political & economic ideologies (4)

american attitudes (4.1)

  1. individualism

  2. limited government

  3. free enterprise

  4. equality of opportunity

  5. rule of law

political socialization (4.2)

political socialization: the factors that surround people and influence their political beliefs

  1. family

  2. media

  3. religion

political efficacy: belief in the amount of impact one's political participation has on political outcomes (e.g. voting)

changes in ideology (4.3-4.4)

generational impacts on political ideology

  • ā€œlife cycle eventsā€ or prominent events in the lifetime of a generation that have long-term impacts on their political efficacy and overall beliefs and ideologies

  • shared beliefs of a generation regarding social movements

ideologies of political parties (4.7)

liberal economic goals and ideals

  • government spending

  • supportive of social programs

  • higher taxes to afford more programs

  • socialized/subsidized healthcare

  • government regulation in the economy

  • labor legislation

  • favor progressive income taxes

conservative economic goals and ideals

  • cut government spending

  • lower taxes

  • improve the economy by increasing peopleā€™s supply of money (supply-side economics)

  • anti-labor legislation

  • deregulation (reaganomics)

  • favor flat/proportional taxes

economic ideologies (4.9)

progressive taxes: higher incomes pay higher taxes

flat/proportional taxes: everyone pays the same percentage of their income to the government

fiscal policy: government spending and taxation to influence the economy

demand-side economics: higher taxes, more government spending (increase the demand for things to encourage economic participation)

supply-side economics: lower taxes, less government spending (increase the supply of money to encourage economic participation)

dual mandate: the Fed is responsible for keeping inflation below 2% and unemployment below 5%

monetary policy: the Fedā€™s manipulation of administrative rates to influence the economy

tariff: a tax on imported goods

trade embargo: a complete ban on trade

protectionism: supportive of american manufacturing/making things here in the states to benefit low-skilled factory workers

free trade: an agreement with other countries (NAFTA/USMCA) to trade with no tariffs/other trade barriers

social ideologies (4.10)

mandatory spending: government spending that is mandated through the establishment of economic/social programs with legislation (e.g. medicare/medicaid, social security)

discretionary spending: government spending that is decided by Congress, not required/regulated by legislation

third rail of politics: both sides of the political spectrum avoid touching social security because anyone who attempts to change the policy eventually loses their position in government

affordable health care act: established by the obama administration with the goal of reducing healthcare costs through government subsidies