...economy. They consist of economic growth, unemployment rates, and inflation. In the midst of this project, I will touch on all three of these major concepts. First let me start off with economic growth. The definition of economic growth is an increase in the amount of goods and services produced per head of the population over a period of time. So in reality this means “an increase in capital stocks, event is in technology, and improvement in the quality and level of literacy Are considered to be the principal cause of economic growth.” (1) Economic growth can be measured in two ways, by an increase in real GDP over appeared of time and an increase in real GDP per capita over sometime period. According to my macroeconomics book, the real GDP for the United States in 2011 was around $15,052.4 billion and $15,470.0 billion in 2012, which means economic growth rate for 2007, was 2.8%. Usually growth rates are positive, but they don’t always have to be, for example in 2009 the US growth rate was a -2.4%, which means a decrease in the country’s gross domestic product (GDP) during any given year. Let’s talk about modern economic growth, modern economic growth is defined as “sustaining an ongoing increases in living standards that can cause dramatic increases in the standard of living within less than a...
Words: 1336 - Pages: 6
...Affects of the Affordable Care Act on Taxpayers The Affordable Care Act, largely known as “ObamaCare” was signed into law by current president Barrack Obama in 2010. As of 2010, approximately 50 million Americans were uninsured, ObamaCare was signed into law to significantly reduce the number of people currently uninsured, as rising health care costs can lead to insurmountable debt in the case of a tragedy. The recessionary economy at the time of signing played a huge role in the overall acceptance of ObamaCare; however, there were many side effects to such an overhaul and monumental health care reform law. Many-a-times, the real effects of such a program get lost in all of the biases presented from both the left and right winged. ObamaCare significantly affects taxpayers as it introduces new laws and regulations for individual tax payers and businesses alike. Net Investment Income Tax Little attention has been paid to the tax ramifications for American citizens as the deadline to apply for healthcare coverage quickly approaches. The Affordable Care Act affects three specific taxable areas for individuals, families, and businesses. The new law has seen extreme dissent and disapproval by upper-income level individuals and families because of the Net Investment Income Tax. Under this new tax proposal, as a provision of ObamaCare, a 3.8 percent Medicare surtax applies to the lesser of a taxpayer’s net investment income or the excess above the modified adjusted gross income thresholds...
Words: 2171 - Pages: 9
...US healthcare is that Canadian health care is federally funded and covers mostly all of the medical services used by the residents. The US has healthcare for the people but is covered at the citizens’ expense via an insurance company. The citizens are responsible for maintaining the premiums set by the insurance companies via the employer of the citizens or privately attained. However, this could explain why nearly 50 million people are uninsured because a lot of Americans cannot afford the premiums set by the insurance companies or quoted to them privately. The issue without healthcare is that the premiums are many times to expensive. The insurer will not pay because the conditions the patient may have could be pre-existing and will cause the company to pay for many expenses that are acquired before they are insured. Unlike the US, Canadian is federally funded so those issues are not of a concern, only finding when the care can be provided is the concern. Next, even though universal care for the Canadians appear to be ideal and a dream come true, the Canadians still have longer waiting lines and longer times for the services to be carried out than the US. The Canadian are much slower to adopt expensive technology to perform certain procedures. Universal healthcare can negotiate prices and services to reduce the overhead cost. When dealing with universal healthcare it is providing a blanket of coverage to anyone that can prove that they are a citizen. The US would have...
Words: 950 - Pages: 4
...Negative Economic Impact of the Patient Protection and Accountable Care Act The Patient Protection and Affordable Care Act (PPACA) also referred to as ObamaCare, federal healthcare law, Affordable Care Act, or ACA, is a United States federal Statute signed into law on March 23, 2010, by President Barack Obama. In combination with the Healthcare and Education Reconciliation Act, it represents the most significant regulatory overhaul of the U.S. healthcare system since the passage of Medicare and Medicaid in 1965 (Patient Protection and Affordable Care Act). The PPACA is intended to increase the number of health insured Americans and reduce the overall costs of healthcare. The PPACA will revamp the current health insurance system by extending health insurance coverage to nearly 32 million currently uninsured Americans; 18 million through Medicaid expansion to individuals with incomes under the 133 percent federal poverty line (FPL), and 18 million through government exchange subsidies to individuals with incomes up to 400 percent of the FPL. Citizens and legal residents in families with income between 100 and 400 percent of poverty who purchase coverage through a health insurance exchange are eligible for a tax credit to reduce the cost of coverage. To subsidize the additional 32 million individuals covered, the new law introduces 18 new taxes and penalties on individuals, employers, and businesses (Campbell). Though the PPACAs intent is to lower healthcare costs, it will...
Words: 3283 - Pages: 14
...U.S Health Care Systems Professor Asi [HSA 3111] Assignment #2 – Bitter Pill Reading up on Steven Brill's TIME magazine article Bitter Pill has been a very informative and great read on the current standings of the healthcare industry. Before listening to Brill and the new healthcare reform under ObamaCare, I was under the assumption that the Unites States government was doing all they could to keep healthcare costs to a minimum. I was sadly mistaken. In all 25,000+ words Steven Brill assigned to the topic of price gouging in U.S. healthcare, he covered all the aspects of why the healthcare bills are so high. He left no stone unturned, shed perspective and exposed the current healthcare system as a corrupted and inevitable, multi-billion dollar organization that has the power to impose any dollar amount for services provided, due to its monopolistic structure. Healthcare is its own economy, where taxpayers assume the cost of "affordable care for all", while the CEOs and political lobbyists of hospitals and pharmaceutical companies are generating incredible profit margins. I definitely agree with the overall viewpoint of Steven Brill. His stand on healthcare has shed a whole new perspective for me. Our healthcare system has capitalized on the fears of Americans getting sick or injured, because they know the value of life, and if you could put a price on it, it would be extremely high. It almost getting held up at gunpoint every time you enter a hospital, the assailant...
Words: 867 - Pages: 4
...Health Care Reform from an Economist Perspective Introduction Today there are many Americans without health insurance. This is due to the lack of financial resources they have to pay for the insurance , perhaps due to the unemployment rate and also due to those (younger generation) who choose to opt out of paying for health insurance. Many Americans live day to day hoping they will not get sick. From the results of these rates, President Obama signed the US Health Care Reform into law. The health care reform law encases benefits such as affordability, accessibility, comfort and ease for low income families worrying about going broke if they get sick, health care cost will be capped, and insurance companies will not be able to deny applicants due to pre-existing conditions. Accessibility simply means that insurers would have to expand insurance coverage to all Americans. This means eliminating pre-existing conditions that prevented people from gaining insurance coverage, insuring portability across states, mandating the purchase of insurance coverage, standardizing claims to reduce paperwork and providing benefits and cost information to American people allowing them an opportunity to choose a plan that best fit their needs (Shortell, 2009) Affordability has left uninsured and low income families helpless due to high premiums. The public option is an idea that hopes to establish competition that will drive down insurance premium costs between private insurers (Shortell...
Words: 2935 - Pages: 12
...Health Care Reform from an Economist Perspective Managerial Economics 2/28/2013 Introduction Today there are many Americans without health insurance. This is due to the lack of financial resources they have to pay for the insurance , perhaps due to the unemployment rate and also due to those (younger generation) who choose to opt out of paying for health insurance. Many Americans live day to day hoping they will not get sick. From the results of these rates, President Obama signed the US Health Care Reform into law. The health care reform law encases benefits such as affordability, accessibility, comfort and ease for low income families worrying about going broke if they get sick, health care cost will be capped, and insurance companies will not be able to deny applicants due to pre-existing conditions. Accessibility simply means that insurers would have to expand insurance coverage to all Americans. This means eliminating pre-existing conditions that prevented people from gaining insurance coverage, insuring portability across states, mandating the purchase of insurance coverage, standardizing claims to reduce paperwork and providing benefits and cost information to American people allowing them an opportunity to choose a plan that best fit their needs (Shortell, 2009) Affordability has left uninsured and low income families helpless due to high premiums. The public option is an idea that hopes to establish competition that will drive down insurance premium...
Words: 2941 - Pages: 12
...Executive Summary Budgetary Control within public sector entities can be a difficult task due to the complexity of the system. A budget is a financial plan that contains expected revenues and proposed expenditures for a period of time. Every public sector entity needs an operating budget, which is prepared by an executive board and then approved by legislature. One the approved budget is adopted; it becomes a law and cannot be changed. If an entity exceeds its budget, it can be forced to pay hefty fines. The funding for public sector budgets is usually from taxes, loans, revenues, fines, inflation, donations and grants. When controlling revenues, it is important to record revenues as when they are earned. Unearned estimated revenues should remain as unrealized revenues. Budgetary control over expenditures follows the logical cycle: appropriations are recorded, and then encumbrances are recorded, followed by the expenditures, and then payment is disbursed. Public sector entities face both advantages and disadvantages of budgetary control. It is a challenge for such entities to operate within their proposed budgets due to budget cuts, budget surprises, and unforeseen costs, such as emergencies. This is evident in cities such as Detroit, Michigan; Atwater, California; and Fresno California. The most relevant implication of budgetary control was seen in the government shutdown, which occurred on October 1st, and last 16 days. This paper examines the importance of budgetary control...
Words: 3746 - Pages: 15
...vaccinations are regulated by the Food and Drug Administration (FDA) in order to ensure their effectiveness and safety to the general public. Currently there are no federal laws which mandates vaccination, but there is a vaccination requirement per state for children entering school. The chart below details which vaccines are mandated for public school by several states: Children who are not vaccinated have a greater chance of death than children who received the required vaccinations. The safety of vaccinations is in questioned by many, asking if they are safe for children to receive. They are safe and should be required for children since those vaccinations help prevent illnesses, lower the risk for some diseases and it might even cause financial growth. There are several advantages of receiving the recommended vaccines. One advantage is that they are designed to put foreign antigens into the body so the body will produce antibodies to fight it off. The body will produce two types of immune responses when an antigen is introduced in order to ensure total immunity from the disease. Vaccines ensure that children get immunity from diseases instead of contracting them. Having immunity is a major advantage against any disease. There is less complications and it decreases the chance for Pneumonia, stroke, and Herpic Neuralgia. ("How Do Vaccines Work To Protect People From Disease?", 2014) Parents should consider the benefits of getting their child vaccinated since they are...
Words: 2003 - Pages: 9
...Policy #2 The history of the American economy has been greatly impacted by the industrial revolution. Life as the people of this time knew it would have a big change ahead of them. The normal life of using your hands to produce products would become more of machines doing the manual work. There was a boom in population and income stemming from the economy becoming more efficient. The Industrial Revolution increased the supply of goods dramatically from the invention of a mass-production technique that was represented by Henry Ford. The majority of the increase of supply was largely seen in mining, steel, oil, transportation networks, communications networks, industrial cities, and financial centers, but also consumer goods. The concept of people not having to use their hands as much anymore was an important advancement. The time being saved was significant not to mention how efficient these steam powered machines were in production. Now the overall work time is being cut dramatically considering they could now have settings for machines to produce the work. At the same time, the workers needed to realize this meant there would be less jobs available for employees. There would be less work to manage, but this led to creating a bigger profit since there was not as much man power needed in the factory. This idea of having the machine do the dirty work sparked the importance of profits for the business leaders, which over time has arguably led to the greedy business leaders we...
Words: 5463 - Pages: 22
...Abstract This paper address the challenges to determine what parts of the Affordable Care Act can apply to Puerto Rico and the impacting the Medicare, Medicare patient services and employees. Most of the people in the island think that the Affordable Care Act is giving more security and help to address the existing disparities in the healthcare system. With the new Patient Protection & Affordable Care Act, the insurance companies can no longer drop the coverage if one becomes sick, bill individual into bankruptcy because of an annual or lifetime limit, and they will not be able to discriminate against anyone with a pre existing condition. Most of the Medicare and Medicaid community suffers do to the imbalance in our healthcare system this situation affects the quality of care and places a financial strain on the government, individuals and families, employers and employees, and public and private providers. Most of the Medicare beneficiaries have to enroll in the MA program to help them to succeed and receive the adequate treatments without MA to help the disadvantaged seniors on the island, Puerto Rico's elderly citizens will be forced to turn to Mi Salud in larger numbers. Although Mi Salud is scheduled to receive an average of $690 million annually during the next five years, the widening deficit in MA funding is likely to create a net negative impact on federal funding for healthcare in Puerto Rico. The Health care Policies and Issues Ethical concerns and issues ...
Words: 10927 - Pages: 44
...Secular Stagnation: Facts, Causes and Cures Edited by Coen Teulings and Richard Baldwin CEPR Press a A VoxEU.org Book Secular Stagnation: Facts, Causes, and Cures A VoxEU.org eBook Centre for Economic Policy Research (CEPR) Centre for Economic Policy Research 3rd Floor 77 Bastwick Street London, EC1V 3PZ UK Tel: +44 (0)20 7183 8801 Email: cepr@cepr.org Web: www.cepr.org ISBN: 978-1-907142-77-2 © CEPR Press, 2014 Secular Stagnation: Facts, Causes, and Cures A VoxEU.org eBook edited by Coen Teulings and Richard Baldwin CEPR Press abcde Centre for Economic Policy Research (CEPR) The Centre for Economic Policy Research (CEPR) is a network of almost 900 research economists based mostly in European universities. The Centre’s goal is twofold: to promote world-class research, and to get the policy-relevant results into the hands of key decision-makers. CEPR’s guiding principle is ‘Research excellence with policy relevance’. A registered charity since it was founded in 1983, CEPR is independent of all public and private interest groups. It takes no institutional stand on economic policy matters and its core funding comes from its Institutional Members and sales of publications. Because it draws on such a large network of researchers, its output reflects a broad spectrum of individual viewpoints as well as perspectives drawn from civil society. CEPR research may include views on policy, but the Executive Committee of the Centre does not give prior...
Words: 47021 - Pages: 189
...by a moving object Overall, 2013 will be remembered as a solid year for private equity. Although the year started off slowly, activity picked up considerably in the second half, particularly in the world of exits. The fourth quarter of 2013 was one of the strongest quarters on record for PE exits, attributable largely to a robust IPO market. The key topic that must be considered in projecting the industry’s outlook for 2014 is whether it can build upon this momentum, or whether the industry’s capital overhang and competition for quality deals will prove too great a resistive force. While we’ll analyze the industry in its broadest sense, our focus is decidedly on the outlook for middle-market private equity firms―those firms with assets under management between $100 million and $5 billion. Lacking the resources and capital reserves of the private equity industry titans, middle market private equity better reflect whether industry momentum is building or waning. We start by examining last year’s industry activity and transactions. While overall investment dollars soared, deal making was increasingly difficult as the...
Words: 12367 - Pages: 50
...CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO The Budget and Economic Outlook: Fiscal Years 2013 to 2023 Percentage of GDP 120 100 80 60 40 20 0 1940 1945 Actual Projected 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Federal Debt Held by the Public Trillions of 2005 dollars 20 18 16 14 12 10 0 2000 2004 2008 Potential GDP GDP Actual Projected Percent 12 10 8 6 4 2 0 2000 Actual Projected 2012 2016 2020 2024 2004 2008 2012 2016 2020 2024 GDP and Potential GDP Unemployment Rate FEBRUARY 2013 Notes Numbers in the text and tables may not add up to totals because of rounding. Unless otherwise indicated, years referred to in describing the budget outlook are federal fiscal years (which run from October 1 to September 30) and years referred to in describing the economic outlook are calendar years. The figures in Chapter 2 have white vertical bars that indicate the duration of recessions. (A recession extends from the peak of a business cycle to its trough.) The economic forecast was completed in mid-January 2013, and the estimates of 2012 values shown in tables and figures in Chapter 2 and Appendix B are based on information available at that time. Supplemental data for this analysis and the historical budget data that are usually included in this report are available on CBO’s Web site (www.cbo.gov). CBO Pub. No. 4649 Contents Summary...
Words: 44343 - Pages: 178
...FT SPECIAL REPORT World Economy Friday October 12 2012 www.ft.com/reports | twitter.com/ftreports Hopes turn to fear and uncertainty Answers to the big issues facing the global economy depend mainly on events in the US and eurozone, writes Chris Giles Meeting of minds: logo for the IMFWorld bank events beginning in Tokyo today Bloomberg Inside » Growth glitches FT specialists report from the eurozone, China, the US and the UK Pages 2, 3 If Obama wins . . . or Romney Some differences seem more symbolic than real Page 4 Cash conundrum The IMF and World Bank have plenty of money but face new challenges Page 5 A threat of double-dip recession is stalking the world economy. Advanced economies are struggling to raise insipid growth rates, while the fast-growing emerging economies cannot maintain their previous momentum. If anything goes wrong – and there are known potential shocks in the coming months – the risk is rising of a dangerous economic slide. The Brookings Institution-Financial Times Tracking Indices for the Global Economic Recovery shows a steep drop in 2012 so far, leading professor Eswar Prasad of Brookings to describe the global economy as “on the ropes”. In the International Monetary Fund’s twice-yearly World Economic Outlook, published this week, Olivier Blanchard, the fund’s chief economist, said the world economy was hamstrung by uncertainty, which was pre- venting companies from investing and households from spending. “Worries about...
Words: 15731 - Pages: 63
