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Social Security (United States)
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration.[1] The original Social Security Act
Social Security Act
was signed into law by President Franklin Roosevelt in 1935,[2] and the current version of the Act, as amended,[3] encompasses several social welfare and social insurance programs. Social Security is funded primarily through payroll taxes called Federal Insurance Contributions Act tax
Federal Insurance Contributions Act tax
(FICA) or Self Employed Contributions Act Tax (SECA)
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External Debt
External loan (or foreign debt) is the total debt a country owes to foreign creditors, complemented by internal debt owed to domestic lenders. The debtors can be the government, corporations or citizens of that country. The debt includes money owed to private commercial banks, other governments, or international financial institutions such as the International Monetary Fund
International Monetary Fund
(IMF) and World Bank. Note that the use of gross liability figures greatly distorts the ratio for countries which contain major money centers such as the United Kingdom due to London's role as a financial capital
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Agricultural Policy
Agricultural policy describes a set of laws relating to domestic agriculture and imports of foreign agricultural products
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United States Federal Government Shutdown Of 1990
The United States federal government shutdown of 1990 occurred over the 1990 Columbus Day weekend, from Saturday, October 6 through Monday, October 8. The shutdown stemmed from the fact that a deficit reduction package negotiated by President George H. W. Bush contained tax increases, despite his campaign promise of "read my lips: no new taxes", leading to a revolt led by House Minority Whip Newt Gingrich that defeated the initial appropriations package. Because the shutdown occurred over a weekend, the effects of the shutdown were lessened, with the National Parks and the Smithsonian museums being the most visible closures. Around 2,800 workers were furloughed, with the government losing $2.57 million in lost revenue and back wages.Contents1 Background 2 Shutdown 3 Resolution and aftermath 4 ReferencesBackground[edit]Newt Gingrich, then the House minority whip, led a revolt that led to the 1990 government shutdown
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United States Federal Government Shutdown Of 1980
The United States federal government shutdown of 1980 was the first federal government shutdown in the United States. It occurred on May 1, 1980, and affected only the Federal Trade Commission for one day. Congress had allowed its funding to lapse as part of an effort to pass an authorization bill that would limit its powers, but the Carter Administration for the first time enforced a shutdown of a federal agency based on a new interpretation of the 1884 Antideficiency Act, causing new funding to be approved that evening. The shutdown caused the furlough of 1,600 employees and cost the government $700,000 (equal to $1.8 million in 2016), mostly as a result of lost labor.Contents1 Background 2 Shutdown 3 Aftermath 4 ReferencesBackground[edit]Attorney General Benjamin Civiletti issued an opinion on April 25, 1980, stating that the 1884 Antideficiency Act required agencies to shut down during a funding gap
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Economy Of The United States
The economy of the United States
United States
is a highly developed mixed economy.[27][28] It is the world's largest economy by nominal GDP and the second-largest by purchasing power parity (PPP).[29] It has the world's seventh-highest per capita GDP (nominal) and eleventh-highest per capita GDP (PPP) in 2016.[30][31] The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its science and technology, its military, the full faith of the U.S. government to reimburse its debts, its central role in a range of international institutions since World
World
War II and the petrodollar system.[32][33] Several countries use it as their official currency, and in many others it is the de facto currency.[34][35] Its largest trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India
India
and Taiwan.[36] The U.S
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Financial Crisis Of 2007–08
The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.[1][2][3][4] It began in 2007 with a crisis in the subprime mortgage market in the United States, and developed into a full-blown international banking crisis with the collapse of the investment bank Lehman Brothers
Lehman Brothers
on September 15, 2008.[5] Excessive risk-taking by banks such as Lehman Brothers helped to magnify the financial impact globally.[6] Massive bail-outs of financial institutions and other palliative monetary and fiscal policies were employed to prevent a possible collapse of the world financial system. The crisis was nonetheless followed by a global economic downturn, the Great Recession
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Government Debt
Government debt
Government debt
(also known as public interest, public debt, national debt and sovereign debt)[1][2] is the debt owed by a government. By contrast, the annual "government deficit" refers to the difference between government receipts and spending in a single year. Government debt
Government debt
can be categorized as internal debt (owed to lenders within the country) and external debt (owed to foreign lenders). Another common division of government debt is by duration until repayment is due. Short term debt is generally considered to be for one year or less, long term is for more than ten years. Medium term debt falls between these two boundaries. A broader definition of government debt may consider all government liabilities, including future pension payments and payments for goods and services which the government has contracted but not yet paid. Governments create debt by issuing securities, government bonds and bills
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Balance Of Payments
The balance of payments, also known as balance of international payments and abbreviated B.O.P. or BoP, of a country is the record of all economic transactions between the residents of the country and of the world in a particular period (over a quarter of a year or more commonly over a year). These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country. It is an important issue to be studied, especially in international financial management field, for a few reasons. First, the balance of payments provides detailed information concerning the demand and supply of a country's currency. For example, if Sudan
Sudan
imports more than it exports, then this means that the quantity supplied of Sudanese pounds is likely to exceed the quantity demanded in the foreign exchanging market, ceteris paribus
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Inflation
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.[1] When the price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy.[2][3] A chief measure of price inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index, over time.[4] The opposite of inflation is deflation. Inflation
Inflation
affects economies in various positive and negative ways
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Subprime Mortgage Crisis
The United States subprime mortgage crisis was a nationwide banking emergency, occurring between 2007–2010, which contributed to the U.S. recession of December 2007–June 2009.[1][2] It was triggered by a large decline in home prices after the collapse of a housing bubble, leading to mortgage delinquencies and foreclosures and the devaluation of housing-related securities. Declines in residential investment preceded the recession and were followed by reductions in household spending and then business investment. Spending reductions were more significant in areas with a combination of high household debt and larger housing price declines.[3] The housing bubble that preceded the crisis was financed with mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which initially offered higher interest rates (i.e. better returns) than government securities, along with attractive risk ratings from rating agencies
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Public Finance
Public finance
Public finance
is the study of the role of the government in the economy.[1] It is the branch of economics which assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.[2] The purview of public finance is considered[by whom?] to be threefold: governmental effects on (1) efficient allocation of resources, (2) distribution of income, and (3) macroeconomic stabilization.Contents1 Overview 2
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Public Policy
Public policy is the principled guide to action taken by the administrative executive branches of the state with regard to a class of issues, in a manner consistent with law and institutional customs.Contents1 Overview 2 Government
Government
actions and process 3 Academic discipline 4 See also 5 References 6 Further readingOverview[edit] The foundation of public policy is composed of national constitutional laws and regulations. Further substrates include both judicial interpretations and regulations which are generally authorized by legislation
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Healthcare Reform In The United States
Health care reform in the United States has a long history. Reforms have often been proposed but have rarely been accomplished. In 2010, landmark reform was passed through two federal statutes enacted in 2010: the Patient Protection and Affordable Care Act (PPACA), signed March 23, 2010,[1][2] and the Health Care and Education Reconciliation Act of 2010 (H.R
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Economic Policy
The economic policy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labor market, national ownership, and many other areas of government interventions into the economy. Most factors of economic policy can be divided into either fiscal policy, deals with government actions regarding taxation and spending, or monetary policy, which deals with central banking actions regarding the money supply and interest rates. Such policies are often influenced by international institutions like the International Monetary Fund
International Monetary Fund
or World Bank
World Bank
as well as political beliefs and the consequent policies of parties.Contents1 Types of economic policy 2 Macroeconomic stabilization policy 3 Tools and goals3.1 Selecting tools and goals 3.2 Demand-side vs
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Energy Policy
Energy
Energy
policy is the manner in which a given entity (often governmental) has decided to address issues of energy development including energy production, distribution and consumption
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