HGov: Budget Process


By law the federal budget requires the president to propose to Congress the budget for the entire federal government each fiscal year. The actual preparation of the budget is the responsibility of the Office of Management and Budget (OMB). Each federal agency will draw up a list of its own spending plans and sends these plans to the OMB. The president and his advisers study the preliminary budget and sends the spending requests back to the agencies for fine-tuning. After a final presidential review, the budget is sent to Congress. Certain items in the budget cannot be changed, such as  entitlements and the interest that must be paid on the national debt. The Congressional Budget Office (CBO) carefully evaluates the president’s budget for the House and Senate. The House and Senate Budget Committees review the budget, reconcile differences between their two versions of the budget, and make sure the budget aligns with the Budgetary Enforcement Act of 1990. After the budget is approved, the House passes an appropriations bill, officially setting aside money for expenditures. When the government spends more than it collects in taxes, causing a budget deficit. The budget deficit is the amount that the government borrows for a given year. The national debt is the total amount of debt for the federal government. Each year’s budget deficit adds to the national debt.

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Econ: Impact of Inflation


Effects of Inflation Inflation affects consumers by reducing the value of the dollar. Nominal income is the wage in current dollars, while real income removes the effects of inflation, measuring the value of what the paycheck will actually buy in the economy. Unanticipated inflation harms people on fixed incomes because they cannot buy as much with the same income. Savers are hurt because the real value of their savings declines. Creditors are hurt because the money repaid does not have the same purchasing power as the money that was originally loaned. Those who have cost-of-living adjustments (COLAs) in their salaries are unaffected by inflation, because their salaries increase with the rate of inflation, holding their purchasing power steady. Borrowers actually win from inflation, because they repay their debts with dollars that hold less value than the dollars they borrowed. Workers try to anticipate inflation by seeking COLAs or pay increases that match or exceed the inflation rate. Banks and other creditors anticipate inflation by adding the expected rate of inflation to the real interest rate, to determine the nominal interest rate they will charge their customers for loans.

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Thanksgiving


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Thanksgiving Day is a national holiday celebrated in the United States as a day of giving thanks for the blessing of the harvest and of the preceding year. It is celebrated on the fourth Thursday of November in the United States. Thanksgiving has its historical roots in religious and cultural traditions, but has long been celebrated in a more secular manner as well.

 

 

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Thank You Parents


Thank you parents

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Econ and HGov: Parent Teacher Conference


Parent Teacher Conferences-1

 

 

 

 

 

 

 

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Econ and HGov: Parent Teacher Conference


Parent-Teacher-Conference

 

 

 

 

 

 

 

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Econ and HGov: 12-week Progress Report


Progress-Report

 

 

 

 

 

 

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