Understanding National Debt and Fiscal Policy

This set of flashcards covers key concepts related to national debt, fiscal policy, and political dynamics in economic decision-making.

National Debt

The accumulated total sum of money the government owes, including years past and present.

Majoritarian Politics

Political decisions are shaped significantly by ideological differences between the two parties regarding economic policy goals.

Relative Deprivation

A sense of being worse off than one thinks one ought to be.

Fiscal Policy

Managing the economy through the use of tax and spending laws.

Progressive Taxes

A tax system where the percentage taken increases as income increases.

Client Tax Policies

Policies that benefit specific groups, often involving loopholes, deductions, and exemptions.

Globalization

The integration of world economies, which has both supporters and opponents.

Economic Policy Goals

Common goals include low inflation and low unemployment.