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public policy
the course of action the government takes in response to an issue or problem
social issues
political debates involving moral judgments about how people should live
Economic Issues
Issues related to money, taxes, and production of goods and services.
majoritarian politics
a policy in which almost everybody benefits and almost everybody pays
client politics
a policy in which one small group benefits and almost everybody pays
entrepreneurial politics
A policy in which almost everybody benefits and a small group pays the cost
interest groups politics
A policy in which a small group benefits and a small group pays the cost
welfare programs
Government assistance for those who meet eligibility requirements
Social Security Act
guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health
Medicare
A federal program of health insurance for persons 65 years of age and older
Medicaid
A federal and state assistance program that pays for health care services for people who cannot afford them.
Medicare Act of 1965
It amended the Social Security program to include health insurance for the elderly; also set up medicaid
Affordable Care Act
An expansion of medicaid; also referred to as "Obamacare", signed into law in 2010.
AFDC (Aid to Families with Dependent Children)
Program to distribute welfare benefits that formerly was federally funded but devolved to the states in 1996
TANF (Temporary Assistance for Needy Families)
Financial assistance to the poor that replaced the AFDC program.
monetary policy
Government policy that attempts to manage the economy by controlling the money supply and interest rates.
fiscal policy
Government policy that attempts to manage the economy by controlling taxing and spending.
Federal Reserve System
The country's central banking system, which is responsible for the nation's monetary policy by regulating the supply of money and interest rates
budget surplus
an excess of tax revenue over government spending
budget deficit
a shortfall of tax revenue from government spending
national debt
The sum of government deficits over time.
Office of Management and Budget (OMB)
Presidential staff agency that serves as a clearinghouse for budgetary requests and management improvements for government agencies.
Congressional Budget Office (CBO)
An agency of Congress that analyzes presidential budget recommendations and estimates the cost of proposed legislation.
16th Amendment
Allows the federal government to collect income tax
flat tax
proportional tax on individual income after a specified threshold has been reached
progressive tax
A tax for which the percentage of income paid in taxes increases as income increases
mandatory spending
Required govt spending by permanent laws
discretionary spending
Federal spending on programs that are controlled through the regular budget process
Keynesian economics
the belief that the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation
supply-side economics
the belief that lower taxes and fewer regulations will stimulate the economy
