Key Concepts in U.S. Economic Policy and Governance

Necessary & Proper Clause

Allows Congress to make laws required for the exercise of its other powers established by the Constitution.

Federal Reserve

The central banking system of the United States, responsible for implementing monetary policy.

Fiscal Policy

Government policy regarding taxation and spending to influence the economy.

Discretionary Spending

Expenditures that can be adjusted by the government in the budget process.

Mandatory Spending

Expenditures required by law, such as Social Security and Medicare.

Entitlements

Government programs that provide benefits to individuals based on established rights or legislation.

Means-Tested

Programs that provide benefits based on an individual's income and financial resources.

Social Security

A federal program that provides retirement, disability, and survivor benefits.

Medicare

A federal health insurance program for people aged 65 and older, and for some younger people with disabilities.

Medicaid

A joint federal and state program that helps with medical costs for some people with limited income.

Veteran's Benefits

Various benefits provided to military veterans by the government.

Unemployment Insurance

A government program that provides financial assistance to unemployed workers.

Tenth Amendment

The constitutional amendment that reserves powers not delegated to the federal government to the states or the people.

Environmental Protection Agency (EPA)

An agency of the U.S. federal government tasked with environmental protection.

Environmental Legislation/Issues

Laws and regulations aimed at protecting the environment and addressing environmental concerns.

Trustee

An individual or organization that holds and manages assets for the benefit of another.

Delegate

A person authorized to act on behalf of others, especially in a political context.

Politico

A political actor who adopts different roles depending on the situation, often switching between delegate and trustee.

Economic Issues

political debates about how a society should distribute material resources

Federal budget

a plan for the federal government's revenues and spending for the coming year