ENGR Econ
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(1) Check Econ Instruction file.
(2) I completed the data spreadsheet
2 years ago
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files (2)EngineeringEconomics-Project1.pdf
04-1ProjectInstructions.docx
EngineeringEconomics-Project1.pdf
Engineering Economics: Project 1
The most prominent trend in the data and the attached graphs is the rapid increase of the
national debt in the last years. This alarming growth from about $9.7 trillion in 2000 to
$28.7 trillion dollars in 2022 indicates a problem in government spending that only
worsened after the recession in the 2000s and the COVID-19 pandemic in 2020. From this
data we can also note that the spending category with the largest growth has been the
entitlements, which include pension and healthcare expenditures.
Ideas to reduce spending and increase amount paid to national debt:
- Replace Medicare and Medicaid costs with government health clinics.
o Rather than distributing a set amount to individuals, the government can
calculate the amount necessary to run clinics that can offer low-cost care for
routine services.
- Reduce Incentives and subsidies for short term and non-profitable industries
o Reducing investment and spending in areas which do not have a high return
on investment
o No-longer forgoing tax revenue (through subsidies) in short term investments
and redirecting it into more long-term investments such as education,
infrastructure, healthcare
- Pass on subsidies to work-benefit related programs
o Promoting benefits such as health care, childcare, parental leave, and PTO
will help to promote more people to join into the work force, aiding in
increasing GDP and government revenue
o Encourage employers to offer contribution plans such as IRAs and 401(k)
plans to employees.
- Government Auditing
o Find areas that have over-bureaucratized and overlapped government
responsibilities to slim overspending
o Transferring certain responsibilities to the private sector who is much more
incentivized to create efficiency, reduce spending and increase profits
- Raising Interest rates and reducing the money supply
o This will reduce and slow the inflation rate, giving the dollar more purchasing
power
o Will hurt the GDP and the consumer in the short run but will incentivize work
force participation, and long-term growth
- Restructure / propose new use of education funding
o Implement school programs to teach job trades and skills
o Encourage participation in trade job certifications for adults seeking
employment
04-1ProjectInstructions.docx
The assignment is to populate an Excel Spreadsheet with charts and write no more than two pages related to the data. Namely, identify any economic trends (desirable or undesirable and write what the team would do to enhance or reverse the trends. Do not describe the data as that would be redundant since the charts are available. Also, do not write about a topic other than what is derived from the charts.
Grading will be based on how well each team follows instructions as well as on spelling, grammar, logic and the ability to be concise. (This is not a political exercise so it will not matter should a position lean one direction or another.)
This is a team exercise and will require each student to confer with the team to meet the assignment. It is up to each team to determine when and how to meet outside of class. Please advise should a team require support with technology or accessibility.
An Excel Spreadsheet Template with Charts will be provided for each team to populate.
Assignment:
1. Populate the attached excel spreadsheet displaying the GDP of the US for each year since 1900 (total government spending - federal, state and local)
2. Add the total government expenditures
3. Add the values of the total expenditures for defense, education, entitlements (pensions, healthcare, and welfare)
4. Add the total interest on the debt
5. Add the gross public debt
6. Add the unemployment rates since 1948 and inflation rate (CPI) since 1913
7. Ensure that the populated data is displayed on the charts on the tabs
8. Create any other charts that may support your summary
9. Review the Excel data and write no more than two pages on what you perceive as the largest problems/opportunities and your proposed solutions in Microsoft Word
10. Turn in the package on the date due ( staple the Microsoft Word portion in front of the Excel Spreadsheet and Charts) as well as sending me one email with the package (one Microsoft Word and Microsoft Excel) attached. I will deduct 5 points for late emails and 10 points for missing email packages - any portion .
Spending data is to be taken from:
http://www.usgovernmentspending.com/download_multi_year
For spending - select $ bln 2017, select years 1900 to 2022, you can add up to 5 categories, select total, and then download CVS file or download tabbed and copy values into spreadsheet. Continue until all categories are complete.
Employment and CPI data is to be taken from:
For unemployment, go to Data Tools, select "Top Picks, under "Unemployment", Select “Labor Force Statistics including the National Unemployment Rate”, Select "Unemployment Rate (Seasonally Adjusted) - LNS14000000", then select "retrieve data". Then select 1948 to 2022 in output options and select "go". You will need to annualize the data.
Participation rate is also found on this website – search participation and retrieve data as you did for unemployment - LNS11300000.
On the CPI link, go to Data Tools, select "Top Picks - All Urban Consumers", under "Consumer Price Index", check "U.S. All items, 1982-84=100 - CUUR0000SA0", then select "retrieve data". Then select 1913 to 2022 in output options and select "go". You will need to annualize the data.
Note - all percentages of spending to GDP will be populated automatically
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