Economic and Social Policy

This set of flashcards covers key concepts from the Economic and Social Policy lecture, focusing on public policy, tax types, fiscal policy, and entitlement programs.

Public Policy

The laws and principles on which our society is based, including domestic, economic, social, and foreign policies.

Policy Formation

The process where legislators study a problem, formulate a policy, and present it to Congress.

Majoritarian Policy Making

The interaction of people within government to carry out the will of the majority.

Fiscal Policy

Government control of taxes and spending to influence the economy.

Progressive Tax

A tax in which an individual's tax rate increases as their income increases.

Reaganomics

Economic policies associated with President Reagan, focused on supply-side economics and tax cuts.

Monetary Policy

How the government manages the supply and demand of its currency and the value of the dollar.

Federal Reserve System

The central bank of the United States, created in 1913 to manage the nation's monetary policy.

Deficit Spending

When the government spends more money than it makes in a year.

Entitlement Programs

Government services that citizens are guaranteed to receive based on eligibility requirements.

Means-tested Benefit

A benefit that individuals qualify for only if they lack the financial means.

Social Security Act of 1935

Legislation that established a system of old-age benefits and welfare.

Personal Responsibility Act

The 1996 act that ended entitlement to welfare, shifting eligibility determination to states.

Regressive Tax

A tax where lower-income individuals pay a higher percentage of their income compared to higher-income individuals.

Public Assistance Programs

Programs funded by taxpayer dollars aimed at helping individuals in need, such as Medicaid.