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Quizlet
https://quizlet.com/_374dh0

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govt always growing so scope of govt is also growing

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govt always growing so scope of govt is also growing

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Congress's pork barrel projects = lots o red tape

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Congress's pork barrel projects = lots o red tape

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lack of consensus on policy = budgetary conflict = slow resolution = rapidly growing debt

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lack of consensus on policy = budgetary conflict = slow resolution = rapidly growing debt

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PACs and govt agencies seek out govt assistance ($)

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PACs and govt agencies seek out govt assistance ($)

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believe democracy increases because of the equality of suffrage
the lesser well off are able to vote for government programs (SS, medicare, medicaid...)
-- increases budget

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giving up and giving in to the budget the agency had the previous year

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budget resolution through two ways
1. reconciliation
2. authorization bills (sets eligibility and benefits for entitlements)
- requires appropriations bills

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started taking a role in 1921

Budget and Accounting Act: president proposes a budget to congress every year

uses OMB for help

budget usually planned year prior

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interest groups
agencies
OMB
president
tax committees

House Ways and Means Committee

Senate Finance Committee

budget committees

Congressional Budget Office

authorization committees
appropriations committees
Congress as a whole
Government Accountability Office (GAO)

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budget battles over contending interests, ideologies, programs, and agencies

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budget battles over contending interests, ideologies, programs, and agencies

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individual grants v. agencies' interests v. congress's constituents v. the president's policy agenda

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rules, regulations, requirements

who/what/when/how

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uncontrollable expendtiures...
uncontrollable deficit...
uncontrollable debt

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determining factor = size and content of the budget

1. policymakers don't focus on a budgetary base
2. agencies just assume they're going to get the same amount of funding as last year
3. most debate of the proposed increment (duh)
4. budget for every agency grows each year

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debate over putting social security in the stock market to gain more moolah

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debate over putting social security in the stock market to gain more moolah

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social security is the LARGEST social policy

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social security act during great depression began it all

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social security act during great depression began it all

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work for those in need now so others will work for you when you need it

Medicare (from LBJ's Great Society)
- 2003: prescription drugs added to this

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dept of defense receives 1/5 of govt revenues

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dept of defense receives 1/5 of govt revenues

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cold war w/ expensive military tech
eisenhower w/ his military industrial complex
50s and 60s where Dept. of Defense got a loooot of funding
70s - social welfare expenditures increased
80s tax reductions (sorta)
huge increase in defense budget after 9/11
war with iraq is $$$

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public sector has expanded
government growth
1. increase of national security
2. increasing in social services

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1. federal expenditures keep rising
- so does inflation
2. policies and programs on what the government spends money on changes over time

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tax expenditures = freebies

charity

mortgage interest

business investment

you have children. YAY you reproduced

usually enjoyed by the upper and middle class only
loopholes = tax subsidies for business CURSES

Tax reduction
tax cuts (George's Bush)

indexed taxes = not affected by inflation

can be a lower rate

lower class usually unaffected by these

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supposed number that congress cannot borrow passed

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high interest rates
slow economy
less jobs = less tax revenue = bigger deficit = more debt

(vicious cycle)

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national debt = $19.5 trillion. Good Job America.

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national debt = $19.5 trillion. Good Job America.

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because of deficit (expenditures > revenues), more is added to national debt):

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govt can borrow money from itself by temporarily moving funds around (still have to pay it back eventually)

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govt can borrow money from itself by temporarily moving funds around (still have to pay it back eventually)

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intragovernmental debt

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baby boomers are aging; 2 workers to 1 beneficiary soon!! scary

insurance taxes

social security

medicare

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not flat
those who make more have higher rates

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1. personal income tax
2. corporate income tax
3. social insurance tax

surprisingly very little from corporate income tax