AP Economics U.S. Economy Socratic Seminar Ippolito

The U.S. economy is currently facing a host of difficult issues:

  • The unemployment rate is at 9.0%.
  • A 27 year high! 125,000 new jobs needed every month just to keep rate the same!
  • GDP growth is too slow to create enough jobs or lower deficit
  • 1% - 2% GDP growth => need +3% - 4% to create enough jobs to lower unemployment
  • The U.S. Deficit & Debt are historically at alarming levels and & projected to rise rapidly.
  • Deficit = 1.6 Trillion or 11% GDP, Debt= 14.2 Trillion or 95% of GDP
  • Government spending = 24% of GDP
  • The Federal Reserve has interest rates set to zero and engaged in quantitative easing.
  • Federal Funds Rate = 0.0%, quantitative easing part II is finished in June

When: Wednesday May 25th & Friday May 27th 150 points

Format:

  • Each person in class will sit in the center of the room in a small group for about 20 minutes.
  • The small group will discuss ONE of the “Seminar Questions” below for 10 minutes
  • After 10 minutes students on the outside will have a chance to ask questions
  • When you are not in the center discussion circle, be attentive and take notes if you wish.
  • ** If you choose NOT to participate in the Socratic Seminar or are absent that day you must write a 3-4 page analytical paper on one of the topics listed above.

Guidelines:

  • It is expected that this will be a college level discussion
  • Refer to class notes, handouts and text during the discussion. (a seminar is not a test of memory)
  • Cite reasons using economic logic and evidence for your statements. (have numbers for support)
  • Ask other participants for clarification of their ideas & stick to the topic currently under discussion
  • Take turns speaking; you should not have to raise your hands, be aware and polite.
  • Follow proper listening & speaking techniques (ex: eye contact, posture, clear voice, mature language etc)
  • Mr. Ippolito will observe and keep track of how well you meet the criteria above

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Socratic Seminar Questions:

1)Discuss whether President Obama should make the income tax system more progressive

  1. i.e. raise income taxes on the top 2 wage brackets, have a millionaire bracket, etc….

2)Discuss some possible solutions to increase the current rate of GDP growth.

3)Discuss some long term solutions to the Federal Government’s increasing national debt.

  1. Entitlement programs must be included in this discussion

4)Discuss whether the Federal Reserve should keep interest rates at zero

  1. engage in further quantitative easing?

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Notes for Socratic Seminar Questions: