Economic Approaches / Policies
This type of policy is controlled by the Federal Reserve and involves managing the money supply and interest rates of the United States.
What is Monetary policy?
This ideology supports greater government involvement in solving problems and the expansion of social programs.
What is the liberal ideology?
This constitutional power allows Congress to raise revenue to fund social programs such as Medicaid and Social Security.
What is the power to tax / purse?
The total amount of money the federal government owes is built up from past deficits.
What is the National Debt?
This federal program provides retirement income to elderly Americans and is funded through payroll taxes.
What is Social Security?
This type of policy involves government decisions about taxation and spending to influence the economy.
What is Fiscal policy?
This ideology supports lowering taxes, a free market, and fewer regulations from the government.
What is conservatism?
This congressional power involves creating laws that establish and fund programs such as the Affordable Care Act.
What is lawmaking (creating legislation)?
The amount by which government spending exceeds government revenue in a single year.
What is a Deficit?
This social program is for military veterans, and it provides them integrated heathcare, disabilty compensation, housing assistance, and social services.
What is the Department of Veteran Affairs?
This economic philosophy supports minimal government intervention in the economy, allowing the free market to operate on its own.
What is laissez-faire?
This ideology wants as little government intervention as possible, meaning they want little tax and they do not want as many laws.
What is libertarianism?
This congressional responsibility involves monitoring agencies that implement programs like Medicare to ensure they follow the law.
What is congressional oversight?
Spending that Congress decides on each year through the appropriations process, such as funding for defense, education, and transportation.
What is Discretionary Spending?
This federal program provides food assistance to low-income individuals and families through benefits that can be used to purchase groceries.
What is the Supplemental Nutrition Assistance Program, AKA SNAP (Food Stamps) ?
This approach to economics emphasizes tax cuts and incentives for businesses to increase production and economic growth.
What is supply-side economics?
This ideology wants the means of production to be owned by the government and a lot more government involvement in many aspects of life. In this ideology, classes still exist, and some private property may still be owned.
What is socialism?
This type of committee, in changing social policy, sends a bill to a smaller group from both chambers to resolve differences between the House and Senate versions.
What is a conference committee?
The central bank of the United States manages monetary policy, regulates banks, and works to keep the economy stable.
What is the Federal Reserve System?
This program provides health insurance to low-income individuals and families, and is jointly funded by the federal and state governments.
What is Medicaid?
This economic theory argues that during recessions, the government should increase spending to boost demand and stimulate the economy.
What is the Keynesian economic theory?
This ideology supports a classless society, complete economic equality and no private property ownership.
What is communism?
This type of committee in Congress holds hearings, writes bills, and plays a major role in shaping policy before it reaches the full chamber.
What is a standing committee?
Government programs that provide benefits to people who meet eligibility requirements set by law, like Social Security, Medicare, and Medicaid.
What are Entitlements?
This program provides health insurance primarily to Americans aged 65 and older.
What is Medicare?