Between paying now or paying later, Americans have just about always preferred debt to taxes. Paul Solman talks to Simon Johnson of the MIT Sloan School of Management about his new book "White House Burning," which chronicles the history -- including the whys and whererfores, virtues and vices -- of U.S. debt.
OTHER RELATED LESSONS
Students will visit “A Citizen’s Guide to the Federal Budget,” and use the federal government web site to obtain information which will help them understand basic information about the budget of the United States Government for the current fiscal year.
This lesson defines and compares the National Debt with the National Deficit. Students will discover the differences between the two and look at current trends. Students will examine the amount of per-capita debt and be exposed to the reality of the amount the national debt is increasing every d...
This lesson will take students through the series of tax acts that were enacted by the British government and disputed by the original 13 colonies of America prior to the American Revolution. Students will discuss the concept of government-provided services in exchange for taxes. Students w...
Grades 3-5, 6-8
This lesson helps students understand the basic services provided for Americans in the United States Constitution and the necessity of a system of taxation to fund those services. Students will debate the pros and cons of having governments fund and provide particular services.
Grades 6-8, 9-12
You've heard your parents talk about Social Security, and perhaps you have a grandparent who counts on receiving a Social Security check every month. Will you be able to count on Social Security, too? Many people believe that this program which primarily provides retirement benefits is n...