APGov156 - Unit 5a - Policymaking and Economic Policy

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28 terms · Flashcards for Mr. W's Unit 5 - Only Policymaking and Economic Policy in this set

Benefit

Satisfaction that people believe they will enjoy if a policy is adopted

Client Politics

Policy where one small group benefits and everybody else pays

Cost

Burden people will pay if a policy is adopted

Entrepreneurial Politics

Policy where almost everyone benefits and a small group pays

Interest Group Policies

Policy in which a small group benefits and another small group pays

Logrolling

Legislator A supports a proposal favored by Legislator B in return for Legislator B's support for Legislator A's.

Majoritarian Policies

Policy where everyone benefits and everyone pays

Budget

Document that states tax collections, spending levels, and the allocation of resources among purposes

Budget Resolution

Congressional decision that states the maximum amount of money the government can spent in a given year

Deficit

When government in one year spends more money than it takes in through taxes and fees

Budget Surplus

When the government takes in more revenue than it spends in any given year

Congressional Budget Act

Legislation that authorizes budget ceilings

Council of Economic Advisors

A group that forecasts economic trends and advises the POTUS on economic issues

Stopgap Bill

A continuing resolution passed to fund government for a short time (usually 30-120 days) while a larger budget bill is being considered.

Default

Failure to make good on a financial obligation. FedGov has never defaulted.

Entitlements

Any federal programs that guarantee payment to individuals who meet a certain criteria set by law.. These programs include Social Security, Medicare, Medicaid, veterans' compensation and pensions. These programs, especially Social Security, constitute more than half of all federal government spending.

Fiscal Year

12 month period gov uses for budget creation. Runs from October 1 to Sep. 30

National Debt

This is the amount of money the federal government owes to creditors

Discretionary Spending

Spending not required to pay for contracts, interest on the national debt, or entitlement prgrams

Federal Reserve System

The organization that regulates the supply and price of money.

Fiscal Policy

The use of taxes and expenditures to affect the growth and sectors of the economy

Globalization

The growing trade integration of the economies and societies of the world

Monetarism

The theory that inflation occurs when there is too much money chasing too few goods

Monetary Policy

The use of the amount of money in bank deposits and the price of lending money to affect the growth of the economy

Reaganomics

A 1980s combination of monetarism, tax cuts, and budget cutting

Sequestering

Automatic, across-the-board cuts in certain federal programs when Congress and POTUS cannot agree on a spending plan

Supply-Side Theory

An economic philosophy that holds that sharply cutting taxes would increase the incentive to invest, leading to more tax revenue

Treasury Dept

An organization that provides estimates of tax revenues.

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