P SC 1113 1st Edition Lecture 3 Outline of Last Lecture I Is politics a science or an art II Overruling a Gay marriage b Special education Outline of Current Lecture I Where does America rank in the world II We represent 6 of the world s population a Universities b Disinvesting in assets III Importance of the middle class IV Healthcare V Opinion of the US Current Lecture I Where does America rank in the world a 25th in the world for math and science b K 12 asked this question i Answer First These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute ii Idea of effortless superiority c 20 of Americans believe the past was better than the future d 40x as many Nobel Prize winners as China i China has 8x the population e US Share of the world s gross domestic product wealth has declined from 34 to 24 in 10 years i Fastest decline of the world s GDP in 100 years f 1st in the world 20 years ago and since before Civil War II We represent 6 of the world s population a 80 90 of the world s greatest universities b more foreign students try to come here for school i China trains 10x more engineers ii But America has better quality c Disinvesting in assets i 45 states are spending less on higher education than they were 5 years ago ii OU has had fixed costs cut 1 Absorbed 100 million in cuts 2 Athletics is not subsidized a Nothing comes from state or tuition b Makes 10 million in profits i Boren taxes football tickets to go toward education Academic Excellence Surcharge 3 194 million in donations 4 Research 5 Tuition and Fees a OU tuition and fees increases were the lowest increase in the US iii The percentage of age group going to college and higher education has gone from first in the world to 14th iv Informed citizens must look forward 1 Extreme debt a In the next 20 years the government will consume all the private savings in the United States b Government owns money people are putting into banks i No supply and demand c Largest creation of jobs in the country are home building and purchases i Interest rate is 3 on loan of 100 000 300 month ii If rates increase jobs disappear creates deficit d Entitlements welfare military spending and interest on the debt itself are largest areas of spending e GW Bush tax cuts during wars were new lower than regular in the middle of a war causing debt increase 2 We ve spent half as much on infrastructure in the last 30 years than any other period 3 Study on farmers found that production of crops to farm gate cost was the same III The importance of the middle class a Top 1 of people in the US have earned 15 20 of the entire nation s income i Has been average since the Civil War ii Highest it s ever gotten was in 1929 b 50 000 people under 16 would kill you for a 25 plastic watch i H Stern Don t ever lose your middle class only a few rich people with thousands of poor people leads to unrest and violence c America s middle class has been shrinking by 1 a year i We are disinvesting in the middle class d Average CEO in 1970 made 43x as much as an assembly line worker i 1980 80x ii Now 304x IV Healthcare a ObamaCare Premiums that young people pay for healthcare covers old people i Doctors charge so much because patients who can t pay for it are covered by other patients ii Insurance companies still get the revenue b We pay 75 more for healthcare than any other developed country i Canada cheaper because healthcare is government run ii Quality of healthcare is much better for people who can affort it iii Biggest industries in many cities are hospitals c Put both parties together and come up with optimal solution i 10 15 years from now fairer healthcare system Probably ii Less expensive more cost efficient Probably not V Opinions of the US a Over 60 of people before and 80 said they admired the US i Approval rating after invasion of Iraq fell to 15 ii Americans are arrogant and don t understand people like us b Britain and Australia have always lead 1 and 2 c Most of Europe loved Obama d If we can t be a leading boss of the rest of the world we can be a leading partner teammate