American Political Ideologies 4: Ideology and Policy Flashcards
Agenda
a list of potential policy ideas, bills, or plans to improve society
Bonds
certificates of debt that carry a promise to buy back the bonds at a higher price
discount rate
the minimum interest rate set by the Federal Reserve for lending to other banks
entitlements
Policies for which Congress ha obligated itself to pay X level of benefits to Y number of recipients. Social Security benefits are an example
Federal Reserve Board (The FED)
A 7-member board that sets member banks reserve requirements, controls the discount rate, and makes other economic decisions
Fiscal Policy
Government policy that attempts to manage the economy by controlling taxing and spending
Flat tax
proportional tax on individual income after a specified threshold has been reached
Gloablization
the process by which business or other organizations develop international influence or start operating on an international scale
Inflation
A general and progressive increase in prices
Internal Revenue Service (IRS)
The branch of the US Treasury Department in charge of collecting taxes
Mandatory Spending
Federal spending required by law that continues without the need for annual approvals by Congress
Means Test
A federal and state assistance program that pays for health care services for people who cannot afford them
Medicaid
A federal and state assistance program that pays for health care services for people who cannot afford them
Medicare
a federal program of health insurance for persons 65+ of age
monetary policy
Gov. policy that attempts to manage the economy by controlling the money supply and thus interest rates
North American Free Trade Agreement (NAFTA)
Agreement that created a free-trade area among the US, Canada, and Mexico
Patient Protection and Affordable Care Act (PPACA)
2010 fed. legislation designed for comprehensive health reform, with and intent to expand coverage, control health care costs, and improve the health care delivery system
Progressive Tax
A tax for which the percentage of income paid in taxes increases as income increases
Reserve requirement
This is the percentage of their deposits that member banks must keep available in a Federal Reserve Bank
Sixteenth Amendment
The constitutional amendment adopted in 1913 that explicitly permitted Congress to levy an income tax
Social Security Act of 1935
Created both the Social Security Program and a national assistance program for poor children, usually called AFDC
Social Welfare
A nation’s system of programs, benefits, and services that help people meet those social, economic, educational, and health needs that are fundamental to the maintenance of society
supply-side economics
an economic philosophy that holds the sharply cutting taxes will increase the incentive people have to work, save, and invest. Greater investments will lead to more jobs, a more productive economy, and more tax revenues for the gov.
Trade balance
the value of a nation’s exports minus the value of its imports; also called net exports