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16 Cards in this Set
- Front
- Back
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Inflation
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when LBJ was financing Great Society and Vietnam, we were overspending; caused a rise of prices; 14% rate annually during Carter administration; American economy was in a tailspin
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Reaganomics
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hammered Carter about inflation and weak defensive stature; Reagan offered tax cuts ; Reagan brought in a distrust for bureaucracy and pushed through tax cuts; once we settled down to normal inflation fates, the economy was ok; govt. spending on deficits mostly towards military
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Trickle Down Theory
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cuts for wealthy would trickle to private sector; benefited wealthy
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George H.W. Bush
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slogan “Read my lips” no tax increases; he actually did increase taxes to cover increasing deficits; 1992- economy began to turn down, but Bush knew it was still in overall good shape so he didn’t do much short-term; thus, Clinton seized on Bush’s staying the course
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Bill Clinton
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announced no more barring of homosexuals from military; many protested; Health insurance issue: created a new superstructure, but proposal came crashing down b/c welfare was a large concern, and Republicans felt entitlement was too open-ended
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“Don’t Ask, Don’t Tell”
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you’re allowed in military if you’re gay as long as you keep it in the closet
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Newt Gingrich
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ran on points in “Contract with America”; strong voice against Clinton and Republicans took over Congress
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“Contract with America”
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1994 campaign document in which Republican congressional candidates committed themselves to a constitutional amendment requiring a balanced federal budget, stiff work requirements for welfare recipients, and term limits for elected officials
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Welfare Reform Act of 1996
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de-centralized welfare; individual could only be on it for 5 years total; if you’re on welfare you must 1) work 2) be job training or 3) going to school, but depended on states
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Impeachment
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Clinton lied under oath in civil court; he should’ve just claimed that he was President and not spoken; 2nd charge was obstruction of justice because of the Monica Lewinsky event; was not impeached b/c didn’t receive a 2/3 vote of being guilty
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Election of 2000
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Al Gore received 500,000 more popular votes than Bush; Supreme Court said FL didn’t have time to recount the votes, so FL went to Bush and he won
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George W. Bush
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was Gov. of Texas
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Al Gore
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was Vice President under Clinton
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Bush Tax Cut
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targeted more at wealthy
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Deficit
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has been rising; as of 4/24: $9,343,880,542,104.72; we have run off huge deficits and interest accumulates on our debt; rising prices with a huge deficit isn’t good; large numbers of Americans and uninsured since insurance is a huge cost
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Globalization
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US is losing jobs to the world; economic transformation: we’re not producing tangible goods, but are good at managing information/technology; the key is keeping ahead on the technology front
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