How to Skimm Your Life
Page 16
The Economy
The background
After the ’08 financial crisis, the economy had a long hangover. Interest rates dropped to basically zero to help give the economy a boost by making it easier for people to borrow money. In recent years, interest rates and job numbers have been looking up. How a candidate plans to keep the economy on the rise is a major talking point.
The opinions
Everyone wants to continue boosting employment and creating job growth. But some (mostly on the left) would like to focus on programs like Social Security and Medicare, and closing the wealth gap. Others (mostly on the right) want to focus on supporting big companies to encourage economic growth for everyone.
Climate Change
The background
The Earth’s heating up. And as you read earlier in this book, some recent reports have been even worse than expected. A 2018 UN report said the world has 12 years to significantly reduce greenhouse gas emissions…or we could start seeing severe impacts of climate change by 2040.
The opinions
97 percent of scientists say it’s based on human activity. So the vast majority of experts believe this is a major problem. But there are a lot of political opinions about how major it really is. Some (mostly on the left) say this is becoming a national security issue we need to deal with stat. Others (mostly on the right) question whether the human effect has been overstated. And others on the right say climate change might be bad…but losing coal jobs and making businesses pay high prices to cut back on emissions is also bad.
Abortion
The background
Roe v. Wade gave women the right to have an abortion. Typically, they have until the fetus is considered “viable” outside of the uterus. Many states have put that at around 20 to 24 weeks. But some states have cut down that time period. Mississippi recently passed a bill banning abortions after 15 weeks. A federal court struck it down, but the state is appealing.
The opinions
Where to begin? This is one of the most divisive social issues out there and hits on a lot of nerves—women’s rights, religion, access to healthcare. Some believe women have the right to a safe, legal abortion, and that when states limit that access, it unfairly targets low-income women, especially in rural areas, who have limited access to clinics. Others believe in the right to life, or the idea that abortion should be illegal in most or all cases. In some cases, this side believes there should be exceptions if the woman was sexually assaulted or to save the life of the mother.
Immigration
The background
There are millions of undocumented immigrants living in the US. For years, lawmakers have been trying (and failing) to come up with a solution. Since President Trump was elected, he’s been trying to roll back DACA (an Obama-era program that protects from deportation people who were illegally brought to the US as kids, aka “Dreamers”) and enact tough-on-immigration policies that got him elected. That includes cracking down on sanctuary cities (places that protect immigrants from deportation), his zero-tolerance policy that separated kids from their parents at the US-Mexico border, a travel ban that aimed to prevent people from several Muslim-majority countries from coming to the US, and building a big ol’ wall on our southern border.
The opinions
Most everyone believes it’s not okay to separate immigrant families at the border. And that the immigration system needs a makeover. But some (mostly on the right) think priority number one needs to be increasing national security by protecting our borders. Others (mostly on the left) think priority number one should be creating a path to citizenship for undocumented immigrants—especially those in the DACA program.
theSkimm: Voting is the way to make your voice heard on decisions and issues that affect your life. The same life that you’ve now Skimm’d.
* It really is effect, not affect in this case. We were shocked too.
SKIMM’TIONARY
açaí: A type of berry found on South American palm trees that’s high in antioxidants and other nutrients. (this page)
acidity: The light, citrusy taste of a wine. (this page)
ACV: Actual cash value. A type of insurance that covers the current cost of an item, rather than what you bought it for. (this page)
adjusted gross income: Your gross income minus deductions. (this page)
appreciating asset: Something like a house whose value (hopefully) increases over time. (this page)
appropriation bills: Bills that deal with the federal government. (this page)
APY: Annual percentage yield, or the yearly rate of return of the money in your savings account. Accounts with better interest rates have a higher APY. (this page)
ARM: Adjustable-rate mortgage. Loans that start with a lower interest rate that adjusts every year depending on the markets. (this page)
authorization bills: Bills that establish or modify federal agencies. (this page)
avalanche method: Minimize the interest you pay by taking care of debts with the highest interest rates first. (this page)
balloon mortgage: A mortgage where a lump sum is paid at the end of the loan period. (this page)
bear market: When the market’s dipping low. (this page)
bitters: The fancy thing in your drink, aka flavored extracts concocted by infusing things like herbs, seeds, and berries with alcohol. (this page)
body: The way a wine feels in your mouth, directly related to how much alcohol is in it. (this page)
bonds: Loans made to a company or the government, paid back at fixed interest rates. (this page)
brokerage account: The place to park your investments. (this page)
budget deficit: How much bigger the gov’s spending is than what it’s making in any given year. (this page)
bull market: When the market’s on the upswing. (this page)
cage-free: Eggs that were produced by chickens outside a cage. But there are no space requirements for the chicken’s space. (this page)
capital gains: The profits from the sale of an asset (shares of stock, land, home). You can get taxed on these. (this page)
cash diet: Budget for the daily amount you want to spend on vacation and put that amount in different envelopes labeled by day. (this page)
CBD: Oil that comes from the flowers or buds of hemp or marijuana plants but doesn’t contain THC (the chemical that gets people high). (this page)
CD: A certificate of deposit. An account with better rates than a regular savings account, but restrictions on withdrawing for a set period of time (usually a few months up to a few years). (this page)
chia: Seeds from a South American mint plant that are high in protein and fiber. (this page)
CLEAR: A pricey airport program that feels like a Black Mirror episode. It uses your fingerprint and scans your eyes for identification, allowing you to bypass the boarding pass–ID checkpoint. (this page)
COBRA: Consolidated Omnibus Budget Reconciliation Act. A federal law that may let you keep your health insurance for a period of time after losing your job. (this page)
co-insurance: The amount you still have to pay for covered medical services once you hit your deductible. (this page)
communism: A system of gov where all property and means of production are owned collectively. (this page)
Congressional Record: Congress’s blog, or the place where it records bills it’s considering. (this page)
continuing resolution: The short-term spending bill reached when Congress can’t agree on a budget. (this page)
co-pay: The flat fee you pay for covered medical services. (this page)
corked: Wine that’s contaminated with cork taint, which happens when the natural fungi in a cork interacts with certain chlorides or bleaches used to sanitize corks. Drink at your own risk (don’t). (this page)
credit mix: How many types of credit you have in use. (this page)
credit utilization: The ratio of how much you owe to how much you’re allowed to spend. You want to keep this low. (this page)
Czechoslovakia: The former Czech Republic and Slovakia. Put this on your “List of Things You No Longer Say.” (this page)
DACA: An Obama-era program that protects from deportation people who were illegally brought to the US as kids, aka “Dreamers.” (this page)
day trading: Buying and selling stocks within the same day before the close of the markets. (this page)
debt ceiling: How much debt the federal gov’s allowed to have. (this page)
deductible: The amount you have to pay toward your medical costs before your insurance company starts picking up part of the bill. (this page)
deductions: The way to shave off your taxable income. You can go standard or itemized. (this page)
democracy: A system of gov for the people, where citizens have the right to vote. (this page)
depreciating asset: Something like a car whose value decreases over time. (this page)
Dow Jones Industrial Average: The music charts of the stock market. It lists 30 big-name stocks traded on the NYSE or NASDAQ. (this page)
electoral college: The controversial process of tallying presidential votes. For most states, it’s winner-takes-all—whoever wins the popular vote in the state gets all of that state’s electors (equal to its number of congressional reps). (this page)
ETFs: Exchange-traded funds—a type of fund that’s traded on a stock exchange. (this page)
EU: The European Union. It’s made up of 28 European countries. (this page)
executive action: A directive issued by the president that’s not legally binding, and treated more as a verbal promise. (this page)
executive order: A, yes, order issued by the president that’s legally binding. (this page)
exemptions: Tax discounts you get right off the bat for just being you. (this page)
fermentation: The process of converting sugar into alcohol. (this page)
FICO score: One of the main credit scores banks use when determining whether to give you a loan. FICO stands for Fair Isaac Corporation, the company whose software calculates your score. (this page)
50/30/20 rule: A budgeting method. 50 percent of your paycheck goes to things you need (like rent), 30 percent goes towards things you want (like travel) and 20 percent goes towards savings and paying off debt. (this page)
filibuster: When a senator makes a really, really long speech on the floor to block anything else from getting done. (this page)
5-4-3-2-1 rule: Packing hack. Bring one hat, two pairs of shoes, three bottoms, four tops, five pairs of socks and underwear. (this page)
fixed-rate loan: A loan where you pay the same interest rate every year. (this page)
5G: A new wireless Internet system that would make your smartphone or car connect to the Web really quickly. China and the US are racing to be first to develop it. (this page)
flax: Seeds from a flax plant that are high in fiber and omega-3 fatty acids. (this page)
foreclosure: When the bank takes back your house because you stopped paying your mortgage. (this page)
4-7-8 breathing technique: A breathing technique the involves inhaling through your nose for four seconds, holding for seven seconds, and breathing out through your mouth for eight seconds. (this page)
4868: The IRS tax extension form. Procrastinator’s delight. (this page)
401(k): An employer-sponsored retirement savings plan that lets you save and invest a piece of your paycheck before taxes are taken out. (this page)
free fall position: Sleeping stomach down. (this page)
free-range: Eggs produced by chickens with access to the outdoors. (this page)
FSA: Flexible savings account. A type of savings account to help pay for healthcare. With an FSA, there are limited options to roll over unused money. (this page)
furlough: The forced unpaid vacay “nonessential” federal employees go on when there’s a government shutdown. (this page)
gerrymandering: When a party draws district lines to favor their guy or girl. (this page)
Global Entry: The airport program that lets you skip the customs line. If you have Global Entry, you also get TSA PreCheck. (this page)
gross income: How much you make before taxes and other deductions are taken out. (this page)
G7: A security alliance between the US, Canada, France, Germany, Italy, Japan, and the UK. (this page)
G20: An economic alliance between the world’s twenty largest economies. (this page)
hanger trick: Turn all your hangers one way. When you wear something, turn its hanger the other way. After six months, you’ll know what you actually wear and what you can toss. (this page)
hard inquiry: A type of credit check that affects your score. Happens when a lender checks specifically to approve a new credit card or a loan. (this page)
hemp: Seeds from a hemp plant that are high in fatty acids and protein. (this page)
high-yield savings account: An account where you put more in and get more back. The interest rates are often higher but you often need to invest a certain amount to get one. (this page)
HMO: A health insurance plan that usually limits insurance to in-network coverage. (this page)
hopper: The box in the House of Representatives where bills are introduced. (this page)
HSA: Health savings account. A savings account to help pay for healthcare. With an HSA, the unused money in your account rolls over to the next year. (this page)
hyaluronic acid: A naturally occurring substance, usually found in serum or creams. Its main purpose is to help the skin retain moisture. (this page)
IMF: International Monetary Fund. Made up of 189 countries, with the goal to restructure debt and help keep currency values on the upswing. (this page)
in-network: Doctors and hospital systems your insurance company has deals with (where you generally pay less). (this page)
IP PIN: Identity protection personal identification number. It’s like two-step tax verification to make sure no one’s using your Social Security number, protecting you from identity theft. (this page)
IPO: Initial public offering, or when a company’s stock has its coming-out party. This is when the public’s invited to buy stock. (this page)
IRA: Individual retirement account. (this page)
liability coverage: Insurance coverage that protects you if you’re sued. (this page)
log position: Sleeping on your side with arms and legs straight. (this page)
majority leader: The spokesperson for the party that has the majority in the chamber. (this page)
market rates: A benchmark for salary negotiations. It’s what people in similar positions are getting paid in your industry. (this page)
Medicaid: Federal and state insurance coverage for people whose salary is under a certain amount. (this page)
Medicare: Federal and state insurance coverage for people over sixty-five. (this page)
Medicare-for-all: A single-payer system where the federal gov foots everyone’s healthcare bill. (this page)
midterm: Congressional elections that happen halfway through a president’s term. (this page)
military roll method: Rolling your clothes instead of folding them to make more space. (this page)
minority leader: The spokesperson for the party with a minority in the chamber. (this page)
monarchy: A system of gov with a crown, where authority lies in a single monarch. Today, most monarchies are constitutional ones, which sometimes means the monarch is a figurehead. (this page)
mutual funds: A fund made up of a group of stocks, bonds, etc., pr
ofessionally managed by an investment firm. (this page)
Nadi Shodhana: A yoga breathing technique. Plug your right nostril and inhale through your left. Then plug your left nostril and exhale through your right. Aaand repeat. (this page)
NASDAQ: One of the major stock exchanges, known for hosting tech stocks. (this page)
NATO: North Atlantic Treaty Organization. A political and military alliance between twenty-nine mostly European countries, plus the US and Canada. (this page)
net income: Your take-home pay after taxes and other deductions. (this page)
90-minute blocks: A self-explanatory productivity hack. Work for ninety minutes. Take a break. Repeat. (this page)
NYSE: One of the major stock exchanges, known for hosting stocks from large, stable companies. (this page)
oaky: The flavor of a wine that was aged in an oak barrel. (this page)
oligarchy: A system of gov where a small group of people controls everything. (this page)
omnibus bill: When Congress rolls up multiple appropriations bills into one. (this page)