Grade 9-12, Higher Education
,
On-Demand Webinar

The Fiscal Ship: A Federal Budget Simulation Game

Time: 60 mins,
Presenter: Cheidy Perez
Teacher Version

Objective

In tis webinar teachers will be able to:

  • Better understand and be prepared to explain to students concepts like debt, deficit, federal budget, tax and spending policies, effects of an aging population on the economy, etc.
  • Be familiar with and ready to utilize in the classroom the Fiscal Ship online game.

Standards

State Standards

Concepts

Balance of Trade and Balance of Payments, Budget Deficits and Public Debt, Budgeting, Decision Making/Cost-Benefit Analysis, Economic Institutions, Economic Systems, Employment and Unemployment, Fiscal Policy, GDP, Government Failures, Human Capital, Income, Income Distribution, Inflation, Insurance, Interest, Money, Productivity, Public-Choice Analysis, Taxes

This video is available to view for EconEdLink members only.

Description

The Fiscal Ship challenges you to put the federal budget on a sustainable course. Measured as a share of gross domestic product, the federal debt is higher than at any time since the end of World War II and projected to climb to unprecedented levels. America is looking at a permanent, growing mismatch between revenues and spending, and policymakers are faced with difficult decisions about how to reconcile important government priorities—including retirement and health benefits promised to the growing number of old folks—with the tax revenues that the current tax code will yield. Today’s tax code won’t yield enough revenue to pay for basic services of government plus the retirement and health benefits promised to the growing number of old folks. So your mission is to pick from a menu of tax and spending options to reduce the debt from projected levels over the next 25 years. Small changes to spending and taxes won’t suffice. The choices are difficult, but the goal is achievable. But budget decisions aren’t only about fiscal sustainability. They also shape the kind of country we live in. To win the game, you need to find a combination of policies that match your values and priorities AND set the budget on a sustainable course. The Fiscal Ship emphasizes that budgeting is more than a spreadsheet with pluses and minuses. One of the main reasons we created The Fiscal Ship was to help students understand the federal budget, because budgeting isn’t just about numbers. It’s also about priorities. If you’re a teacher, you can use The Fiscal Ship as an interactive and engaging lesson plan. Whether your students are studying civics, government, or economics, The Fiscal Ship can help them discover what policies they support, what those policies cost, and the tradeoffs involved in governing.

Resources

Subjects:
Economics,Business,Social Studies,Math