Warm-up: 1. Why do you think the United States is in financial trouble today?

1. Warm-up: 1. Why do you think the United States is in financial trouble today? 2. How should we pay off debt if it costs us more to live then what we make? 3. What do you think will happen if we don’t take care of our finances now?

2. Objectives • Explain why the new nation faced an economic crisis. • Identify the three parts of Hamilton’s financial plan. • Describe how Washington responded to the Whiskey Rebellion.

3. Teaching Point The United States faced a financial crisis when they launched the new nation and George Washington became President. How did George Washington deal with the financial crisis?

4. How did President Washington set the course for the new nation? President Washington set precedents for the nation by choosing top advisors to form his Cabinet and by establishing the court system.

5. In April of 1789, George Washington began his term as the first President of the United States. His inauguration was held on April 30, 1789.

6. Washington had several reasons to feel anxious as he started his term as President. The country was divided on many issues. His actions would set a precedent. The new nation depended on him.

7. The first job of the President and the Congress was to put a working government in place. Congress passed laws to set up the three departments of the executive branch. Treasury State War

8. Washington appointed four well-known men as his top advisors. This group later became known as the Cabinet.

9. Washington also established a judiciary, or court system. Supreme Court Circuit Courts District Courts

10. Washington also faced the challenge of America’s significant debt. The American colonies needed money for the war. The new government owed money to its investors. Americans and foreigners bought bonds to help the war effort.

11. The nation’s economic crisis was complicated by the issue of speculators. Speculators had bought bonds from the original buyers for less than they were worth. If the government paid its debt, speculators would make a profit. Many Americans thought this was unfair.

12. The new government was not collecting enough money to repay its debt. It needed new sources of income.

13. These were estimates one year ago. current government is still not collecting enough money to pay its debts. Projected Estimated Cost to Run the U.S. Government in 2013 Estimated Amount The U.S. Currently Owes Projected Total Income In The U.S. For 2013 $2,900,000,000,000.00 $3,800,000,000,000.00 $16,700,000,000,000.00

14. The current government is still not collecting enough money to pay its debts. Estimated Amount The U.S. Currently Owes Projected Total Income In The U.S. For 2014 Projected Estimated Cost to Run the U.S. Government in 2014 $3,030,000,000,000.00 $3,770,000,000,000.00 $17,400,000,000,000.00

16. What is the annual salary of… Member of the U.S. House of Representatives: $193,400.-$223,500./Year Member of the U.S. Senate: $174,000.-$223,500./Year Member of the U.S. Supreme Court: $213,900.-$223,500./Year Vice President of the U.S.: $230,700./Year President of the U.S.: $400,000./Year

18. Secretary of the Treasury Alexander Hamilton developed a plan to solve the financial crisis. Pay all federal and state debts The government would: Create a national bank Impose a high tax on imported goods

19. Many Southerners opposed Hamilton’s plan for the government to repay state debts. Hamilton believed his plan would encourage future investors. Southerners thought each state should repay its own debts. Southerners supported Hamilton after Congress agreed to build the new capital city in the South.

20. In 1791, Congress created the National Bank. Americans disagreed over whether the Constitution gave government this power. Supporters pointed out that the Constitution gave Congress the power to make all laws “necessary and proper” for fulfilling its duties. Opponents believed a national bank was unconstitutional, because it was not specifically addressed in the Constitution.

21. Congress did not pass Hamilton’s tariff plan. In 1791, it imposed a tax on all U.S. whiskey. This led to a farmer’s revolt known as the Whiskey Rebellion. Washington sent troops to end the revolt.

22. Objectives • Explain why the new nation faced an economic crisis. • Identify the three parts of Hamilton’s financial plan. • Describe how Washington responded to the Whiskey Rebellion.

23. STOP

24. Warm-up Day 2: 1. Why do you think the United States is in financial trouble? 2. How should we pay off debt if it costs us more to live then what we make? 3. What do you think will happen if we don’t take care of our finances now?

25. Go to the following website and answer the questions on in your notebook. www.usdebtclock.org 1. What do you see happening on this website? 2. How much does this debt clock say the U.S. owes? 3. Approximately how much does this debt equal per U.S. citizen? How much per tax payer? 4. What will the projected national debt be in the year 2019? 5. How much will this equal to per U.S. citizen? Click on State Debt Clocks in the top left corner…go to Wyoming... 6. What is the population of Wyoming? 7. How many people are unemployed in the state? 8. How many people receive food stamps? 9. What is the total state debt in Wyoming? 10. How much does this equal to per Wyoming citizen?

26. Assignment: On the Left-side page next to your Debt Clock Questions… Write a letter to Congress… Explain what you think should be done to deal with the financial crisis in the United States right now. Include ways the current crisis affects you and your family personally, and your concerns for the future. Follow the instructions on the next couple of slides.

27. Write a letter to Congress explaining your feelings about the financial crisis in the United States and what you think should be done to deal with it. Think Locally: It’s usually best to send your letters to the representative from your local Congressional District or the senators from your state. Your vote helps elect them—or not—and that fact alone carries a lot of weight. It also helps personalize your letter. Letters should be 3 paragraphs and should include the following…  Say who you are and why you are writing. List your credentials and include your name and address. Provide more detail. Be factual not emotional. Provide specific rather than general information about how the topic affects you and others. Close by requesting the action you want taken: a vote against or for a bill, or a change in general policy. *The best letters are courteous, to the point, and include specific supporting examples.

28. Date: The Honorable (full name) (Room#) (Name) Office Building United States Senate Washington, DC 20510 Greeting… Dear Senator/Representative (Name), Paragraph 1:  Say who you are and why you are writing. List your credentials and include your name and address. Paragraph 2: Provide more detail. Be factual not emotional. Provide specific rather than general information about how the topic affects you and others. Paragraph 3: Close by requesting the action you want taken: a vote against or for a bill, or a change in general policy. Closing… (Choose one of the following) Cordially, Sincerely Yours, Truly Yours, Your Name: Your Address:

29. Addressing Members of Congress To Your Senator: The Honorable John Barrasso The Honorable Michael B. Enzi 307 Dirksen Senate Office Building or 379A Russell Senate Office Building United States Senate United States Senate Washington, DC 20510 Washington, DC 20510 To Your Representative: The Honorable Cynthia M. Lummis 113 Cannon House Office Building United States House of Representatives Washington, DC 20510 ____________________________________________________________________

30. Terms and People • inauguration– a ceremony in which the President takes the oath of office • precedent– an example to be followed by others in the future • bond– a certificate issued by a government for an amount of money that the government promises to pay back with interest • speculator– a person who invests in a risky venture in the hope of making a large profit

31. Terms and People (continued) • unconstitutional – contrary to what is permitted by the Constitution • tariff – a tax on imported goods