What is the current unemployment rate?
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There have been attempts to eliminate the baseline budget concept and replace it with zero based budgeting, which is the opposite of baseline budgeting. Zero based budgeting requires that all spending must be re-justified each year or it will be eliminated from the budget regardless of previous spending levels.
What is TANF?Temporary Assistance for Needy Families, to address long term dependency on welfare, focus on education and job training, block grantsWhat are the reasons for the federal budgetary differences between 2019 and 2020, 2021?What is mandatory spending? Be able to identify the budget items that are "mandatory."Mandatory spending includes entitlement programs, such as Social Security, Medicare, and required interest spending on the federal debt. Mandatory spending accounts for about two-thirds of all federal spendingWhat is the difference between mandatory and discretionary spendingIn most cases, but not all, mandatory spending is ongoing; it occurs each year absent a change in an underlying law that provides the funding. Discretionary spending, on the other hand, will not occur unless Congress acts each year to provide the funding through an appropriations bill.- What are entitlements? Know that 2/3 of all entitlement spending goes to the elderly.Supplemental Security Income (SSI) Supplemental Nutrition Assistance Program (SNAP) Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) Temporary Assistance for Needy Families (TANF), including Pass through Child Support.- What is the single largest spending item in the federal budget (pre-pandemic)?Mandatory expenditures, such as Social Security, Medicare, and the Supplemental Nutrition Assistance Program, account for about 65% of the budget.- What are some of the different proposals for reforming Social Security?socialized medicinea medical care system in which the government owns and operates most medical facilities and employs most physicianssingle-payer systema national health care program in which the financing and insurance functions are taken over by the federal governmentout-of-pocket system-If you do not have insurance, not covered by Medicare, Medicaid, or the VA, you must pay out-of-pocket.Medicare and Medicaid are examples of which? What type of system resembled the VA?Medicare and Medicaid are two government programs that provide medical and other health-related services to specific individuals in the United States. Medicaid is a social welfare or social protection program, while Medicare is a social insurance program.What percentage of people living in the US, prior to Obamacare, did not have healthcare insurance? Has this number been reduced? What groups are unlikely to have health insurance?The number of uninsured nonelderly individuals dropped from more than 46.5 million in 2010 to fewer than 26.7 million in 2016 As of 2019, nonelderly AIAN, Hispanic, NHOPI, and Black people remained more likely to lack health insurance than their White counterparts.- To whom does Medicare pertain? Medicaid? Is Medicare and Medicaid an example of socialized medicine, a single-payer system, or an out-of-pocket system?Medicare and Medicaid are two government programs that provide medical and other health-related services to specific individuals in the United States. Medicaid is a social welfare or social protection program, while Medicare is a social insurance program.- Who was president when Medicare and Medicaid were enacted?On July 30, 1965, President Lyndon B. Johnson signed into law legislation that established the Medicare and Medicaid programsThe average recipient of Medicare has paid, on average, $100,000 in Medicare taxes, but are expected to receive an average of ___________ in benefits.300,000- Does the US have the highest life expectancy rate? Lowest infant mortality rate?76 average lifespan is not the highest not even in the top ten- How much does the US spend on healthcare as compared to other countries?In 2021, the United States spent an estimated $12,318 per person on healthcare — the highest healthcare costs per capita across the OECD countries.- Which country has the highest obesity rate?United States- What are some of the reason why the cost of health insurance have been increasing?Premium increases, higher deductibles and copays, and soaring prescription drug prices result in spikes in healthcare costs. According to the Centers for Medicare & Medicaid Services1, in 2021, healthcare costs skyrocketed to $4.3 trillion.- What are some of the major provisions of Obamacare? What is meant by the individual mandate? The employer mandate? Did Texas expand Medicaid?- Have there been any major changes to Obamacare? If so, what?ACA permitted states to expand their Medicaid programs. Specifically, states could expand Medicaid to include all low-income adults. In addition, through the ACA Medicaid expansion, the income threshold was increased, increasing the number of people eligible for Medicaid via the ACA- What are the two tests used by the Supreme Court to judge the Free Exercise Clause?The Free Exercise Clause protects citizens' right to practice their religion as they please, so long as the practice does not run afoul of a "public morals" or a "compelling" governmental interest.West Virginia v. Barnette (1943)The Free Speech clause of the First Amendment prohibits public schools from forcing students to salute the American flag and say the Pledge of Allegiance. District Court affirmed.Wisconsin v. Yoder (1972)The Court ruled that Wisconsin could not require Amish parents to send their children to public school beyond the eighth grade because it would violate long-held religious beliefs.Employment Division v. Smith (1990)Determined that the state could deny unemployment benefits to a person fired for violating a state prohibition on the use of peyote, even though the use of the drug was part of a religious ritual. Although states have the power to accommodate otherwise illegal acts done in pursuit of religious beliefs, they are not required to do so. Neutral laws of general applicability do not violate the Free Exercise Clause of the First Amendment.- When the federal government is alleged to violate one's freedom of religion, what test does the Court use? A state?The coercion test is one of a number of tests that the Supreme Court has established for ascertaining whether governmental practices violate the establishment clause of the First Amendment.Burwell v. Hobby Lobby (2014)Allowed closely-held, for-profit corporations to be exempt from a law its owners religiously object to if there is a less restrictive means of furthering the law's interest.- What is defensive medicine? What is meant by 'tort reform'?Defensive medicine, also called defensive medical decision making, refers to the practice of recommending a diagnostic test or medical treatment that is not necessarily the best option for the patient, but mainly serves to protect the physician against the patient as potential plaintiff. Tort reform is a group of ideas that are designed to change the laws of the civil justice system so that tort litigation and damages are reduced.- Which party is more likely to favor universal healthcare as a policy reform?liberalWhat is the largest source of federal revenue?Individual Income Taxes- 47%Which tax is the largest for most American taxpayers?income taxKnow that before the recently signed tax bill corporate tax rates in the United States were the highest in the industrialized world. What were the consequences of this?What are some of the major provisions of the Tax Cuts and Jobs Act of 2017?The Tax Cuts and Jobs Act ("TCJA") changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses.The top 50% of all taxpayers pay ____ of what the government takes in with regards to the income tax.The top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.Know the difference between progressive and flat taxes. Be able to identify which taxes are progressive.Progressive tax systems have tiered tax rates that charge higher income individuals higher percentages of their income and offer the lowest rates to those with the lowest incomes. Flat tax plans generally assign one tax rate to all taxpayers. No one pays more or less than anyone else under a flat tax system.- What are some of the arguments given for a flat tax? A National sales tax?Defenders of a flat tax argue that the beneficial effects of a progressive tax system could be maintained through generous personal exemptions. A second criticism is that a flat tax would cause shortfalls in the government's budget by lowering the taxes paid by the wealthy.What are capital gains taxes?a government fee on the profit made from selling something you own.Know how spending cuts, spending increases, tax increases, and tax cuts impact the size of the deficit and the debt in the short-term.- Which party tends to favor spending cuts as a method of budgetary control? Spending increases? Tax increases? Tax cuts?- What is the difference between classical economic theory, Keynesian economic theory, supply-side economics, and monetary economics?classical-the market as a self ajusting mechanism keynseian theory- the creation of demand throught spending (creating deficits to get out of recession) supply side economic- tax incentives, tax cuts, and reduced governmental spending to allow for grater productivity and investment (trickle down economics) monetary economics- fine tuning the economy throught regulation of the money supplyWho is Adam Smith?father of modern economics- Who is the current chairman of the Fed?Jerome Powell - Replaced Janet Yellen as Fed Chairman in 2018- What is protectionism? When did the United States follow protectionist policies?Protectionism in the United States is protectionist economic policy that erects tariffs and other barriers on imported goods. In the US this policy was most prevalent in the 19th century. (protect US companys by placeing tariffs on forign products)- What was the Smoot-Hawley Act?High tariffs placed on foreign goods between WWI and WWII- Who is the United States' largest trading partner?1.canada 2.mexico 3.china import the most from china export the most to canada- What does "comparative advantage" mean? In the United States, who benefits from the growth in international trade? Who is disadvantaged?-if nations devote more of their resources to the production of those good that they produce most efficiently and trade for those goods that other nations produce more efferently all trading nations benefit average workers earnings have not risein- Be able to characterize U.S. trade policy. What did we mean when we said that the U.S. had a three-pronged trade strategy?1. global reduction on tariffs (WTO)2. regional integration (NAFTA)3. bi-lateral trade agreements- What are some the benefits to greater international trade for the United States? Some of the disadvantages?- increase on aggregate income & investment - jobs lost, forcing other states hands, other countries are finding benefits in regional trade agreementsWhat is the WTO and what does it do?World Trade organization sets terms for regulating & advancing global free tradeWhat is NAFTA? What does it do?NORTH AMERICAN FREE TRADE AGREEMENT; removed trade barriers between US, Mexico, and Canada, making it easier for trade- Is the United States a part of the Trans-Pacific Parternship (TPP)?The Trans-Pacific Partnership (TPP), or Trans-Pacific Partnership Agreement, was a highly contested proposed trade agreement between 12 Pacific Rim economies, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States.the federal reserve board -the fedindependent agency federal open market committee seven person panel fice federal reserve bank presidents four rotating NY president permanent always change things increments