vocab
bottom-up implementation
a strategy in which the federal government allows local areas some flexibility to meet their specific challenges and needs in implementing policy
redistributive policy
a policy in which costs are born by a relatively small number of groups or individuals, but benefits are expected to be enjoyed by a different group in society
The U.S. government began developing a social welfare policy during...
the great depression of the 1930s.
Why was the Office of Management and Budget created?
To serve the President of the United States in implementing his/her vision of policy
Until the 1930's what was argued the best way the government to interact with the economy through a hands0off approach?
Laissez-faire
Congressional Budget Office
the congressional office that scores the spending or revenue impact of all proposed legislation to assess its net effect on the budget
regulatory policy
a policy that regulates companies and organizations in a way that protects the public
what made the retirement age increase to 67
changes in legislation
What is ACA?
Affordable Care Act
what economics argued it is possible for a recession to become so deep and last so long, the typical models of economic collapse and recovery may not work?
Keynesian economics
discretionary spending
government spending that Congress must pass legislation to authorize each year
top-down implementation
a strategy in which the federal government dictates the specifics of public policy and each state implements it the same exact way
the final key aspect of domestic policy is...
the growth and regulation of business
What lobbying group frequently took on advocacy roles?
American Association of Retired Persons (AARP)
what is the U.S. total debt as of March 2021?
$22 trillion
free-market economics
a school of thought that believes the forces of supply and demand, working without any government intervention, are the most effective way for markets to operate
safety net
a way to provide for members of society experiencing economic hardshipSocial Security
what makes up most of the federal government spending
Social Security, Medicare, and Medicaid
When was Congressional budget authorized?
1974
Why is the excise taxes also called the "sin taxes"?
Theses taxes tend to apply to goods like alcohol, tobacco and gasoline.
Keynesian economics
an economic policy based on the idea that economic growth is closely tied to the ability of individuals to consume goods
progressive tax
a tax that tends to increase the effective tax rate as the wealth or income of the tax payer increases
when didthe U.S. government pass several important pieces of legislation to provide education assistance to workers and research dollars to industry.
after WW2
When was CBO formally created?
1975
What did the Federal Reserve Act do?
It established the Federal Reserve System (Fed) as the central bank of the United States.