chapter 23 section 2 – Flashcards
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supply side economics: reagan and his advisers based their ? on this theory
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economic policy
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supply side economics: sometimes called
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reaganomics
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supply side economics: rests on the assumption that if
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taxes are reduced, people will work more and have more money to spend, causing economy to grow
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deregulation
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removal of gov control over industry
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recession
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temp economic decline during which trade and industrial activity are reduced
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budget deficit
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shortfall between amount of money spent and amount taken in by gov
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national debt
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amount of money the fed gov owes to owners of gov bonds
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sandra day o' connor: one of justices reagan appointed to
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reverse liberal drift of fed court
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sandra day o' connor: first female justice and a
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moderate conservative
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vouchers
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gov checks provided by conservatives(could be used by parents to pay tuition at private schools)
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AIDS and HIV
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human immunodeficiency virus that attacks immune system
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Major characteristics of conservative Reagan Revolution were he's ?, ?, and ?
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charismatic, patriotic, favors optimism
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although reagan began his political life as a democrat, by 1962 he found his home in the
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republican party
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reagan won 1984 reelection over
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dem walter mondale
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reagan based his economic policy on theory of
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supply side economics
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reagan believed lower taxes would
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increase spending
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reagan's economic recovery act of 1981 cut taxes by ?%
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25
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reagan convinced congress to cut 40 billion from
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federal budget(largely from social programs)
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reagan brought deregulation to industries, including ?, ?, and ?
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banking, telecommunications, airline industries
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in spite of reagan's policies, economy experienced
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severe recession(lasting from 1980-1982)
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more than 10% of workers were unemployed, ? were hit especially hard
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blue collar workers
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number of poor people
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grew
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richest % of americans were
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richer
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recession ended in
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1983
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economy began to rebound, but other economic problems
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remained
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increased defense spending, but reagan didn't persuade congress to make
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huge budget cuts in other areas
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federal budget deficit grew from 79 billion in 1981 to
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221 billion in 1986
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the national debt rose to
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2.5 trillion
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in 1989, the ? occurred
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savings and loan crisis
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savings and loan crisis: about 1,000 banks failed due to ? and ?
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fraudulent behavior, risky loans
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savings and loan crisis: fed gov spent more than 200 billion to
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bail banks out
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savings and loan crisis: many people blamed
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reagan's deregulation policies
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savings and loan crisis: many people blamed reagan's deregulation policies for
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allowing banks to make such risky investments
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despite the deficit, the growing economy made reagan a highly
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popular president who strengthened conservative cause
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george h.w. bush's accomplishments before president: he was the youngest what during wwII
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pilot in us navy
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george h.w. bush's accomplishments before president: successful ? after war
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oil businessman
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george h.w. bush's accomplishments before president: elected to ? in 1966
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house of representatives
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george h.w. bush's accomplishments before president: ambassador to
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united nations
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george h.w. bush's accomplishments before president: chairman of
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rep party
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george h.w. bush's accomplishments before president: u.s. liaison to
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china
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george h.w. bush's accomplishments before president: director of
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cia
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george h.w. bush's accomplishments before president: vice president for
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reagan(8 years)
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bush called for
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community volunteers
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bush called for community volunteers to provide
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services for needy
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bush supported use of
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vouchers in public schools
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president reagan responded slowly to
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aids crisis
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funding for research on aids rose during
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george h.w. bush's term
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by 1994, aids killed more than
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250,000 americans
