Recent Changes

Reaction paper 08-04-09
In July 2004 Governor Rendell signed the Pennsylvania Race Horse Development and Gaming Act. This act permits the operations of slot machines in Pennsylvania. By August 2009 there are 8 casinos built out of the 14 of them that planed to be built. The eight casinos have been operating for about 3 years since the opening. The impact on Pennsylvanians seems more positive than most of us had previously anticipated, $3.6 billion revenue shared by the commonwealth and casino operators. Pennsylvanians are benefitted by the $1.7 billion going towards property tax relief and the creation of 16,000 jobs. The casino taxes help fund the new arena in Pittsburgh that help keep the Stanley Cup winners the Penguins from leaving. Now the casinos desire to put table gaming, which would generate more revues if approved. The table gambling would boost revenue by 30 percent and create more job opportunities. The gambling industry wants to expand their casino business. By introducing and operating table games in the casinos in Pennsylvania, it would generate more income than having to building other slot machines casinos elsewhere. Pennsylvania has a $3.2 billion budget gap and the casinos are here to stay, so we should use them to their fullest and allow them to operate table gambling.

Reaction Paper
Although Obama’s stimulus plan has been supported by government officers and the American who have a good sense of economics, some don’t have faith in this plan.
A recession is usually six to nine consecutive month of decline in a country’s GDP. The definition of depression is that “a severe recession that lasts longer than a recession.” The current recession we are experiencing has lasted longer than a typical “recession,” but, no one is using the “D” word.
The strategy that Obama is using, which has been used by the Federal Reserve System, and it has always worked. When economy is good, to slowdown economic activity, Fed increases reserve requirement so that banks lend less money to borrowers and also sells government securities. The money supply to the market decreases. When economy is bad, to increase economic activity, the Fed decreases reserve requirement so that more money for banks to lend to borrowers and also buys government securities. The money supply to the marker increases.
Obama’s stimulus plan is working in the same theory by pumping more money into the market, so more people can spend, so more products will be demanded and to be produced, so more workers will be needed, so more jobs will be created….