Unit 9 Flashcards
Deficit
Excess of federal expenditures over federal revenues
Expenditures
Government spending of revenues major areas of federal spending of social services national national defense
Revenues
Financial resources of the government. Individual tax and Social Security tax or two major sources of federal government revenue
Income tax
Shares of individual wages incorporate the news collected by the government. 16th amendment
16th amendment
Constitutional amendment adopted in 1913 explicitly permitted Congress to levy and income tax
Federal debt
I’ll many brought by the federal government over the years and still outstanding.
Tax expenditures
Revenue losses that result from special exemptions exclusions or deductions on federal tax
Social security act
1935 law past during the Great Depression it wasn’t tended to provide a minimal level of sustenance two older Americans and save them from poverty
Medicare
Program added to the Social Security act in 1965 that provides hospitalization insurance for the elderly and permits or Americans to purchase inexpensive coverage for Dr. fees and other health expenses
Incrementalism
Description of budget process where the best predictor of this year’s budget is last year’s budget, plus a little more increment
House ways and means committee
House of Representatives committee that, along with the Senate finance committee, writes the tax codes subject to the approval of Congress as a whole
Senate Finance Committee
Senate committee that along with the house ways and means committee, rights tax code subject to the approval of Congress as a whole
Congressional budget in impoundment control act of 1974
Act designed to reform the Congressional budget Terry process. It’s supporters hope that it would also make Congress less dependent on the presidents budget and better able to set and meet on budgetary goals
Entitlements
Policies which Congress has obligated itself to pay X level of benefits to why number of recipients. Example Social Security
Uncontrollable expenditures
Expenditures that determines not buy a fixed amount of money appropriated by Congress, but by how many eligible fishy Aries there are for the program or by previous obligations of the government
Congressional budget office
I devices Congress on the probable consequences of its description forecast revenues and is a counterweight to the presidents office of management and budget
Budget resolution
Resolution Vining Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs
Reconciliation
Congressional process through which program authorizations are revised to achieve required savings
Authorization bill
Acts of Congress that establishes continues or change is a discretionary government program or entitlement. Specifies program goals and Max mom expenditures for discretionary programs
Appropriations bill
Acts of Congress that actually funds programs within limits established by authorization bills
Continuing resolutions
When Congress cannot reach agreement and pass appropriations bills, these resolutions allow agencies to spend at the level of the previous year
Capitalism
Economic system in which individuals and corporations, not the government, owned the principal means of production and seek profits
Mixed economy
Economic system in which the government is deeply involved in economic decisions through its role as a regulator consumer subsidize her text her employer and borrow your
Multi national corporation
Businesses with vast holdings in many countries, some of which have annual budgets exceeding that of many foreign governments
Securities and exchange commission
Federal agency created during the new deal that regulates the stock market
Collective-bargaining
The go she Asian’s between representatives of labor unions and management to determine pay an acceptable working conditions
Monetary policy
Based on monetary is him, policy is a manipulation of the supply of money in private hands by which the government can control the economy
Monetarism
Economic theory holding that the supply of money is the key to a nation’s economic health. Too much cash and credit in circulation produce inflation
Federal Reserve system
Main instrument for making a monetary policy in the United States. Created in 1913 by Congress to regulate the lending practices of banks and money supply
Fiscal policy
Policy that describes the impact of the federal budget, taxes, spending and borrowing. Determined by Congress and the president
Keynesian economic theory
Siri emphasizing that government spending and deficits can help the economy whether it’s normal ups and downs. Proponents of the Siri advocate using the power of the government to stimulate the economy when it is lagging
Supply-side economics
Economic theory advocated by President Reagan holding that too much income goes to taxes so that too little money is available for purchasing and that the solution is to cut taxes in return purchasing power to consumers
Protectionism
Economic policy of shielding an economy from imports
World trade organization
International organization that regulates international trade
Antitrust policy
Policy designed to ensure competition and prevent monopoly which is the control of the market by one company
FDA
Federal agency formed in 1913, assigned the task of improving all food products and drug sold in the United States. Exception of tobacco
National Labor Relations act
1935 law, also known as the Wagner act that guarantees workers the right of collective-bargaining sets down rules to protect unions in organizers, and create the National Labor Relations Board to regulate labor-management relations
Social welfare policies
Policies that provide benefits to individuals either through entitlements or means testing
Entitlement programs
Government benefits that certain qualified individuals untitled to buy the law regardless of need
Means tested programs
Government programs available only to individuals who qualify for them based on specific needs
Income distribution
Shares of the national income earned by various groups
Income
Amount of funds collected tween any two points in time
Wealth
Value of assets owned
Poverty line
Method used to count the number of poor people, he considers what a family must spend for an austere standard of living
Feminization poverty
Increasing concentration of poverty among women
Progressive of tax
Income of rich then of poor is taxed by government
portional tax
Government takes the same share of income from everyone both rich and poor
Regressive tax
Tax in which the burden falls relatively on low income groups that on wealthy taxpayers
Earned income tax credit
Negative income tax that provides income to very poor individuals in Lou of charging them federal income taxes
Transfer payments
Benefits given by the government directly to individuals. Transfer payments maybe either cash transfers such as Social Security payments and retirement payments to form a government employees, or in-kind transfers, such as food stamps.
Social Security act of 1935
Created both the Social Security program in a national assistance program for poor children usually call be AFDC
Personal responsibility and work opportunity reconciliation Act (PRWORA)
Official name of welfare reform law of 1996
Temporary assistance for needy families
Once called “aid to families with dependent children “,
Immigration
Movement of people to another country with the intention of remaining there
Simpson – Mazzoli act
Reagan era law which provided amnesty to many immigrants into half and border control
Social security trust fund
Bank account into which Social Security contributions are deposited and used to pay our eligible recipients
HMO
Organization contracted by individuals of insurance companies to provide healthcare for a yearly fee. Network health plans limited the joys of doctors and treatments. 60% of Americans are enrolled in health maintenance
Medicare
Program added to Social Security system in 1965 provides hospitalization insurance for the elderly and permits older Americans to purchase inexpensive coverage for Dr. fees and other medical expenses
Medicaid
Public assistance program designed to provide healthcare for poor Americans Medicaid is funded by both the state and national government
Environmental Protection Agency
An agency the federal government created in 1970 that administers much of the US Environmental Protection policy
Clean air act of 1970
Law aimed at combating Air pollution
Superfund
Fun created by Congress in 1980 to clean up hazardous waste sites money for friend comes from taxing chemical products
United Nations
Created in 1945 organization whose members agreed to re-announce or and respect certain human and economic freedoms
NATO
Created in 1949, organization his numbers include the United States, Canada, most western European nations. All of whom agreed to combine military forces and to treat a war against one as a war against all
European Union
trans national government composed of most European nations that coordinates monetary, trade, immigration, and labor policies making its members one economic unit
Secretary of State
Had a department of state in traditionally a key adviser to the president on foreign-policy
Secretary of defense
Head of the department of defense and the president key advisor on military policy
Joint Chiefs of staff
Commanding officers of the arms of service he would advise the president on military policy
CIA
Agency created after World War II, American intelligence activities a bride. Intrigue, conspiracy, and meddling
Containment doctrine
Foreign-policy strategy advocating the call for United States to isolate the Soviet Union, “contain “it’s a Vance in resist it’s encroachment by peaceful means if possible but by force if necessary
Détente
A slow transformation from conflicts to cooperatives thinking inform policy strategy in policymaking it saw a relaxation of tensions between the superpowers coupled with firm guarantees of mutual security
Strategic defense initiative
Renamed Star Wars. By critics a plan for defense against Soviet union unveiled by President Reagan in 1983. Initiative would create a global umbrella in space using computers to scan the skies in high-tech devices to destroy invading missiles
Tariff
Special tax added to imported goods to raise price, thereby protecting businesses and workers from foreign competition
Balance of trade
Ratio of what is paid for imports to what is earned from exports. More is imported and exported
0PEC
Economic organization consisting primarily of Arab nations that control the price of oil in the amount of oil its members produce and sell to other nations
Budget
Policy document allocating burdens and benefits
