Your Right to Complain About the Economy: The Official Quiz

Your Right to Complain About the Economy

The Official Quiz

Answering three of the five following entitles bearer to busting this paper out and screaming, "DO YOU HAVE ONE OF THESE, PUNK?!"

I'm posting the answer right under its respective question.  Don't cheat.

1. Imperialist Capitalism, Inc. has a factory based in Illinois that reports a net profit this year of 130 million dollars. This year, they opened another factory in PoLittleOlUsuania which reported profits of 52 gazillion bazillion dollars. How much did Imperialist Capitalism contribute to the GDP of America?

Answer to #1: Come on, it's called Gross Domestic Product, which is defined as consumer ready goods and services produced within the United States.  Imperialist Capitalism, Inc.'s contribution to America's GDP is 130 million dollars.  PoLittleOlUsistan gets to add the 52 gazillion bazillion dollars to its GDP, even if the CEO of Imperialist Capitalism puts the profits in an offshore executive spending account in the Caymans in order to purchase 55 houses in the Cote d'Azure, a private jet in Dubai and 40 million pez dispensers from Japan. Each of those nations will calculate the money spent on those items within their own respective GDPs, as well.  Globalization is fun. 

2. Are we in a recession? How would you find out if we are? (Hint: The answer is not "my neighbor lost her job.")

Answer to #2: A recession is categorized as negative growth in the GDP for several months.  Most economists agree upon about six months.  To know if that is happening you could glue yourself to the television and beleive what they tell you, like a good little lemming, or go to the Bureau of Economic Analysis' website and find out what the GDP has been for the past several months. We are not in a recession. In fact, this month our GDP increased by 1.9%. Don't get too happy, GDP is only one of many economic indicators.

3. Who is in charge of making the final decision about our nation's fiscal policy?

Answer to #3: The president has a Council of Economic Advisors who analyze the economy and make recommendations. A budget is put together by the Office of Management and Budget in the White House and then submitted to Congress, who then passes the legislation that authorizes spending and taxation. But it's Congress who makes the final decision. Did you read that right? Yes, Congress.  So, it's Congress, not the President, who makes the final decision. I don't know why I keep feeling the need to say that over and over again. 

4. What is the intention behind an investment tax credit?

Answer to #4: An investment tax credit is aimed at encouraging economic growth by increasing a business' (es'??) or industry's ability to invest. It's the amount that businesses are allowed by law to deduct from their taxes that has been aimed at investing. Hence the terms investment, tax and credit. Golly, economics sure is tricky.  Incidentally, both McCain and Obama are proposing these types of credits, but for different sectors of the economy.  I'm sure you know who is for what and which is for whom.  (That was a very Seuss-like sentence, wasn't it?)

5. Name 4 of the top ten countries with whom we have a trade deficit.

Answer to #5: Our trade deficit is at about $700 billion dollars, give or take. The top ten countries with whom we have a trade deficit are (drum roll, please): China, Canada, Japan, Mexico, Venezuela, Germany, Saudi Arabia, Nigeria (probably because of all the jailed diplomats who are recieving wire transfers from little old ladies in America), Russia and Angola (Angola? Really? Really, Angola.).  Fun fact: What do most of these countries have in common?  You got it, smarty pants, petroleum.  Petroleum which is used to make fuel and plastics.  So walk and recycle and you could help eliminate our deficit.

I posted the answers right under the question and you had to read them to see if you were right.  Therefore, if you are still here, you know the answers to all of the above questions which means you have a right to complain about the economy.  

I may be a "democrat snob" and "liberal elite," but, hey, I'm a benevolent liberal elite who is not afraid to bestow my wisdom upon the cake eating unwashed masses.  (Sarcasm, haters, it's called sarcasm.)

If you have noticed any discrepancies or misinformation in any of the posts above, please feel free to be the pretentious know-it-all who points them out to me in the comment section of my blog.