RPI - Retail Prices Index
www.dictionary.reference.com
SLC - Student Loan Comnpany
www.dictionary.reference.com
loan - the act of lending; a grant of the temporary use of something ; something lent or furnished on conditioned of being returned, esp. a a sum of money lent at interest
www.dictionary.reference.com
This article talks about how an estimated three million graduates and students can expect to see a cost rise in school next September. Based on the RPI inflation rate of March, the SLC resets the interest rates on September 1. The interest rate was zero for some students, but now the RPI increased to 4.4% in March. The interest rate for student loans varies for each student because it depends on when the loan was taken out. Students who took out loans before the year of 1998, the interest rate is set to the RPI of March. The people with those loans are paying a negative 0.4% interest rate after RPI turned negative for the first time in 50 years since March of last year. Those people can now expect to start paying interest rates in September. The interest rate on loans that were taken out after 1998 will be set to the RPI in March or the Bank of England Bank which is o.5% plus 1%. These changes have not been confirmed yet because the government needs to formally set the rates.
* I think that more and more students will think twice about college because of the cost rise that will happen in September. The cost rise happens to fall during my generation and a lot of people I know plan to go away for college this fall. Because cost rise will increase, some people might drop out of school and others will most likely be paying off their student loans double the amount of time that it would usually take.
http://news.bbc.co.uk/2/hi/business/8634820.stm
Sunday, April 25, 2010
Sunday, March 21, 2010
Blog 8 (Bank of England unanimous of interest rate freeze)
MPC - Monetary Policy Committee
www.dictionary.reference.com
unanimous - of one mind; in complete agreement; agreed
www.dictionary.reference.com
CPI - consumer price index
www.ditionary.reference.com
This article talks about the Bank of England's Monetary Policy Committee and how they agreed to keep interest rates at 0.5% this month. All nine MPC members decided to vote for no changes. Some MPC members noticed that this could lead to infation risks. The voting was unanimous so the 200bn (QE) programme stayed the same. By buying assets such as government bonds the QE pumped new monoey into the economy trying to boost the lending in commercial banks. Inflation was to remain above the set mak at 2% because the value of the frank has gone down 25% which were written in notes from the meeting. the expected outcome was a 9-0 vote and thats what the result turned out to be.
* I think this was a good decision given the economic struggles we are having. They are finding ways to put more money into the bank.
http://news.bbc.co.uk/2/hi/business/8571925.stm
www.dictionary.reference.com
unanimous - of one mind; in complete agreement; agreed
www.dictionary.reference.com
CPI - consumer price index
www.ditionary.reference.com
This article talks about the Bank of England's Monetary Policy Committee and how they agreed to keep interest rates at 0.5% this month. All nine MPC members decided to vote for no changes. Some MPC members noticed that this could lead to infation risks. The voting was unanimous so the 200bn (QE) programme stayed the same. By buying assets such as government bonds the QE pumped new monoey into the economy trying to boost the lending in commercial banks. Inflation was to remain above the set mak at 2% because the value of the frank has gone down 25% which were written in notes from the meeting. the expected outcome was a 9-0 vote and thats what the result turned out to be.
* I think this was a good decision given the economic struggles we are having. They are finding ways to put more money into the bank.
http://news.bbc.co.uk/2/hi/business/8571925.stm
Friday, March 12, 2010
Blog 7 (U.S. Retail Sales Rose in February)
robust - strond and healthy; hardy; vigorous
http://www.dictionary.reference.com/
volatile - tending to fluctuate sharply andn regularly
http://www.dictionary.reference.com/
timidity - lacking in self-assurance, courage, or bravery; easily alarmed; timorous; shy
http://www.dictionary.reference.com/
This article talks about how sales have gone up in February because of robust spending of consumers. According to the Commerce Department retails sales increased by 0.3 percent from January. Also, when gas and car prices were not fluctuating and the sales were excluded the increase was stronger by 0.9 percent. An economist by the name of Alan Levenson from T. Rowe Price said, "Employment is falling more slowly, wages are growing modestly and hours worked are expanding, giving a lift to incomes." Economist expect the spending of consumers to gradually rise, even though they know it won't be close to even getting the economy out of the major down turn. Economists have nocticed that retail sales have gone up across the board in things such as electronics, clothes, buliding materials, and restuarant and bars. Another interesting thing is that the amount of money that Americans kept in their savings accounts fell in January and consumer borrowing increased for the first time in a whole year!
* I think retail sales will increase and stay steady slow, but surely. If spending remains robust and consumers keep spending then the economy may get out of its down turn in a little more than a couple of years. Also, if consumer borrowing keeps increasing then everything will keep circulating and we will be all good.
http://www.nytimes.com/2010/03/13/business/economy/13econ.html?ref=economy
http://www.dictionary.reference.com/
volatile - tending to fluctuate sharply andn regularly
http://www.dictionary.reference.com/
timidity - lacking in self-assurance, courage, or bravery; easily alarmed; timorous; shy
http://www.dictionary.reference.com/
This article talks about how sales have gone up in February because of robust spending of consumers. According to the Commerce Department retails sales increased by 0.3 percent from January. Also, when gas and car prices were not fluctuating and the sales were excluded the increase was stronger by 0.9 percent. An economist by the name of Alan Levenson from T. Rowe Price said, "Employment is falling more slowly, wages are growing modestly and hours worked are expanding, giving a lift to incomes." Economist expect the spending of consumers to gradually rise, even though they know it won't be close to even getting the economy out of the major down turn. Economists have nocticed that retail sales have gone up across the board in things such as electronics, clothes, buliding materials, and restuarant and bars. Another interesting thing is that the amount of money that Americans kept in their savings accounts fell in January and consumer borrowing increased for the first time in a whole year!
* I think retail sales will increase and stay steady slow, but surely. If spending remains robust and consumers keep spending then the economy may get out of its down turn in a little more than a couple of years. Also, if consumer borrowing keeps increasing then everything will keep circulating and we will be all good.
http://www.nytimes.com/2010/03/13/business/economy/13econ.html?ref=economy
Sunday, March 7, 2010
Blog 6 (Miami Board Looks to Close Two Hospitals)
budget - an estimate, oftem itemsized, of expected income and expense for a given period in
the future http://www.dictionary.reference.com/
uninsured - the person, group, or organization, whose life or property is not covered by an insurance policy http://www.dictionary.reference.com/
attrition - a reduction or decrease in numbers, size, or strength
In Miami, Florida the public health care system is contemplating on whether or not to close 2 hospitals down. If they close them down thousands would lose their job such as 4, 487 workers. The name of the hospital is Jackson Health and it includes a Jackson North and South. "Jackson is the largest public health care provider in the region , with more than 2,200 beds and 12,000 employees. It is projecting a budget shortfall of $229 million this year." Mr. Keeley believes that part of why Jackson is being considered to shut down is from all the uninsured. With all the uninsured people the hospital makes no money.
* I think this is a horrible situation because thousands of workers will go unemployed. I also think that the governing board of the system should have thought of other solutions such as shutting down one part of the hospital and not both.
http://www.nytimes.com/2010/03/06/us/06miami.html?ref=economy
the future http://www.dictionary.reference.com/
uninsured - the person, group, or organization, whose life or property is not covered by an insurance policy http://www.dictionary.reference.com/
attrition - a reduction or decrease in numbers, size, or strength
In Miami, Florida the public health care system is contemplating on whether or not to close 2 hospitals down. If they close them down thousands would lose their job such as 4, 487 workers. The name of the hospital is Jackson Health and it includes a Jackson North and South. "Jackson is the largest public health care provider in the region , with more than 2,200 beds and 12,000 employees. It is projecting a budget shortfall of $229 million this year." Mr. Keeley believes that part of why Jackson is being considered to shut down is from all the uninsured. With all the uninsured people the hospital makes no money.
* I think this is a horrible situation because thousands of workers will go unemployed. I also think that the governing board of the system should have thought of other solutions such as shutting down one part of the hospital and not both.
http://www.nytimes.com/2010/03/06/us/06miami.html?ref=economy
Sunday, February 28, 2010
Blog 5 (Are We Overpaying Grandpa? )
egalitarian - asserting, resulting from, or characterized by beilef in the equality of all people, esp. in political, economic, or social life
www.dictionary.reference.com
pension - an allowance, annuity, or subsidy
www.dictionary.reference.com
income - the monetary payment received for goods or services, or from other sources, as rents or investments
www.dictionary.reference.com
The elderly receive a fairly nice amount of government assistance. "The egalitarian view of government is that it taxes persons with annual income more than $40,000, and pays benefits to persons with less than $40,000, so that those with less than average incomes could enjoy living standards closer to the average." The government actually does the opposite and most of the money goes to the elderly because of Social Security, Medicare, and government employee retirement. These funds are paid to senior citizens who are 62 years old and over. Annual Medicare spending is $12,000 per person for those who are 65 and older. Also, annual Social Security and government employee retirement expenses are $21,000 per person who are 62 and older. Elderly average living standards exceed $40,000 making them exceed the living standards of the average American.
* Now that I think about it I think this is unfair, but I guess that's just the way the government works. Maybe we'll be able to understand why the elderly exceeds living standards of the average American when we are considered an elderly. We're not able to see it their way because we are not considered the elderly, so when we get that age and are finally in their shoes we can understand it.
http://economix.blogs.nytimes.com/2010/02/24/are-we-overpaying-grandpa/
www.dictionary.reference.com
pension - an allowance, annuity, or subsidy
www.dictionary.reference.com
income - the monetary payment received for goods or services, or from other sources, as rents or investments
www.dictionary.reference.com
The elderly receive a fairly nice amount of government assistance. "The egalitarian view of government is that it taxes persons with annual income more than $40,000, and pays benefits to persons with less than $40,000, so that those with less than average incomes could enjoy living standards closer to the average." The government actually does the opposite and most of the money goes to the elderly because of Social Security, Medicare, and government employee retirement. These funds are paid to senior citizens who are 62 years old and over. Annual Medicare spending is $12,000 per person for those who are 65 and older. Also, annual Social Security and government employee retirement expenses are $21,000 per person who are 62 and older. Elderly average living standards exceed $40,000 making them exceed the living standards of the average American.
* Now that I think about it I think this is unfair, but I guess that's just the way the government works. Maybe we'll be able to understand why the elderly exceeds living standards of the average American when we are considered an elderly. We're not able to see it their way because we are not considered the elderly, so when we get that age and are finally in their shoes we can understand it.
http://economix.blogs.nytimes.com/2010/02/24/are-we-overpaying-grandpa/
Sunday, February 21, 2010
Blog 4 (A Slow War on Human Trafficking)
human trafficking - moving men, women, or children from one place to another and placing them in conditions of forced labor, including prostitution, domestic servitude, sweatshop work, and construction
www.ask.com
brothel - a house of prostitution
www.dictionary.reference.com
deport - to expel (an alien) from a country; banish
www.dictionary.reference.com
This article is about the popularity of human trafficking in Long Island, New York. It talks about a 37-year-old Chinese woman with the nickname Tracy who works at a Wantagh brothel that is disguised as a massage parlor. She was taken away from her husband and son in China in May 2000. The government made her abort her second child and take part of sterilization. Her family agreed to pay a human smuggler $12,000 and in order for her to pay it back she worked the next five years working 6 days a week 12 hours a day in Chinese restaurants. Tracy said the owner at the Wantagh brothel would make her complete every massage with a sexual act and if she didn't perform the act the owner would threaten to deport her. In the next four months Tracy was arrested for prostitution and she was too afraid to tell the police her story because she didn't want to get deported. Tracy finally decided to change her mind after her lawyer, a detective, and a prosecutor all promised that she would remain in the country if she told them her story. As a result the owner of the Wantagh massage parlor never got arrested, but Tracy was deported back to China and she didn't have to deal with being human trafficked anymore.
* I think human trafficking is ridiculously wrong and no one should be a victim of it ! I also think that people should find more ways to help stop the process of human trafficking and women, men, or children should find the courage like Tracy did to speak up and tell the police his or her story. If they tell the police their story the police can go out and do their job and that is to help stop human trafficking and helping to better the lives of others.
http://www.nytimes.com/2006/05/28/nyregion/nyregionspecial2/28litraf.html?pagewanted=1&_r=2
www.ask.com
brothel - a house of prostitution
www.dictionary.reference.com
deport - to expel (an alien) from a country; banish
www.dictionary.reference.com
This article is about the popularity of human trafficking in Long Island, New York. It talks about a 37-year-old Chinese woman with the nickname Tracy who works at a Wantagh brothel that is disguised as a massage parlor. She was taken away from her husband and son in China in May 2000. The government made her abort her second child and take part of sterilization. Her family agreed to pay a human smuggler $12,000 and in order for her to pay it back she worked the next five years working 6 days a week 12 hours a day in Chinese restaurants. Tracy said the owner at the Wantagh brothel would make her complete every massage with a sexual act and if she didn't perform the act the owner would threaten to deport her. In the next four months Tracy was arrested for prostitution and she was too afraid to tell the police her story because she didn't want to get deported. Tracy finally decided to change her mind after her lawyer, a detective, and a prosecutor all promised that she would remain in the country if she told them her story. As a result the owner of the Wantagh massage parlor never got arrested, but Tracy was deported back to China and she didn't have to deal with being human trafficked anymore.
* I think human trafficking is ridiculously wrong and no one should be a victim of it ! I also think that people should find more ways to help stop the process of human trafficking and women, men, or children should find the courage like Tracy did to speak up and tell the police his or her story. If they tell the police their story the police can go out and do their job and that is to help stop human trafficking and helping to better the lives of others.
http://www.nytimes.com/2006/05/28/nyregion/nyregionspecial2/28litraf.html?pagewanted=1&_r=2
Monday, February 15, 2010
Blog 3 (College Students, the New Cash Cows)
cash cow - a product, business unit, or consumer that generates unusually high profits, enough to keep less profitable aspects of the business afloat
www.economix.blogs.nytimes.com
revenue - the income of a government from taxation, excise duties, customs, or other sources, appropriated to the payment of the public expenses
www.dictionary.com
for-profit higher education - educational institutions that are run by private, profit-seeking companies or organizations
www.wikipedia.org
Colleges and universities charge some students more than others and that's where financial aid comes in to play. The growth of for-profit higher education to raise more money of their own revenue is increasing the competition for those students who will pay the most money up front. Those schools that want more money are actually hurting themselves because the enrollment rate is high, but the completion rate is decreasing. Some students are not graduating and getting their college degrees. In the school year of 2000-2001 less than 60% of first-time full-time students pursuing a bachelor's degree at a four-year school completed that goal within six years. Some schools try to mock the for-profit model and marketing campaigns are aiming to mostly out-of-state students who pay more for tuition. This process has a lot of problems because administrators can focus on the wrong things like a fancy brochure cover with a picture of a new recreation center instead of improving the well being of the students. Also, a lot of students do not have enough money to pay for out of state tuition so their enrollment goes down. Another flaw is that more students might be accepted, but there are not enough faculty and staff members, so the students receive less individual attention if needed.
* I think the for-profit model will fail more than it will succeed because in reality no one can really afford to pay for college. The cost of college tuition is not even decent for those who live in the same state they are attending school at. I can only imagine what it's like for those who are out of state students. Colleges and universities charge an arm and a leg for tuition and most students don't go to school out of state unless they have a scholarship.
http://economix.blogs.nytimes.com/2010/02/15/college-students-the-new-cash-cows/
www.economix.blogs.nytimes.com
revenue - the income of a government from taxation, excise duties, customs, or other sources, appropriated to the payment of the public expenses
www.dictionary.com
for-profit higher education - educational institutions that are run by private, profit-seeking companies or organizations
www.wikipedia.org
Colleges and universities charge some students more than others and that's where financial aid comes in to play. The growth of for-profit higher education to raise more money of their own revenue is increasing the competition for those students who will pay the most money up front. Those schools that want more money are actually hurting themselves because the enrollment rate is high, but the completion rate is decreasing. Some students are not graduating and getting their college degrees. In the school year of 2000-2001 less than 60% of first-time full-time students pursuing a bachelor's degree at a four-year school completed that goal within six years. Some schools try to mock the for-profit model and marketing campaigns are aiming to mostly out-of-state students who pay more for tuition. This process has a lot of problems because administrators can focus on the wrong things like a fancy brochure cover with a picture of a new recreation center instead of improving the well being of the students. Also, a lot of students do not have enough money to pay for out of state tuition so their enrollment goes down. Another flaw is that more students might be accepted, but there are not enough faculty and staff members, so the students receive less individual attention if needed.
* I think the for-profit model will fail more than it will succeed because in reality no one can really afford to pay for college. The cost of college tuition is not even decent for those who live in the same state they are attending school at. I can only imagine what it's like for those who are out of state students. Colleges and universities charge an arm and a leg for tuition and most students don't go to school out of state unless they have a scholarship.
http://economix.blogs.nytimes.com/2010/02/15/college-students-the-new-cash-cows/
Monday, February 8, 2010
Blog 2 (China to put duties on US chicken imports)
tyre - a ring or band of rubber, either solid or hollow and inflated, or of metal, placed over the rim of a wheel to provide traction, resistance to wear, or other desirable properties
www.dictionary.reference.com
yuan - a copper coin of the Republic of China, equal to 100 cents; dollar
www.dictionary.reference.com
tariff - an official list or table showing the duties or customs imposed by a government on imports or exports
www.dictionary.reference.com
China's Commerce Department said that the tariffs will begin on February 13. They did an investigation on US chickens in September right after the US put tariffs on Chinese tyres. The US and China have some tension because the US plans to meet the Dalai Lama and they have a new arms deal with Taiwan. Chicken feet and wings are sold to China at a higher price because they are popular there and not wanted in the US. These feet and wings are coming from big business US poultry companies such as Tyson Foods, Pilgrim's Pride, and Sanderson Farms. This is hurting the producers in China because people aren't buying the chicken feet and wings they have. The US is also concerned with the yuan accusing Beijing of keeping it undervalued and giving Chinese exporters an unfair advantage. I think that China shouldn't buy the chicken feet and wings from the US because they are charging them a lot more money than it's really worth and China needs to wake up and relize that. China should just let their poultry producers produce the chickens and make people buy it from them, because then they won't have the option to buy it from somewhere else at a cheaper price.
http://news.bbc.co.uk/2/hi/business/8500016.stm
www.dictionary.reference.com
yuan - a copper coin of the Republic of China, equal to 100 cents; dollar
www.dictionary.reference.com
tariff - an official list or table showing the duties or customs imposed by a government on imports or exports
www.dictionary.reference.com
China's Commerce Department said that the tariffs will begin on February 13. They did an investigation on US chickens in September right after the US put tariffs on Chinese tyres. The US and China have some tension because the US plans to meet the Dalai Lama and they have a new arms deal with Taiwan. Chicken feet and wings are sold to China at a higher price because they are popular there and not wanted in the US. These feet and wings are coming from big business US poultry companies such as Tyson Foods, Pilgrim's Pride, and Sanderson Farms. This is hurting the producers in China because people aren't buying the chicken feet and wings they have. The US is also concerned with the yuan accusing Beijing of keeping it undervalued and giving Chinese exporters an unfair advantage. I think that China shouldn't buy the chicken feet and wings from the US because they are charging them a lot more money than it's really worth and China needs to wake up and relize that. China should just let their poultry producers produce the chickens and make people buy it from them, because then they won't have the option to buy it from somewhere else at a cheaper price.
http://news.bbc.co.uk/2/hi/business/8500016.stm
Monday, February 1, 2010
Blog 1
- expenditure - the method that totals spending on goods and services produced by residents (www.economist.com/research/economics
- capiti income - income per person in a population (http://www.investorwords.com/)
- Pew Research Center - a nonpartisan "fact tank" that provides information on the issues, attitudes, and trends shaping America and the world (www.pewresearch.org/about)
Everyone chooses how they want to spend their money. They can spend their money taking care of family, going shopping, going to the casino, going to the movies, etc... Some of the choices people make do not affect the rest of us, but our economic system depends on a consistent supply of family care. Taking care of elders and children in one's family can be very expensive. Medicare and Medicaid help pay for some of the bills, but not for long time care. Sending children to child care is now a basic essential as well as sending them off to college is. Parents still feel the need to send their children off to child care or school no matter what their job status is. "The trends in family income, however, are never adjusted for changes in the cost for caring for dependents, because we have not developeda comprehensive Dependent Price Index. The Department of Agriculture regularly estimates family expenditures on children, but ignores both the costs of college and the value of parental time." What I think will happen next is some of the things President Obama mentioned in his State of Union Address 2010. I also think families will still be vulnerable because it is still very hard to find a job now a days and everything cost so much that people can not afford anything.
http://economix.blogs.nytimes.com/2010/02/01/how-much-do-we-spend-caring-for-family/
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