Chapter Sixteen: Domestic Policy - Key Terms Flashcards
(27 cards)
a strategy in which the federal government allows local areas some flexibility to meet their specific challenges and needs in implementing policy
bottom-up implementation
the congressional office that scores the spending or revenue impact of all proposed legislation to assess its net effect on the budget
Congressional Budget Office
the total amount the government owes across all years
debt
the annual amount by which expenditure are greater than revenues
deficit
government spending that Congress must pass legislation to authorize each year
discretionary spending
a policy that collect payments or resources broadly but concentrates direct benefits on relatively few
distributive policy
a program that guarantees benefits to members of a specific group or segment of the population
entitlement
taxes applied to specific goods or services as a source of revenue
excise taxes
an economic policy that assumes the key to economic growth and development is for the government to allow private markets to operate efficiently without interference
laissez-faire
people who believe that government almost always operates less efficiently than the private sector and that its actions should be kept to a minimum
libertarians
government spending earmarked for entitlement programs, guaranteeing support to those who meet certain qualifications
mandatory spending
a health insurance program for low-income citizens
medicaid
an entitlement health insurance program for older people and retirees who no longer get health insurance through their work
medicare
people who actively work to propose or maintain public policy
policy advocates
people who identify all possible choices avaliable to a decision maker and assess the potential impact of each
policy analysts
a tax that tends to increase the effective tax rate as the wealth or income of the tay payer increases
progressive tax
the broad stategy government uses to do its job; the relatively stable set of purposive governmental behaviors that address matters of concern to some part of society
public policy
a temporary contraction of the economy in which there is no economic growth for two consecutive quarters
recession
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
redistributive policy
a tax applied at a lower overall rate as individuals income rises
regressive tax
a policy that regulates companies and organizations in a way that protects the public
regulatory policy
a way to provide for members of society experiencing economic hardship
safety net
a social welfare policy for people who no longer receive an income from employment
Social Security
an economis policy that assumes economic growth is largely a function of a country’s productive capacity
supply-side economics
