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Global Aspect
Ideas~
With Good Intentions
Balancing Act
100
Passed by Congress whenever an appropriations bill cannot be agreed upon by members of Congress. Programs continue at previous fiscal year's spending.
What is a Continuing Resolution?
100
General term used to describe a government's approach to affairs with other nations ( don't over think this )
What is Foreign Policy?
100
Economic theory holding that the supply of money is key to the nation's economic health
What is monetarism?
100
Where capitalism coexists with and is tempered by government involvement in the economy
What is a mixed economy?
100
Created the Social Security entitlement program for the aged, as well as a program to assist some of the nations's poor
What is the Social Security Act of 1935?
200
Counterpart to the president's Office of Management and Budget. Specifically for members of Congress. Sets the parameters of the budget process by examining revenues and expenditures.
What is the Congressional Budget Office ( CBO )?
200
In response to fears of Soviet aggression ( around 1946-47; end of World War II ), Kennan proposed this policy to resist the advances and encroachment of the Soviet Union. The Cold War followed shortly after.
What is Containment Doctrine/Containment?
200
Policies where congress obligates itself to pay X level of benefits to Y number of recipients
What are entitlements?
200
Income vs Wealth refers to the amount gained compared to the actual worth of such gains. This term refers to how evenly gains are spread throughout the population from the homeless to the working class to the rich.
What is Income Distribution?
200
Explicitly permits Congress to levy an income tax (This one is actually an amendment, sorry but not sorry lol)
What is the 16th Amendment?
300
The Senate equivalent of the House Ways and Means Committee. They both write tax codes subject to Congress' approval.
What is the Senate Finance Committee?
300
An regional organization consisting of most European Nations. A contemporary of NATO and other treaty organizations.
What is the European Union?
300
The principle that the government should not meddle with the economy
What is laissez-faire?
300
Includes both unemployed and discouraged workers
What is underemployment?
300
Guaranteed workers the right of collective bargaining
What is the National Labor Relations Act? (Wagner Act is also acceptable.)
400
Term based off the concept that "the largest determining factor of the size and content of this year's budget is last year's."
What is Incrementalism?
400
SALT (Strategic Arms Limitation Treaty ) and SALT II, between the US and Soviet Union, were a result of this policy popularized during Nixon's presidency ( specifically, his secretary of state )
What is Détente ?
400
A mutual reliance in which actions in a country reverberate and affect the economic well-being of people in other countries
What is interdepency?
400
Synonymous with trickle down economics (but it doesn't really trickle down sometimes, or actually, upon closer examination, ever)
What is supply-side economics?
400
In order to establish greater independence from the president's budget, Congress passed this act which established the following:
  1. Established a fixed fiscal calendar
  2. Established a budget committee in each house
  3. Established a Congressional Budget Office
What is the Congressional Budget and Impoundment Control Act of 1974?
500
The initial step to the Congressional budgetary process. Sets a total expenditure level for all federal spending. Budget reconciliations are typically used to meet or stay under this requirement.
What is a budget resolution?
500
Generally practiced by developing nations, this economic policy, designed to let fragile economies grow, prompted the creation of the World Trade Organization to oppose it during Clinton's presidency
What is protectionism?
500
Programs like Food Stamps and Medicaid that provide benefits only to people with specific needs which must be proven
What are means-tested programs?
500
Opposed in general by proponents of Trickle Down Economics, this idea, typically associated with the Democratic Party, is one where the burden is placed upon the wealthy instead of the poor, and is usually based on brackets.
What is a Progressive Tax?
500
Provided that each state would receive a fixed amount of money to run its own welfare programs, people on welfare would have to find work within two years or lose all their benefits, and there would be a lifetime maximum of five years for welfare.
What is the Personal Responsibility and Work Opportunity Reconciliation Act?