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Understanding Domestic and Economic Policy Making

Explore the policy making process, major government assistance programs, and economic policy shaping through fiscal and monetary tools. Learn about budget deficits, public debt, and access links for further information.

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Understanding Domestic and Economic Policy Making

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  1. Chapter 13 Domestic and Economic Policy

  2. The Policy Making Process agenda building -- identifying a problem and getting it on the agenda policy formulation – the debate that occurs between government officials, and between the public in the media, and in campaigns policy adoption – the selection of a strategy for addressing a problem policy implementation – the administration of the selected policy (by bureaucrats, the courts, etc.) policy evaluation – when the public, officials and groups determine if the selected policy has the desired impact

  3. Major Government Assistance Programs • Temporary Assistance to Needy Families (TANF) –replaced AFDC in 1996, this program uses federal funds which are administered by the states to help needy families. • Supplemental Security Income (SSI) – provides a minimum income to the elderly and disabled who do not qualify for Social Security benefits. • Food Stamps – these coupons that can be used to purchase food are now distributed to more than 28 million Americans with little or no income • Earned Income Tax Credit (EITC) – a tax credit used by low income workers who get back part or all pf the their Social Security taxes

  4. Economic Policy Making Fiscal Policy – the use of changes in government spending or taxation to change national economic variables, like the unemployment rate - Keynesian Economic Theory posits that using fiscal policy can alter economic variables (increasing government spending during economic turn downturns, for example) Monetary Policy – the use of changes in the money supply to change credit markets, unemployment and the inflation rate - Monetary policy is determined by the Federal Open Market Committee (FOMC), part of the Federal Reserve System

  5. Budget Deficits and the Public Debt ~ the deficit is when the government spends more money than it receives in any given year ~ the public debt is the total amount of debt carried by the federal government, also called the national debt

  6. Hot Links to Selected Internet Resources: • Book’s Companion Site: http://politicalscience.wadsworth.com/schmidtbrief2004 • Wadsworth’s Political Science Site: http://politicalscience.wadsworth.com • Project Vote Smart: http://www.vote-smart.org/ • U.S. Census Bureau: http://www.census.gov • Social Security Online: http://www.ssa.gov • Office of Management and Budget: http://www.access.gpo.gov/usbudget

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