Unit V
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Created by:
clarinethero214 on April 27, 2011
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32 terms
Terms | Definitions |
|---|---|
 Social welfare policy | Government program to enhance quality of life |
| Incrementalism | The belief that the best predictor of this year's budget is last year's budget, plus a little bit more |
| Fiscal Policy | Use of government expenditure and revenue collection (taxation) to influence the economy |
| Monetary Policy | An attempt to alter the amount of money in circulation and the price of money to affect the economy |
| Keynesianism | An economic philosophy that assumes that the market will not automatically operate at a full-employment, low-inflation level. It suggests that the government should intervene to create the right level of demand by pumping more money into the economy (when demand is low) and taking it out (when demand is too great) |
| Monetarism | an economic philosophy that assumes inflation occurs when there is too much money chasing too few goods. It suggests that the proper thing for government to do is to have a steady, predictable increase in the money supply at a rate about equal to the growth in the economy's productivity |
| Supply-side economics | School of macroeconomic thought that argues that economic growth can be most effectively created by lowering barriers for people to produce goods and services, such as lowering income tax and capital gains tax rates, and by allowing greater flexibility by reducing regulation |
| Office of Management and Budget | The executive agency that advises the President on the federal budget |
| Congressional Budget Office | Staff agency that advises Congress on the likely economic effects of different spending programs and provides information on the costs of the proposed policies |
| Mandatory Spending | Federal spending required by law that continues without the need for annual approvals (appropriations) by Congress |
| Discretionary spending | Spending category through which governments can spend through an appropriations act |
| Federal budget | President's proposal to the U.S. Congress which recommends funding levels for the next fiscal year with regards to revenue and spending |
| Fiscal year | The period from Oct. 1 to Sept. 30 for which government appropriations are made and federal books are kept |
| Social security | Federal program of disability and retirement benefits that covers most working people |
| Medicare | A social insurance program administered by the United States government, providing health insurance coverage to people who are aged 65 and over, or who meet other special criteria |
| Medicaid | The United States health program for people and families with low incomes and resources |
| Welfare reform act | Limited people to no more than two consecutive years on welfare and required them to work to recieve welfare benefits |
| AFDC | Provided financial assistance to children whose families had low or no income |
| Federal Reserve Board | Establishes banking practices and regulates currency in circulation as well as the amount of credit available |
| Congressional budget act of 1974 | It governs the role of the Congress in the United States budget process. It was designed to reform the congressional budgetary process. Its supporters hoped that it would also make Congress less dependent on the president's budget and better able to set and meet its own budgetary goals. |
| Budget resolution | A resolution binding Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs and is legislation in the form of a concurrent resolution setting forth the congressional budget |
| 16th amendment | Allows the Congress to levy an income tax without apportioning it among the states or basing it on Census results |
| budget deficit/surplus | A situation in which the government spends more money than it takes in from taxes or more money than it spends |
| Gramm-Rudman Act | Provided for automatic spending cuts (called "sequesters") if the deficit exceeded a set of fixed deficit targets. It was the first binding constraint imposed on federal spending, and its spending caps have become part of every subsequent U.S. budget. |
| Trade deficit/surplus | A country imports more goods than it exports or exports more than it imports |
| Continuing Resolution | A type of appropriations legislation used by the United States Congress to fund government agencies if a formal appropriations bill has not been signed into law by the end of the Congressional fiscal year |
| Clean air act | One of a number of pieces of legislation relating to the reduction of airborne contaminants, smog and air pollution in general |
| Superfund | A United States federal law designed to clean up sites contaminated with hazardous substances |
| War Powers Act | Requires the President to notify Congress within 48 hours of committing armed forces to military action and forbids armed forces from remaining for more than 60 days, with a further 30 day withdrawal period, without an authorization of the use of military force or a declaration of war |
| National security advisor | Serves as the chief advisor to the President of the United States on national security issues |
| National security council | Principal forum used by the President of the United States for considering national security and foreign policy matters with his senior national security advisors and Cabinet officials and is part of the Executive Office of the President of the United States |
| Central Intelligence agency | Responsible for providing national security intelligence assessment to senior United States policymakers. It also engages in covert activities at the request of the President of the United States. |
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