CLASS 17 The Welfare State in Tumultuous Times

These flashcards cover key concepts related to economic recessions, government responses, and the welfare state, as discussed in Professor Curtis's lecture.

Recession

A significant decline in economic activity spread across the economy, lasting more than a few months.

Great Depression

The most severe economic crisis in U.S. history, occurring from 1929 to 1938, marked by high unemployment and economic decline.

The New Deal

A package of legislation in response to the Great Depression that included programs like Social Security and was based on Keynesian economics.

Great Recession

The worst and longest financial crisis since the Great Depression, taking place from December 2007 to June 2009.

TARP (Troubled Assets Relief Program)

A program that provided $475 billion to stabilize the banking industry and stimulate credit markets during the Great Recession.

American Recovery and Reinvestment Act

A significant economic stimulus package enacted in response to the Great Recession, aimed at boosting economic recovery.

COVID Recession

A shorter recession resulting from the COVID-19 pandemic, characterized by a sharp drop in unemployment.

Families First Coronavirus Act

A legislative act that provided $225 billion in response to the economic impact of the COVID-19 pandemic.

Child Tax Credit Expansion

A measure that significantly reduced child poverty rates through increased financial support.

Supplemental Poverty Measure (SPM)

A poverty measure that takes into account government assistance and taxes, providing a more comprehensive view of poverty rates.