CONFIDENCE: In the lack of confidence we don’t trust ourselves and don’t make attempts to do great things because we think we’ll fail. Generate confidence in the moment to go for your dreams!
(OPTIONAL) If you want to take this year’s values to the next level, you can get the audio book, “The 6 Habits of Growth” by Brendon Burchard and listen to the chapter on CONFIDENCE (43 min) this month.
Know
Do ALL of the following:
- Watch this video, “Interstate Commerce Clause“ (23 min).
- We have a field trip coming up in a few weeks and the field trip book you get to read is one on my (Jen’s) favorites. Super life changing! It’s “Remembering Isaac” by Ben Behunin. It’s a little bit longer than you’re used to, so get started now. This book first crossed my path over 10 years ago as one of my son’s Vanguard assignments and when I checked it out from the library for him, I was so intrigued by the interesting cover that I knew I had to read it. I’ve read it now at least 5 times and still love it every single time. I think you’ll love it too!
Economics
I hope you are enjoying our foray into the world of economics as much as I am! Like most things in life, economics is a much more complex subject that it seems at first. However, also like most things in life, a few basic principles applied in a variety of situations, can significantly inform decision and reduce the mayhem.
For example: as we discussed back in October, “Wages for all government employees and the cost of everything the government does is paid for with your tax dollars.” Keep that in mind: anytime we get anything from the government, the government first had to take it from your fellow citizens. “All government expenditures must eventually be paid out of the proceeds of taxation” (Economics in One Lesson, ch. 4). This is a vital concept for you, as a future voter, to keep in mind as you listen to politicians make campaign promises.
This week, I want to explore the national debt with you. If you are following political news right now, you know that this is currently a major focus of discussion and debate in Washington DC (as it has been for decades, really). There is a lot to unpack here, and not a one of us is going to become an expert in one week. But, we can become more well informed and that is a great place to start!
Understand
Before you even watch the first video, review this statement from Economics in One Lesson: “The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.”
Take out a piece of paper and write “Incentives” at the top. As you go through the assignments, ask yourself what the incentive is for deficit (debt) spending. Who benefits? What are the implications and for whom? Someone must be gaining by reckless spending or it would not occur. Typically, debt is used for short-term gain, often without regard to long-term consequences or costs. Who is gaining in the short term?
What is “deficit spending” and why should you care about it? Here is a brief introduction. As you watch, make note of what current issues he mentions. Have we solved any of those?
As you watch the following videos, write the definitions for debt and deficit. What is the difference? Note the year each video was made and write down the number quoted for the national debt.
https://youtu.be/3sUCSGVYzI0?si=VmsMNgWbKkAzxpje
https://youtu.be/iK5dpPzjaPA?si=UdRxEq6yw1AFL4Vj
As you watch this video, note again the year it was made and the years and figures given for debt amounts.
https://www.prageru.com/video/the-bankrupting-of-america
Now, go to this website and write down the current debt amount. Spend a few minutes on this site to better understand the debt.
https://fiscaldata.treasury.gov/americas-finance-guide/national-debt
Ronald Reagan was known as the “Great Communicator.” I’m sure his acting background helped but he also was able to get to the heart of a matter. Watch the following video. Take notes on his thoughts about government, deficit spending and his suggestions on how to curb it. Do you agree or disagree? Come prepared to share your thoughts.
Reagan had some great ideas in that video. But a prior president, Calvin Coolidge was one who really put many of them into action. Print this article. Study it and mark passages that stand out to you and bring your marked copy. According to this article, why did Coolidge succeed in cutting the budget while Reagan failed (specifically at lowering the budget)? We will be discussing your thoughts in class.
***Zoom in on current events: One of the big issues in DC right now deals with the work Elon Musk and DOGE are doing to try to cut excess government jobs. Those who oppose him are making a lot of noise about what that job loss might mean. Read and mark chapter 9 in Economics in One Lesson What application do you find there? What are your thoughts?***
Become
How can you make sense of all of this? And what are you to do about it? Understanding basic principles is so important here!
You may know of Ezra Taft Benson as the 13th president and prophet of our church. Did you know that prior to that, while serving as an apostle, he also served as the Secretary of Agriculture under President Eisenhower?
Print and study this article delivered by him in 1976. Find and list on a separate paper the key principles that he espouses. Choose one of them that you feel is important and write a response paper to turn in to me. Why did you choose that principle? How does this principle apply to today’s issues? If there is time, we will break into groups and share your papers with each other. (He delivered a forum speech at BYU by the same title in 1968. As the transcript is not posted, I’m not sure how similar it is. If you choose to listen, please read along with the article printed from the link above to pick up on anything that is in the article that isn’t in the speech.)
Finally, come to class prepared with what you think the nation should do to deal with our financial situation. “The true statesman values principle above popularity, and works to create popularity for those political principles which are wise and just.” What principles have you learned that if widely understood and practiced could have a positive impact on this situation?
See you Thursday!!!
