Chapter 6 Media Article
"Covering the cost of education "
The Abbotsford News, June 1, 2006
This article talks about how education is very important, but paying for it is another matter. The costs for post-secondary are becoming more expensive. For parents who are looking to start early on how to pay for their children's tuition they should think about investing in a RESP (Registered Education Savings Plan). RESP is not tax-detuctable, but the plan can grow based on a tax deffered basis. The RESP can also be transferred to someone else, if the child does not want to go to post-secondary.
In relation to chapter 6
RESP is a way for parents to ensure that their children's future are taken care of. The parents do not have to take money out from their savings when it comes time for little John/Jane to enter the post-secondary life. They can rather take the money out from a RESP that they have set up for them when they were little. This is an article from a Canadian newspaper, therefore this option is not offered to American citizens. Canadians do not have to worry about going into deep debt when their children go to University. People do not want to have pay for education "Stealing Hardvard" style. (That was a joke)
Chapter 7 Media Article
There is a new commercial on television, where a marathon runner has a lot of time to spare in the marathon, so he stops at a local convenience store to pick up a snack. Even though he has extra time, he does not have all the time in the world, so he uses his new Mastercard. This Mastercard no longer means you have to “swipe or give your card to a cashier.” Instead you can just scan your card if you’re in a hurry, rather than dealing with swiping the card and signing a receipt, depending on which location you go to.
In relation to chapter 7
This new money will go under the 6 criteria that we have learned about in this chapter.
- Durable – Rather than having bills that wear away, this plastic shinny card will last for at least a decade (from what I’ve seen from my parents).
- Portable – This card can be taken anywhere, it does not take up a lot of space, as compared to 30 bills stacked together.
- Divisibility – The card holds how much you have in your bank account, so it is easily divisible. If your purchase comes up to $20.49, the transaction will take out exactly $20.49. You will not have to deal with change if you gave the cashier $20.50 and receive $0.01 in return.
- Recognizable and readily accepted - The website cites that this card “accepted at over 23 million locations worldwide”. Although I have yet to seen one of these new credit cards to be accepted in the lower mainland.
- Not Easily Copied – To ensure safety the card has the “same information as that on the magnetic strip of your card.” So to copy the card would be difficult to do and even nearly impossible to do so. However, the same possibilities of someone finding out your credit card number along with a PIN are still at risk. A purchase of over $25 does require a signature and a PIN is required to access your debit account.
- Face value greater than actual value – The value of the card is worth probably a couple of dollars, but the amount that you do keep in your account will probably be at least 10 times as much as the value of the card.
Chapter 5 Media Article
"Recipients of employment insurance down 17.7% in B.C." Vancouver Sun, February 22, 2006
Collecting E.I. (unemployment insurance) in BC has dropped dramatically (17.7%), but it's incomparable to Alberta's 27% drop. Even though there's a huge drop in EI collection it doesn't necessarily mean it’s a good thing. It could mean people are otherwise on welfare or they have successfully found employment. The downside to a lower unemployment rate is "But a lower unemployment rate also has a down side: The lower the unemployment rate, the harder it is for people to qualify for unemployment benefits, and the less time they will receive those benefits"
Background information: Employment insurance goes to people who have worked 7000 hours in the previous year, giving them about 14 weeks of benefits. Employment insurance goes to people who haven't been able to find a job, but is in the job forced. This is for areas where unemployment is under 6%. Places where unemployment is 16% or above a person would need to work just 420 hours in order to recieve 32 weeks of benefits.
In relation chapter 5:
Unemployment in Vancouver isn't very high due to the fact that Vancouver 2010 is underway. However, its not always necessarily the best thing when unemployments are low. Unemployment insurance measures only people trying to look for a job and have only worked a certain amount of hours before. So seasonal jobs (logging, fishing industry) won't necessarily offer to give E.I. to everyone if you've only worked a fraction of the mandatory hours needed to get E.I.
Chapter 4 Media Article
"B.C. budget focus turns to children"
Times Colonist, February 22, 2006
Finance Minister Carole Taylor says the BC government will spent over $400 million this year in the children and families sector. This is only a fraction of what the government is spending towards the public sector workers. The reasoning behind the government's choice of spending $6 billion in the public worker sector since their contract ends this spring. About $ 1 - 2 million dollars will go towards benefits and wages.
Even though there are tax breaks for home owners, an estimated $733 million, more than half will be going to provide a $100 increase in the B.C. homeowner's grant. While there are tax breaks there, unfortunately there will not be a decrease in PST as many had hoped for.
In the 2005 budget, the majority of the Governments fund had gone to seniors, however this year the concern turns to children. $421 million will be spent in this sector which will "step in and help children and families
before they reach a crisis. It includes millions for more social workers and counsellors, support for families with special needs children and to fight crystal meth addiction." For every dollar spent on children, there will be a $3 will be going towards tax cuts.
"The government plans to increase B.C.'s debt to $39.8 billion by 2009, up $5 billion from 2005-06."
In relation to Chapter 4
Government spending this year has changed from spending money on seniors to the children. In Wagner's theory says that more services are required more in rurual areas than urban areas. The baby boomers are now reaching the retirement age and they'll require more services, so I guess that's why the budget in 2005 was focused on them. However this year, the children have their time in the spotlight as they are the future of this city.
Chapter 3 Media Article
"Supreme Court ruling has troubling implications for public healthcare" Edmonton Journal, June 14, 2005
A ruling in Canada says that Quebec's ruling about having private healthcare, underminds Canadian citizens rights to life and security. When Canada's Health Act was passed in the 1980's it states that everyone would be covered under a "unfied provincial insurance system". The government relied on the single payer for public health care because it would ensure that equal access would be made for health care and that it was also the most cost effective.
A monopoly is established for public insurers to allow them to have equal rights to the health care that they are entitled to. "I
t violates the right of private sector insurers to market their products, and it violates the right of citizens to purchase these private insurance products."
The Justice Courts do not want to ban private health care because if the public sector doesn't provide the services, then people's lives are at risk. Then the private sector would be able to provide people with what they need.
If waitlists are not dramatically lower, the chances of this decision of having private health care will be coming soon. The people that will be affected will be us and our universality will be at state. Then Canada's Health Care Act will no longer be in act as the risk of not having equal access to this resource will be gone.
In Relation to Chapter 3:
The health care system in Canada is public for the most part. So it is a natural Monopoly. But then again, there are some private companies out there to provide services to the public if the wait lists are too long for them to seek treatment. Also there are third party effects. I don't like the fact that if this ruling will become a reality, that people that do not have the funds to access health care will not get that they need. So we are the third party to this situation.
Chapter 2 Media Article
"Demand, delays affecting supply of flu vaccine" West Central Tribune, November 12, 2005
Flu vaccinations for this flu season will be in short supply in the comming days. So people who have been putting off getting their flu shot may be out of luck soon. However top priority for these vaccines go to the people at most risk. "These include the elderly, pregnant women, very young children and people with chronic conditions such as diabetes." Approximately 10 million new shipments of the flu vaccine will be distrubuted in the U.S.
The delayed shipment of
vaccines, caused a Family Practical Medical Center to postpone one of their flu shot clinics. At each clinic, they administer approximately 2,220 vaccines. The demand for flu shots have gone up due to the recent bird flu, and it shows as there are no cases of the flu that have been confirmed in Minesota.
In relation to Ch. 2.
The flu vaccine can be seen as an inelastic object, if you are
"Elderly, pregnant women, very young children and people with chronic conditions such as diabetes." These people have no other choice (substitute) but to get the flu shot or face being sick with the flu this winter season. The shortenned supply makes the vaccine more inelastic for those who need the vaccine the most. There are really no substitutes, other than not exposing yourself to the outside elements. The people listed earlier have weaker immune systems and even with constant hand washing, covering their mouth when they cough will not have a big impact on stopping them from getting the flu. The price of getting a vaccine is fairly inexpensive and would be worth getting if it can prevent you from feeling under the weather for X amount of days.
However the flu vaccine can be seen as an elastic object for those who are not highly at risk for getting the flu. Just washing their hands, covering their mouth when they cough is enough for them to not get sick. For them getting the shot would just be an extra precaution from getting sick, but not a necessity for them to get.
Chapter 1 Media Article
"Scarcity fuels selective spending" Calgary Herald September 27, 2005
If you have not noticed lately with the hike of gas prices, you must be living under a rock. Due to many circumstances, including the recent hurricanes hapenning in the Gulf states in America. More importantly that the fact that there are not enough resources, as most of the accessible oil has already been sucked dry. Now we must dig up for the so called "liquid gold" and we know its gold when the prices at the local gas station reflect that. Now commuters must shell out an additional $10 a week to fill up gas tanks. Consumers will most likely fill up once a week, so about 4 times a month.
In relation to Chapter 1 - Scarcity, Opportunity Cost, Resources (natural)
Anyone who drives a vehicle will need to fill up their gas tank at one point or another. So about $40 worth of your hard earn cash will be eaten up by the price of gas. That is $40 less for that pair of jeans that you have your eyes on. The opportunity cost for gas is not getting your pair of jeans. Sooner or later there will be no more fossil fuels that will be allowed for us to use. Natural resources do not last forever, so we have to find alternatives. Luckily we are in the twenty-first century and hybrid cars are already hitting the streets. Would you rather drive a hybrid car or a fossil fuel burning car? I must say a car that is ran on fossil fuel would run a lot faster. However because of environmental and the cost factor I would choose the hybrid car.
