-rates/ Historical Inflation Rates: 1914–2014]
+[http://www.usinflationcalculator.com/inflation/historical-inflation-rates/ Historical Inflation Rates: 1914–2014]<br />
-:[http://www.fedprimerate.com/wall_street_journal_prime_rate_history.htm Wall Street Journal, Prime Interest Rate History]
+[http://www.fedprimerate.com/wall_street_journal_prime_rate_history.htm Wall Street Journal, Prime Interest Rate History]
 It’s clear that substantial improvement in our economy occurred only during President Reagan’s two terms, President Clinton’s two terms and President George W Bush’s first term.