Gov Review: Unit #5 In 10 Minutes!

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Presentation transcript:

Gov Review: Unit #5 In 10 Minutes! Everything You Need To Know About Unit #5 In (Hopefully) 10 Minutes

Monetary & Fiscal Policy Monetary - controlled by the Federal Reserve (FED) Control the supply of $ Fiscal Policy - Government spending and tax rates in a given year The president proposes a budget, Congress passes the budget

The Budget Key Terms: Deficit spending - spending exceeds revenues Balanced budget - government spends as much as it brings in 16th amendment - created the graduated income tax Excise tax - tax on manufactured goods Most federal spending is uncontrollable Difficult to change Social Security - increasing costs due to baby boomers retiring Discretionary Spending - spending on programs such as defense, education, etc.

Making The Budget 4 Key Players: President (OMB) Congress (CBO) Interest groups Agencies Agency funding is often based on prior year’s funding Credit-claiming is important for members of Congress

Keynesian and Supply-Side Economics Keynesian Economics: Advocates government spending to help during an economic downturn “Priming the pump” Often associated with Democrats Supply-Side Economics: Advocates lower taxes, especially for businesses Often associated with Republicans

Unemployment And Inflation Unemployment rate - % of Americans that are ACTIVELY looking for work and cannot find it Does not count part-time, or those that have given up looking for a job Inflation - measured by the Consumer Price Index (CPI) Compares the price of similar goods across years Stagflation - high unemployment and high inflation (1970s)

Environmental And Healthcare Policy Silent Spring - brought awareness to environmental issues EPA (1970) Largest regulatory agency Clean Air Act Many environmental laws are unfunded mandates Medicare - provides health care to elderly (part of Social Security) Costs are rising in recent ears

Quick Recap Monetary vs. Fiscal Policy Budget - how is it made? Who influences it? Deficit spending? Keynesian and Supply-Side Economics Unemployment rate Inflation Stagflation! Environmental agencies/acts Unfunded mandates Medicare and Social Security - uncontrollable spending!

See You Back Here For Period #6 In 10 Minutes! Thanks for watching Best of luck!