Between 1880s-1940s what did the Liberals stand for?
rights for working class, free speech, rejected laissez faire economics, progress and positive social transformation
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Define Progressive liberalism
sceptical of laissez faire capitalism, protect all from excessive power, ensure citizenry, state intervention
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Define Liberalism
Maintenance and expansion of the welfare state, govt need to regulate the market, states role to promote racial equal opportunity
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What did the Conservatives 1877 – 1932 stand for?
small govt and free enterprise, free immigration if workers needed, opposed unions, conservative social values
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Define conservatism
Smaller govt, cuts in entitlement programs, reduction in taxes, remove Great Society excess, deregulation, conservative in customs and manners, criminal justice reform, mandatory sentencing, war on drugs
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What was Johnson's style of governance?
Need for continuity from Kennedy, About picking up where FDR’s New Deal left off, Wanted to be involved with everything
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What did The Economic Opportunity Act 1964 do?
allowed young people to finish education, benefits for hiring the unemployed, creation of the Office of Economic Opportunity
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How much was sent to Vietnam for military assistance in 1964?
$125m
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What were the 3 civil rights act passed by Johnson?
Civil Rights Act 1964, Voting Rights Act 1965, Civil Rights Act 1968
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Define supply side economics
Focus on productivity, focus on the individual, increase incentives to work, cut taxes
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To increase growth what did Anderson suggest?
Across the board tax-cuts, reduction in the rate of increase in federal spending, balancing of the federal budget, deregulation, monetary policy to deal with inflation
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In 1981 Reagan followed this plan, but what changes did he make?
pushed the goal of balancing the budget back and underscoring the immediate fight with inflation
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What was Reagan's speech about the economy called in 1980?
“A strategy for growth: The American economy in the 1980s”
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What does Reagan blame for the state of the American economy?
Johnson's War on Poverty
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What did the 1981 Economy Recovery Tax Act do?
23% reduction in personal income tax rates over 3 years, lowered top income tax from 70% to 50%, increased business investment tax credit, federal government indexing personal income for inflation in 1985
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How many air traffic controllers did Reagan fire in 1981 over pay?
11,400
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What did the price index increase to in 1982?
3.8%
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What did Michael Mussa say about inflation?
“the demon of inflation had finally been tamed”
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Reagan wanted $45bn in spending cuts in 1981 but how much did he actually get?
$35bn
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How much did spending on non-defense projects under Reagan increase by?
Less than 1%
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What did Reagan make off limits to budget cutters?
Medicare and middle class entitlements
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How much did the military build up cost Reagan?
$2 trillion
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The National debt was $914bn in 1980. What was it in 1989?
$2.7 trillion
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What were Reagan's two major successes?
Ending the inflation that ruined the 70s and the Great Expansion (20 years of prosperity)
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Other cards in this set
Card 2
Front
Define Progressive liberalism
Back
sceptical of laissez faire capitalism, protect all from excessive power, ensure citizenry, state intervention
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