18 terms

POLS 2311 Ch. 13

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Terms in this set (...)

contraction power
the power of government to set conditions on companies seeking to sell goods or services to government agencies
contributory programs
social programs financed in whole or in party by taxation or other mandatory contributions by their present or future recipients
cost-of-living adjustments (COLAs)
changes made to the level of benefits of a government program based on the rate of inflation
Federal Reserve System
a system of 12 Federal Reserve banks that facilitates exchanges of cash, checks and credit; regulates member banks; and uses monetary policies to fight inflation and deflation
fiscal policy
the governments use of taxing, monetary, and spending powers to manipulate the economy
indexing
periodic process of adjusting of social benefits or wages to account for increases in the cost of living
in-kind benefits
noncash goods and services provided to needy individuals and families by the federal government
means testing
a procedure by which potential beneficiaries of a public-assistance program establish their eligibility by demonstrating a genuine need for the assistance
Medicaid
a federally and state-financed, state-operated program providing medical services to low-income people
Medicare
a form of national health insurance for the elderly and the disabled
monetary policies
efforts to regulate the economy through the manipulation of the supply of money and credit; America;s most powerful institution in this area of monetary policy is the Federal Reserve Board
noncontributory programs
social programs that provide assistance to people based on demonstrated need rather than any contribution they have made
public policy
a law, a rule, a statue, or an edict that expresses the government's goals and provides for rewards and punishments to promote those goals' attainment
redisribution
collecting revenue in such a way as to reduce the disparities of wealth between the lowest and the highest income brackets
Social Security
a contributory welfare program into which working Americans contribute a percentage of their wages and from which they receive cash benefits after retirement or it they become disabled
subsidies
government grants of cash or other valuable commodities, such as land, to individuals or an organization' used to promote activities desired by the government, to reward political support, or to buy off political opposition
Supplemental Nutrition Assistance Program (SNAP)
the largest antipoverty program, which provides recipients with a debit card for food at most grocery stores; formerly known as food stamps
tax expenditures
government subsidies provided to employers and employees through tax deductions for amounts spend on health insurance and other benefits