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Roles of President as chief diplomat
recognize foreign government, make treaties, and executive agreements
Supply Side Economics
theory that maintains that increasing the supply of goods and services is the engine for economic growth. It advocates tax cuts as a way to encourage job creation, business expansion, and entrepreneurial activity.
Budget deficit
federal government's spending exceeds its revenues
Deficit spending
government spending, in excess of revenue, of funds raised by borrowing rather than from taxation.
Deregulation
involves the reduction in market controls
Entitlements and Entitlement programs
Social Security, Medicare, Medicaid
Keynesian Economics
because prices are somewhat rigid, fluctuations in any component of spending—consumption, investment, or government expenditures—cause output to change
Laissez-Faire Economics
transactions between private groups of people are free from any form of economic interventionism
Fiscal Policy
federal gov policies on taxes, spending, & debt management, intended to promote the nation’s macroeconomic goals, particularly w/respect to employment, price stability & growth; conducted through the federal budget process
Means testing
measuring people's income in order to decide who gets money from the government for medical care, education, legal services, etc. or how much people get
Monetary Policy
a form of gov regulation in which the nation's money supply & interest rates are controlled; by the Federal Reserve Board; Adjusting interest rates to increase or decrease inflation.
National Debt
the amount of money that he gov has borrowed in nation’s history, which is the net amount of the government’s surpluses and deficits
Subsidy
a transfer of money from the government to an entity.
federal income tax
the tax you pay on your annual income to the federal government; progressive
Progressive Taxes
those w/ higher incomes pay higher proportions of income (currently have this)
Ppl who make more have to sacrifice money; disutility
Excise tax
tax on specific goods or services at the time they are purchased
Regressive Taxes
those w/lower income pay the same (flat tax) or greater proportion (SS) of their income
Monroe Doctrine
warns European nations that the United States would not tolerate further colonization or puppet monarchs
Executive Agreements
formal gov agreement entered into by the exec branch that does not require the advice and consent of the US Senate (doesn’t require Senate ratification)
Prior to 1972, pres didn’t need to inform Congress of text of these accords
Pres normally uses this for routine business matters such as running embassies
Federal Reserve System
The U.S. central banking system; the most powerful economic institution in the United States, perhaps the world. Its core responsibilities include setting interest rates, managing the money supply, and regulating financial markets
Federal Reserve Board
oversees the operations of the 12 Reserve Banks and shares with them the responsibility for supervising and regulating certain financial institutions and activities
Isolationist foreign policy
advocated non-involvement in European and Asian conflicts and non-entanglement in international politics
The National Security Council
executive agency responsible for advising the president about foreign and military policies and events
Set up to institutionalize the system by which the gov integrated foreign military policy and to coordinate US activities on a range of foreign policy and military issues
Provides advice on foreign and military affairs directly to the president
National Security Advisor
serves as the principal advisor to the President of the United States on all national security issues
The Central Intelligence Agency
Executive agency responsible for the collection and analysis of information and intelligence about foreign countries and events
13 agencies within this including The Defense Intelligence Agency, the National Security Agency, 4
armed services intelligence groups, the National Imagery and Mapping Agency, the National Reconnaissance Agency and others
In 1970s, Congress heavily criticized this
Medicare
the federal program established in the Lyndon B Johnson administration that provides medical care to elderly SS recipients
Medicaid
expansion of medicare, this program subsidizes medical care for the poor; must qualify under TANF & SSI
1996 Welfare Reform Bill
the end to AFDC as a categorical entitlement and its replacement by a time-limited benefit program, tied to a work requirement
Federal Budget Process
After the president submits his or her budget request, the House Committee on the Budget and the Senate Committee on the Budget each write and vote on their own budget resolutions
Issue Networks
an alliance of various interest groups and individuals who unite in order to promote a common cause or agenda in a way that influences government policy
Clinton’s policy of Engagement
United States would remain actively involved in foreign affairs; US wouldn’t retreat into isolationism
Jay’s Treaty
First treaty softened relationship w/ Great Britain
National Environmental Policy Act of 1969
created to ensure federal agencies consider the environmental impacts of their actions and decisions.
Roles of Federal Agencies
the management of resources, financial oversight of industries, or national security issues
Lend-Lease Program
Program during WW2 in which the US lent Great Britain military equipment & supplies in exchange for leases on bases
Kyoto Conference
Clinton administration passed this on Global Climate Change 1997 international conference to develop agreements to reduce the emission of greenhouse gasses that contribute to global warming
pluralist theory
believe that social heterogeneity prevents any single group from gaining dominance