P SC 1113 1st Edition Lecture 3 Outline of Last Lecture I. Is politics a science or an art?II. Overrulinga. Gay marriageb. Special education Outline of Current Lecture I. Where does America rank in the world?II. We represent 6% of the world’s populationa. Universitiesb. Disinvesting in assetsIII. Importance of the middle classIV. HealthcareV. Opinion of the US Current LectureI. Where does America rank in the world?a. 25th in the world for math and scienceb. K – 12 asked this questioni. Answer: FirstThese 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 superiorityc. 20% of Americans believe the past was better than the futured. 40x as many Nobel Prize winners as Chinai. China has 8x the populatione. US Share of the world’s gross domestic product (wealth) has declined from 34% to 24% in 10 yearsi. Fastest decline of the world’s GDP in 100 yearsf. 1st in the world 20 years ago and since before Civil WarII. We represent 6% of the world’s populationa. 80-90% of the world’s greatest universitiesb. more foreign students try to come here for schooli. China trains 10x more engineersii. But, America has better qualityc. Disinvesting in assetsi. 45 states are spending less on higher education than they were 5 years agoii. OU has had fixed costs cut1. Absorbed $100 million in cuts2. Athletics is not subsidizeda. Nothing comes from state or tuitionb. Makes $10 million in profitsi. Boren taxes football tickets to go toward education (Academic Excellence Surcharge)3. $194 million in donations4. Research5. Tuition and Feesa. OU tuition and fees increases were the lowest increase in the USiii. 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 forward1. Extreme debta. In the next 20 years, the government will consume all the private savings in the United Statesb. Government owns money people are putting into banksi. No supply and demandc. Largest creation of jobs in the country are home building and purchasesi. Interest rate is 3% on loan of $100,000 = $300/monthii. If rates increase, jobs disappear, creates deficitd. Entitlements: welfare, military spending, and interest on the debt itself are largest areas of spendinge. GW Bush tax cuts during wars were new, lower than regular in the middle of a war, causing debt increase2. We’ve spent half as much on infrastructure in the last 30 years than any other period3. Study on farmers found that production of crops to farm gate cost was the same III. The importance of the middle classa. Top 1% of people in the US have earned 15-20% of the entire nation’s incomei. Has been average since the Civil Warii. Highest it’s ever gotten was in 1929b. 50,000 people under 16 would kill you for a $25 plastic watchi. 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 yeari. We are disinvesting in the middle classd. Average CEO in 1970 made 43x as much as an assembly line workeri. 1980 = 80xii. Now = 304xIV. Healthcarea. ObamaCare: Premiums that young people pay for healthcare covers old peoplei. Doctors charge so much because patients who can’t pay for it are coveredby other patientsii. Insurance companies still get the revenueb. We pay 75% more for healthcare than any other developed country i. Canada cheaper because healthcare is government runii. Quality of healthcare is much better for people who can affort itiii. Biggest industries in many cities are hospitalsc. 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 USa. Over 60% of people before and 80% said they admired the USi. 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 2c. Most of Europe loved Obamad. If we can’t be a leading boss of the rest of the world, we can be a leading