Q: What was the “Chicago Plan” after the Great Depression? The Chicago Plan was a 1933 proposal by University of Chicago economists (including Frank H. Knight, Henry C. Simons, and later promoted by Irving Fisher) to reform the U.S. banking and monetary system by eliminating fractional-reserve banking and requiring 100% reserve backing for demand deposits.… Read more

Q: What percent of the federal budget goes to social programs excluding Social Security and Medicare? Other social programs and safety net programs—such as Medicaid, income security (unemployment, food stamps/SNAP, welfare), veterans benefits, and health programs excluding Medicare—account for roughly 25% to 30% of the total U.S. federal budget. According to recent federal budget data… Read more