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19 Cards in this Set
- Front
- Back
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What do many politicians promise in their campaigns?
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Promise spending and tax cuts.
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When does budgeting occur in the policymaking process?
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After the policy is adopted but before it is implemented.
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What is a budget?
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A policy document allocating burdens (taxes) and benefits (expenditures)
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What is a deficit?
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An excess of federal expenditures over federal revenues.
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What is an expenditure?
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What the government spends money on
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What is the revenue?
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Sources of money for the government (taxes, etc.)
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What is the largest single revenue source for the government?
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Income tax
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What is income tax?
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Shares of individual wages and corporate revenues.
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When does national debt occur?
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When the spending is growing at a higher rate than revenue.
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Why are tax cuts bad for the economy despite their celebrated arrival?
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Tax cuts simply increase the national deficit. Lower revenue
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How much debt does America have?
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9 trillion dollars.
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What's increasing our national debt?
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Social programs such as social security and benefit programs such as Medicare.
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Why is it that social programs such as social security and Medicare are eating up the revenue?
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These provide longer life to baby-boomers, which provide added revenue, but the revenue does not equal the expenditures towards keeping them alive.
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Why does social security continue then despite it's negative effects?
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Old people vote, therefore politicians must promise social security.
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Regardless of social programs, what is increasing our deficit?
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The trend of past budgets, which shows a steady increase.
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What is incrementalism?
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Last year's budget will be the best predictor for the next year's budget.
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What factor do politicians play in the role of increasing deficit?
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Noone wants a politician that promises less spending and more taxes.
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People indirectly want more deficit! (NOT A QUESTION)
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Politicians "spend" money to buy votes by providing "pork" or service projects that require more and more money. (NOT A QUESTION)
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Why is public opinion contradictory about the budget?
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People like the free stuff from social programs, but they don't want to pay for it, thus deficits.
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