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U.S Government: Political Development and Institutional Change by Calvin C. Jillson-Chapter: 15 Review

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Institution

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U.S Government: Political Development and Institutional Change By Calvin C. Jillson-Chapter: 15 Review

Introduction

The chapter explores government, domestic policy, and the economy whereby; it examines the role of President, Congress, and Senate in policy development and the organization of the United States’ economy. Moreover, Chapter 15 illustrates the construction of economic infrastructure and the expansion of the welfare state and Macroeconomic regulation. The chapter brings into limelight the perspectives of contemporary financial management and the institutions of economic policymaking (Jillson, 2013). It discusses the domestic social programs and their challenges and fiscal decision making, among other issues related to U.S politics, economy, and institutional change. The paper summarizes and evaluates the perspectives of contemporary economic management, budgetary decision making, and domestic social programs and their challenges. It concludes by summarizing the issues analyzed in the sections and indicating the areas of improvement in the piece of literature.

Body

Summary

Section 1:The Perspectives of Contemporary Economic Management

The piece of the chapter discusses the vitality of regulatory, monetary, and fiscal policies in economic management. It elaborates on the policy tools that Congress and the president ought to apply in executing their responsibilities in managing the economy and the deployment of these tools. The section explains some of the terms used in economics that comprise of surplus and fiscal policy. Besides, this portion of chapter 15 offers a precise explanation of traditional conservatism and its perception concerning the economy. It examines Keynesian economic ideas and their connection with a British economist John Maynard Keynes (Jillson, 2013). The writer adequately explores the concept of supply-side economics in the “the perspectives of contemporary economic management” section. The division brings into limelight the theory of monetarism and the viewpoints of monetarists. It touches on how the members of the Bush administration served as supply-siders concerning tax cuts and Keynesians on issues concerning spending.

Section 2:Fiscal Decision Making: Budgets, Taxes, and Spending

The portion oof chapter: 5 equips the reader with a pool of knowledge regarding the role of the Congress and the president in formulating the yearly budget. It emphasizes how the decisions made by the federal government affect the social, economic, and political aspects of the Americans. The portion exposes the persistent conflicts between Congress and the president on matters relating to revenue collection and its distribution across varied projects (Jillson, 2013). Moreover, this part of chapter 5 offers a tabular representation of budget preparation and the two stages involved in the process. It clarifies how the president analyses the most recent economic projections and data before making fine adjustments on the budget. On the other hand, the portion covers various types of taxes that consist of regressive, progressive, and flat levies. It covers extensively the issues and concepts involved in government spending.

Section 3:Domestic Social Programs and Their Challenges

The section is crucial in understanding the problems that face domestic social programs in the United States. It allows the reader to understand the role of government in the provision of social services to its people. The segment offers detailed information on social services that include social insurance programs, means-tested programs, and social security. Social security is the most important social program run by the federal government, though; it faces devastating challenges. Medicare and Medicaid have a clear discussion in the sub-section of chapter 5. According to the section, Americans incur more health care costs than any other society in the world (Jillson, 2013). The division reveals that the cost of health insurance in the United States is exceptionally high, and some employers decline to pay for their employees’ coverage. In turn, employees cannot afford the costs of health insurance. Based on the section, Medicaid covers the health needs of the poor, hence a means-tested social service program.

Evaluation

Section 1: The Perspectives of Contemporary Economic Management

In chapter 15, the author-Jillson uses the segment to offer a precise articulation of the concepts applied in the management of the economy in the contemporary world. Despite the continuous disputes concerning the policies implemented to manage the economy, the section puts into perspective how the government incorporates the various strategies to create a favorable effect on the economy. In the endeavor to achieve the goal, the division offers an expressive definition of the terms used in economics. For instance, deficit refers to the amount that the government has to borrow to cover shortfalls when it spends more than it gathers in particular year (Jillson, 2013). Even though the section offers a concrete explanation of the concepts, it fails to inform the reader about how the policies affect the lives of the “common” citizens of the United States. Citizens must understand how government policies influence their daily lives.

Section 2: Fiscal Decision Making: Budgets, Taxes, and Spending

The portion offers a consistent description of the processes involved in government budgeting, taxing, and spending. For illustration, it declares that the government sets priorities of its projects based on the revenue and expenditure, and the two must correspond to avoid deficit or surplus. The segment gives a clear depiction of the budgeting process, the role of executive and legislative in the process, and even offers a tabular representation of fiscal decision-making procedure. It is indisputable that this portion of chapter 15 successfully develops the concept of budgetary decision-making. The reader can undoubtedly understand the mandate of Congressional Budget Office (CBO)-to analyze the anticipated contents of the budget; if necessary, it develops a congressional alternative. In the section, the author offers a timeline for certain processes-CBO should submit the president’s budget assessment to House and Senate Budget Committees by February 15, each year.

Section 3: Domestic Social Programs and Their Challenges

Agreeably, Calvin Jill prevailed in this section of Chapter 15 in his discussion of the adversaries facing domestic social programs in the United States. It is unbelievable that most Americans applied for Medicaid, which is meant for the underprivileged in society due to economic recessions such as 2007-2008 financial crises. He captures the attention of the readers when he writes about the employers who resolved to stop paying health insurance for their employees due to the unbearable costs (Jillson, 2013). Subsequently, the workers become entirely incapacitated to pay and obtain health services from their stumbling sources of income. Even though the writer addresses the challenges affecting social programs in the United States, he does not explore the feasible solutions. For demonstration, he argues that traditionally access to health services is limited than in other wealth nations but does not suggest a solution to the limitations. Instead, he advances to reference health care systems in Canada and European countries.

Conclusion

The essay puts into perspective the contribution of summarized and evaluated sections of chapter 15 to the relevance of the book’s title “American Government: Political Development and Institutional Change.” In particular, the essay stresses the theme of Chapter 15, “Government, Economy and Domestic Policy.” The paper narrows down to explore how various concepts in Chapter 15 support the topic. Upon the summarization and evaluation of the ideas, it is undeniable that government policies have substantial effects on the United States’ economy. Subsequently, the economy has a notable influence on the daily lives of the American population. The perspectives of contemporary economy management, Fiscal decision-making, and social programs have an eventual impact on the entire society, either favorable or unfavorable (Jillson, 2013). The author thrives much in the depiction United States situation. However, upon evaluation of the piece of literature, I have pinpointed some areas of improvement

Reference

Jillson, C. (2013). American government: Political development and institutional change. Routledge.

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Question and Answer

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Question and Answer

Qn # 1(300 words)

I believe that Cryptocurrencies will not redistribute wealth because over 99 percent of the people perceive that the online wallets are mere gambling masked as an investment (Youyou Kosinski & Stillwell, 2015). Cryptocurrencies are comparable to casinos only that they are slightly slower and safer. For example, an individual takes $100, puts it on a number, and expects that the hits. The person may pull his or her funds while only a few 3’s or 7’s can wipe out the individual’s investment. The trend is particularly true if the individual buys Bit-coins at the wrong time. As described in (chapter 3, 44), the volatility of Cryptocurrencies is exceptionally high because the system is associated with various scandals and incidents that involve crucial players within the Bitcoin ecosystem. Many people and agencies have adopted Cryptocurrencies and claim that it has a wealth accumulation potential. Despite the argument, in Cryptocurrencies, one can only pick and hold currencies hoping that it goes up (Klous & Wielaard, 2016).

Chapter 3 of the book “We are Big Data- the future of information society” states, “You are perhaps not going to get rich off of it anymore without being rich in the first place.” The argument supports my viewpoint that Cryptocurrencies will not redistribute wealth. An individual can only get rich through the system if he or she is rich in the first place. One must have the capital to purchase absolute shit-ton or capable of buying adequate mining rigs to survive the difficult years created by other mining people. In the article entitled “Hackers Steal $59 Million in Cryptocurrencies from Japanese Exchange” published by npr.org, it is evident that the system is an insecure investment and cannot guarantee the redistribution of wealth. Based on the article, hackers have attempted to steal virtual currencies five times in 2018 alone. Despite the absolute risk of investment in Cryptocurrencies and the reported scandals, most individuals continue to invest in the system, hoping to multiply wealth. Conclusively, the only rich become wealthier in Cryptocurrencies that promote income inequality rather than redistribution of wealth.

Qn # 2 (200 words)

The 2010 Flash Crash refers to the market crash that happened on May 6, 2010. During the crush, thriving U.S stock indices that comprised S&P 500, Dow Jones Industrial Average and Nasdaq Composite Index, fell and faced partial rebound in less than one hour. Volatility in the trading of all kinds of securities that involve futures, stocks, and options identified the day. Even though the indices of market partially rebounded in the same day, the flashcard crush erased nearly $ 1 trillion in the value of the market. Based on the event, I perceive that information overload is a terrible thing. The article “Strategic Agent-Based Modeling of Financial Market, written by Wellman and Wah, supports my viewpoint. In the article, algorithms overloaded with information control sources of market liquidity pose a critical threat to the system’s stability. In the 2010 flash crush, the sellers aggressively and subsequently sold orders based on an expert report. High-frequency algorithms executed the processes and overwhelmed by the information and caused a massive drop in market prices. The market recovered about one hour after the plunge and did not cause substantial damage to the traders and investors caught by the crush (Wellman & Wah, 2017). However, information overload is not a good thing, as many traders lost confidence in the markets.

Qn # 3 (300 words)

In the social media presentation, twitter assisted the journalist in telling the story of the Boston Bombing. Once the disaster happened, most employees of the Boston Globe covered the story using Twitter. Live-tweeting was an alternative to report the event from the ground. The Globe newsroom dedicated some employees to monitor the incoming tweets from the TweetDeck. The staff fed the tweets into the live blog of the paper concerning the event- it was the most visit page on their website as the chase continued (“Social Media and communication Presentation,” n.d). Once the home page failed temporarily, the staff used Twitter to communicate with the readers. The Globe staff played the role of harvesting the tweets while the news editors verified and reported the information. The information flowed in fast that included a user who tweeted about the Boston explosion on a few seconds after the event. Agreeably, Twitter had a positive influence on the reporting of the Boston attack, and we cannot underestimate the role of social media in communication.

Nevertheless, social media may have a negative influence on communication. In (Chapter 8, pg. 119) of the book, “We are Big Data- the future of information society,” social media may violate individuals’ privacy rights. A discussion about “the right to be forgotten” forming a component of a lawsuit at the European in 2014 prevail. It raised concerns about privacy rights and the internet (Klous & Wielaard, 2016). In the event, a Spanish lawyer demanded Google should not return results on searches that mentioned his name Mario Costeja González. The discussion and searches about the issue infringed on his rights to privacy. The judge instructed the removal of any information González and in the event “the right to be forgotten overpowered the freedom of expression on the internet, particularly social media.

Qn # 4 (300 words)

Moneyball is a movie produced in 2011 concerning sports, Bennett Miller directed it and while Aaron Sorkin and Steven Zaillian wrote the movie script. In the film, the theme of humans versus technology is well developed. Beane encounters Peter Brand, a youngster Yale graduate in economics, during the scouting visit to Cleveland Indians. Brand had fundamental knowledge on how to evaluate the value of a player using sabermetrics. Beane tried the theory proposed by Brand by enquiring whether he would have drafted Beane out of school. Brand clarifies that he would have drafted Beane out of school until the ninth round. Beane is pleased with Brand and hires him to serve as his assistant GM. Instead of evaluating the players based on the scout’s experience, Brand applied sabermetrics to estimate the value of players (Moneyball 4:10). The leaning is proof that we are losing humanity to data. Brand used the system to select the players according to their on-base percentage (OBP) and ignored the players’ probable weak points.

The procedure resulted in the recruitment of undervalued players that consist of submarine pitcher Chad Bradford, injured goalkeeper Scott Hatteberg, and David Justice was already aging. The use of data processing systems in the selection of players led to a conflict of interest in the group. The data system’s failure is comparable to the 2010 flashcard card crush that made investors and traders lose trust in the financial markets. The Oakland scouts oppose the approach of choosing players, and Beane fires Grad Fason after he accuses him of destroying the team. The tensions regarding the contract’s use of sabermetrics to player selection escalate, and Howe disregards the method used by Brand and Beane to select players. Howe uses a traditional approach to select player lineup. We are losing humanity to data due to various experiments to replace the roles of human beings with systems.

References

“Social Media and communication Presentation.”

Klous, S., & Wielaard, N. (2016). We are big data: future of information society. Springer.

Pisano, J. (2011). Moneyball. https://youtu.be/-4QPVo0UIzc

Wellman, M. P., & Wah, E. (2017). Strategic agent-based modeling of financial markets. RSF: The Russell Sage Foundation. Journal of Social Sciences, 3(1), 104-119.

Youyou, W., Kosinski, M., & Stillwell, D. (2015). Computer-based personality judgments are more precise than human-made. Proceedings of the National Academy of Sciences, 112(4), 1036-1040.