16. Domestic Policy

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27 Terms

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bottom-up implementation

a strategy in which the federal govt. allows local areas some flexibility to meet their specific challenges and needs in implementing policy

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Congressional Budget Office

the congressional office that scores the spending or revenue impact of all proposed legislation to assess its net effect on the budget

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debt

the total amount the govt. owes across all years

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deficit

the annual amount by which expenditures are greater than revenues

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discretionary spending

govt. spending that Congress must pass legislation to authorize each year

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distributive policy

a policy that collects payments or resources broadly but concentrates direct direct benefits on relatively few entitlement

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entitlement

a program that guarantees benefits to members of a specific group or segment of the population

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excise taxes

taxes applied to specific goods or services as a source of revenue

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free-market economics

a school of thought that believes the forces of supply and demand, working without any govt intervention, are the most effective way for markets to operate

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Keynesian economics

an economic policy based on the idea that economic growth is closely tied to the ability of individuals to consume goods

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laissez-faire

an economic policy that assumes the key to economic growth and development is for the govt. to allow private markets to operate efficiently without interference

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libertarians

people who believe that govt. almost always operates less efficiently than the private sector and that its actions should be kept to a minimum

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mandatory spending

govt. spending earmarked for entitlement programs guaranteeing support to those who meet certain qualifications

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Medicaid

a health insurance program for low-income citizens

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Medicare

entitlement health insurance program for older people and retirees who no longer get health insurance through their work

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policy advocates

people who actively work to propose or maintain public policy

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policy analysts

people who identify all possible choices available to a decision maker and assess the potential impact of each progressive tax

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progressive tax

a tax that tends to increase the effective tax rate as the wealth or income of the tax payer increases

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public policy

the broad strategy the govt. uses to do its job; the relatively stable set of purposive governmental behaviors that address matters of concern to some part of society

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recession

a temporary contraction of the economy in which there is no economic growth for two consecutive quarters

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redistributive policy

a policy in which costs are born by a relatively small number of groups or individuals, but benefits are expected to be enjoyed by a different group in society

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regressive tax

a tax applied at a lower overall rate as individuals’ income rises

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regulatory policy

a policy that regulates companies and organizations in a way that protects the public

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safety net

a way to provide for members of society experiencing economic hardship

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Social Security

a social welfare policy for people who no longer receive an income from employment

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supply-side economics

an economic policy that assumes economic growth is largely a function of a country’s productive capacity

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top-down implementation

a strategy in which the federal govt. dictates the specifics of public policy and each state implements it the same exact way