Term
| Possible risks to recovery |
|
Definition
Euroland
Political Breakdown in Washington
Emerging Markets
Oil Crisis |
|
|
Term
|
Definition
| changes in government taxes and spending that affect level of GDP |
|
|
Term
|
Definition
| spending programs that congress authorizes on annual basis |
|
|
Term
| Entitlement and mandatory spending |
|
Definition
| spending that Congress has authorized by prior law, providing support for individuals |
|
|
Term
|
Definition
| amount by whch government spending exceeds revenues in a given year |
|
|
Term
|
Definition
| amount by which government revenues exceed government expenditures in a given year |
|
|
Term
|
Definition
| 1930s-only expansionary during 1931 and 1936 |
|
|
Term
|
Definition
| JFK started using modern fiscal policy |
|
|
Term
|
Definition
Reagan started with $1 trillion of national debt and instituted sharp tax cuts and a raise in defense spending which claimed surplus but actually lead to deficit
Was 4trillion when Bush came |
|
|
Term
|
Definition
| deficits cut and converted to surplus through "Shared Sacrifice" |
|
|
Term
|
Definition
Bush-agreed to spending caps, taxes, and PAYGO
Clinton expanded Bush's
Surplus emerged which lead to a campaign to save social security |
|
|
Term
|
Definition
| returned to Reagan policy with large tax cuts, spending on military and discretionary, etc. Lead to deficits |
|
|
