The Economy, Federal Budget, Social Wlefare, And Entitlements Flashcards
Economic Advisers report:
Unemployment rate
CPI
GNP
GDP
Yardsticks to gauge the successes and failures of public policy
The economy
The federal budget
Social welfare and entitlements
New Deal’s 3 R’s
Relief (Social Security)
Recovery (job program prototypes)
Reform (Securities Exchange Commission)
The Federal Reserve System plays a large role in…
Regulating monetary policy
Praised as key watchdog
Criticized as too powerful
Deregulation has been…
Favored by both liberals and conservatives in hope that it would encourage more competition and decrease government involvement in key areas of American life
Players in budget approval
President Executive staff and agencies Special interest groups Media Public
History of budget reform measures has resulted in…
Congressional efforts to create an equitable tax structure and reasonable limits on expenditures
Congress poundal Budget Impoundment Control Act
To place controls on the president’ stability to determine allocations without appropriate congressional checks
Because Nixon
Est. A budget calendar with built-in procedures
Est. A budget committee in each house
Est. The Congressional Budget Office to check on OMB
Fiscal cliff
A date (1-1-13) that if no action was taken by Congress, the nation’s economy would be impacted in the following ways:
- Bush tax-cuts would expire and income tax rates would increase for everyone
- Unemployment insurance would run out
- Mandated cuts in discretionary spending and defense spending by law (sequestration)
Sequestration
The mandated cuts in discretionary and defense spending
A class-based society in America is characterized by…
A disparity in the distribution of income and wealth
But Americans living in poverty has decreased
