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Unit 7

What is fiscal policy? uses federal spending and taxation to stimulate or slow the economy
How much does the federal budget account for based on US economic activity? 25%
Where does the federal budget come from? bicep borrowing, income, payroll, corporate, excise
What do payroll taxes pay for? Social Security and Medicare
What do excise taxes on alcohol, tobacco, gas, phones, air travel, etc. pay for? buildings, highways, and airports
What portion of the federal budget is uncontrollable spending and what part is discretionary spending? 2/3 uncontrollable 1/3 discretionary
How long is the fiscal year? October 1 through September 31 of next year
What does the executive branch do with the budget process? 2 years before: each department estimates costs for presidential review by Office of Management and Budget (OMB) President must submit budget recommendations between the first Monday in January and the first Monday in February
What does Congress do with the budget process? They appropriate funds and raise taxes, giving president any recommendations.
What does the Congressional Budget Office do? P Safe They prepare budget data for Congress, shares it with House and Senate, forecasts the economy, analyzes alternatives, and estimates 5 year cost for bills proposed.
What are tax expenditures? provides tax incentives to individuals or businesses
What are the types of taxes? progressive income tax regressive payroll tax value added tax
What is monetary policy? manipulations supply of money and access to credit
Who is the federal reserve chair? Ben S. Bernanke
What does the federal funds rate do? establishes the amount of interest the Fed charges banks to borrow money; increase slows economy, decrease stimulates
What is laissez faire economics? reduce spending, cut taxes, reduce regulation, light hand approach favored by republicans
What is Keynesian economics? gov spending should increase in busts and decrease in booms; aggressive hand approach favored by democrats
What are the two goals of social policy? 1. protect citizens against social and economic problems by creating a social safety net 2.raise the quality of life for all citizens
What are the 3 types of public assistance? 1. help for poor families 2. corporate welfare to ag and corporate bailouts 3. middle class welfare to college students and home buyers
What was the New Deal? Roosevelt's expansion of social programs in the 1930s to include loans to states to help poor, programs to help older workers, the jobless
What was created in the First 100 Days? Federal Emergency Relief Administration (FERA), Works Progress Administration (WPA), Civilian Conservation Corps (CCC)
What was the CCC? put millions of young people to work clearing trails and building roads in national forests and parks
What is WPA? provided work for millions of unemployed
What is FERA? gave cash to unemployed workers to get them through the summer
What 2 goals did social security meet? 1. Provide a minimum income for poor beneficiaries 2. Ensure that benefits reflect amount of payroll taxes the beneficiary paid
What acts were created to help the poor? Infancy and Maternity Protection Act, Aid to Families with Dependent Children (AFDC), National School Lunch Act, Federal Surplus Relief Corporation
What was the Great Society? Lyndon Johnson's idea of abundance and liberty for all with an end to poverty and racial injustice
What is SSI? Supplemental Security Income - provides support for elderly, poor, blind, disabled
What does Obamacare do? expands health care programs (i.e. Medicaid) and creates new health insurance exchanges for those who can't afford it
What are the 8 provisions of Obamacare? 1. required to buy insurance 2. poor can buy from state 3. insurance can't deny you 4. insurance extended for kids up to 26 under parent's insurance 5. Medicaid to all poor under 65 6. all over 65 get free preventative care 7. tax rises .9%
What does the National Security Council do? serves directly under president to help integrate foreign, military, and economic policies that affect national security
What does the NSC consist of? president, secretary of state, national security adviser, and secretary of defense
What does the State Department do? negotiates treaties protects US citizens abroad promotes US commercial interests grants visas to foreign visitors staffs US embassies works with Department of Homeland Security
What does the CIA do? 20,000 employees gather and analyze info from all over the world
What does the Border Intelligence Community do? 24 US intelligence agencies that oversees federal counterterrorism
Who are the joint chiefs of staff to the DOD? heads of all branches of military
How many active duty personnel does the military have? 1.5 million
How much off the $555 billion defense budget is spent on private contractors? $400 billion
What is conventional diplomacy? ambassadors have face-to-face discussions and summits to share info, talk about mutual interests, and resolve conflicts
what is public diplomacy? propaganda
How much of the federal budget is foreign aid? 1%
What are economic sanctions? denies export, import, or financial relations with target county in an effort to change that country’s policies
What is the only hard power? military action/war
When is war most effective? in small and medium countries for a short time
Created by: spschoolstudy



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