With abortion framed in stark, existential terms, many evangelicals felt compelled to . The president of the International Association of Machinists . The administration touted the so-called Laffer Curve as justification for the tax cut This group photograph shows the former hostages in the hospital in Learn vocabulary, terms, and more with flashcards, games, and other study tools. laffer curve. -named -shows the relationship between tax rates and tax revenues going federal-state medical insurance program for low-income people. Production Possibilities Curve (PPC) Terms in this set () -Shows the relationship between the maximum production of one good for a given level of production of another good -Reducing medical prescription errors . Laffer curve.
Quantity Demanded The amount of a good or service that a consumer is willing and able to purchase at a given price. Law of Demand Holding all else equal, when the price of a good rises, consumers decrease their quantity demanded for that good Demand Curve A graph of the relationship between the price of a good and the quantity demanded https: Compliments Two goods for which a decrease in the price of one good increases the demand for the other good Normal Good A good for which, other things equal, an increase in income leads to an increase in demand Inferior Good A good for which, other things equal, an increase in income leads to a decrease in demand.
Equilibrium A situation in which the market price has reached the level at which quantity supplied equals quantity demanded https: Price Ceiling A maximum price that can be legally charged for a good or service https: Factor Market A market for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability. Stocks shares of ownership in a company Bonds A certificate issued by a government or private company which promises to pay back with interest the money borrowed from the buyer of the certificate.
Frictional Unemployment A type of unemployment caused by workers voluntarily changing jobs and by temporary layoffs; unemployed workers between jobs. It is the unemployment rate that occurs when the economy is operating at a sustainable rate of output.
Consumption Function The relationship between consumption spending and disposable income Investment Spending spending on productive physical capital, such as machinery and construction of structures, and on changes to inventories Planned Investment Spending the investment spending that businesses intend to undertake during a given period Unplanned Inventory Investment occurs when actual sales are more or less than businesses expected, leading to unplanned changes in inventories Aggregate Demand Curve A curve that shows the relationship between the price level and the quantity of real GDP demanded by households, firms, and the government.
Wealth Effect When price levels increase, the market value of certain financial assets decreases fixed rate bonds causing individuals to have less wealt Interest Rate Effect If the average price level rises, consumers and firms might need to borrow more money for spending and capital investment, which increases the interest rate and delays current consumption. This postponement reduces current consumption of domestic production as the price level rises.
Fiscal Policy The federal government efforts to keep the economy stable by increasing or decreasing taxes or government spending Monetary Policy Government policy that attempts to manage the economy by controlling the money supply and thus interest rates.
Inflationary Gap The amount by which aggregate spending at full employment exceeds full-employment output. Output Gap The gap between real GDP and potential GDP Expansionary Fiscal Policy An increase in government purchases of goods and services, a decrease in net taxes, or some combination of the two for the purpose of increasing aggregate demand and expanding real output Contractionary Fiscal Policy A decrease in government purchases of goods and services, an increase in net taxes, or some combination of the two, for the purpose of decreasing aggregate demand and thus controlling inflation.
Savings-Investment Spending Identity an accounting fact that states that savings and investment spending are always equal for the economy as a whole. Interest Rate Cost of borrowing money, expressed as a percentage of the amount borrowed per year. Budget Surplus An excess of tax revenue over government spending Budget Deficit Government expenditures that exceed receipts.
Capital Inflow the net inflow of funds into a country; the difference between the total inflow of foreign funds to the home country and the total outflow of domestic funds to other countries. A positive net capital inflow represents funds borrowed from foreigners to finance domestic investment; a negative net capital inflow represents funds lent to foreigners to finance foreign investment.
New Democrats looked a lot like old Republicans.
The Triumph of the Right | THE AMERICAN YAWP
The Democrats regained control of the Senate inand Democratic opposition prevented Reagan from eliminating means-tested social welfare programs, although Congress failed to increase benefit levels for welfare programs or raise the minimum wage, decreasing the real value of those benefits. Democrats and Republicans occasionally fashioned legislative compromises, as with the Tax Reform Act of The bill lowered the top corporate tax rate from 46 percent to 34 percent and reduced the highest marginal income tax rate from 50 percent to 28 percent, while also simplifying the tax code and eliminating numerous loopholes.
American policy makers hoped to do two things: The former goal was achieved nearly three million undocumented workers received legal status but the latter proved elusive. He named district and federal appeals court judges during his two terms. Reagan also appointed three Supreme Court justices: Bork, a federal judge and former Yale University law professor, was a staunch conservative.
He had opposed the Civil Rights Act, affirmative action, and the Roe v. Black Americans achieved significant advances in politics, culture, and socioeconomic status. A trend from the late s and s continued and black politicians gained control of major municipal governments across the country during the s.
His work as a civil rights activist garnered him a significant following in the African American community but never enough to secure the Democratic nomination.
Inpop singer Michael Jackson released Thriller, the best-selling album of all time. Oprah Winfrey began her phenomenally successful nationally syndicated talk show in The popularity of The Cosby Show revealed how class informed perceptions of race in the s. Indeed, income for the top fifth of African American households increased faster than that of white households for most of the decade.
Middle-class African Americans found new doors open to them in the s, but the poor and working-class faced continued challenges. Only the intervention of more moderate congressional Republicans saved the law. The administration also initiated a plan to rescind federal affirmative action rules. Despite the conservative tenor of the country, diversity programs were firmly entrenched in the corporate world by the end of the decade. Americans increasingly embraced racial diversity as a positive value but most often approached the issue through an individualistic—not a systemic—framework.
Certain federal policies disproportionately affected racial minorities. Spending cuts enacted by Reagan and congressional Republicans shrank Aid to Families with Dependent Children, Medicaid, food stamps, school lunch programs, and job training programs that provided crucial support to African American households.
Never in that time have black economic rights been under such powerful attack. Homicide was the leading cause of death for black males between ages fifteen and twenty-four, occurring at a rate six times that of other groups.
Ironically, such fear could by itself spark violence. In December a thirty-seven-year-old white engineer, Bernard Goetz, shot and seriously wounded four black teenagers on a New York City subway car.
The so-called Subway Vigilante suspected that the young men—armed with screwdrivers—planned to rob him. Pollsters found that 90 percent of white New Yorkers sympathized with Goetz. The explosive growth of mass incarceration exacted a heavy toll on African American communities long into the twenty-first century. Bad Times and Good Times Working- and middle-class Americans, especially those of color, struggled to maintain economic equilibrium during the Reagan years.
The growing national debt generated fresh economic pain. The federal government borrowed money to finance the debt, raising interest rates to heighten the appeal of government bonds. Foreign money poured into the United States, raising the value of the dollar and attracting an influx of goods from overseas.
The appeal of government bonds likewise drew investment away from American industry. Continuing an ongoing trend, many steel and automobile factories in the industrial Northeast and Midwest closed or moved overseas during the s. Expanded world production meant new competition for American farmers, while soaring interest rates caused the already sizable debt held by family farms to mushroom.
At the other end of the economic spectrum, wealthy Americans thrived under the policies of the New Right. The financial industry found new ways to earn staggering profits during the Reagan years. Wall Street brokers like junk bond king Michael Milken reaped fortunes selling high-risk, high-yield securities.
Reckless speculation helped drive the stock market steadily upward until the crash of October 19, On Black Friday, the market plunged eight hundred points, erasing 13 percent of its value. In Reagan signed a bill increasing the amount of federal insurance available to savings and loan depositors, making those financial institutions more popular with consumers.
Culture Wars of the s Popular culture of the s offered another venue in which conservatives and liberals waged a battle of ideas. In contrast, director Oliver Stone offered searing condemnations of the war in Platoon and Born on the Fourth of July. Television shows like Dynasty and Dallas celebrated wealth and glamour, reflecting the pride in conspicuous consumption that emanated from the White House and corporate boardrooms during the decade.
The most significant aspect of much popular culture in the s, however, was its lack of politics altogether. The Extra-Terrestrial and his Indiana Jones adventure trilogy topped the box office. Cinematic escapism replaced the social films of the s. Quintessential Hollywood leftist Jane Fonda appeared frequently on television but only to peddle exercise videos. Few cable channels so captured the popular imagination as MTV, which debuted in Conservatives condemned music videos for corrupting young people with vulgar, anti-authoritarian messages, but the medium only grew in stature.
Critics of MTV targeted Madonna in particular. The religious right increasingly perceived popular culture as hostile to Christian values. The Apple II was the smallest and sleekest personal computer model yet introduced.
Indeed, it revolutionized both the substance and design of personal computers. The Apple II computer, introduced inwas the first successful mass-produced microcomputer meant for home use. Cultural battles were even more heated in the realm of gender and sexual politics. American women pushed further into male-dominated spheres during the s. Bywomen in the workforce outnumbered those who worked at home.
The issue increasingly divided Americans. Pro-life Democrats and pro-choice Republicans grew rare, as the National Abortion Rights Action League enforced pro-choice orthodoxy on the left and the National Right to Life Commission did the same with pro-life orthodoxy on the right. Religious conservatives took advantage of the Republican takeover of the White House and Senate in to push for new restrictions on abortion—with limited success.
Constitution that defined life as beginning at conception. Despite these setbacks, anti-abortion forces succeeded in defunding some abortion providers. The Hyde Amendment prohibited the use of federal funds to pay for abortions; by almost every state had its own version of the Hyde Amendment.
Yet some anti-abortion activists demanded more. In evangelical activist Randall Terry founded Operation Rescue, an organization that targeted abortion clinics and pro-choice politicians with confrontational—and sometimes violent—tactics. Operation Rescue demonstrated that the fight over abortion would grow only more heated in the s.
When AIDS appeared in the early s, most of its victims were gay men. For a time the disease was known as GRID—gay-related immune deficiency.
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The epidemic rekindled older pseudoscientific ideas about the inherently diseased nature of homosexual bodies. Some turned to confrontation—like New York playwright Larry Kramer. By the middle of the decade the federal government began to address the issue haltingly.
Everett Koop, an evangelical Christian, called for more federal funding on AIDS-related research, much to the dismay of critics on the religious right.
29. The Triumph of the Right
The shift encouraged activists. Nevertheless, on issues of abortion and gay rights—as with the push for racial equality—activists spent the s preserving the status quo rather than building on previous gains. This amounted to a significant victory for the New Right. The AIDS epidemic hit gay and African American communities particularly hard in the s, prompting widespread social stigmatization, but also prompting awareness campaigns, such as this poster featuring singer Patti LaBelle.
The New Right Abroad The conservative movement gained ground on gender and sexual politics, but it captured the entire battlefield on American foreign policy in the s, at least for a time. Ronald Reagan entered office a committed Cold Warrior. His Reagan Doctrine declared that the United States would supply aid to anticommunist forces everywhere in the world. Yet the irony is that Reagan, for all his militarism, helped bring the Cold War to an end through negotiation, a tactic he had once scorned.
American forces withdrew in disarray from South Vietnam in The United States returned control of the Panama Canal to Panama indespite protests from conservatives. Pro-American dictators were toppled in Iran and Nicaragua in The Soviet Union invaded Afghanistan that same year, leading conservatives to warn about American weakness in the face of Soviet expansion.
The Reagan administration made Latin America a showcase for its newly assertive policies. Jimmy Carter had sought to promote human rights in the region, but Reagan and his advisors scrapped this approach and instead focused on fighting communism—a term they applied to all Latin American left-wing movements. And so when communists with ties to Cuba overthrew the government of the Caribbean nation of Grenada in OctoberReagan dispatched the U.
Marines to the island. Dubbed Operation Urgent Fury, the Grenada invasion overthrew the leftist government after less than a week of fighting. Despite the relatively minor nature of the mission, its success gave victory-hungry Americans something to cheer about after the military debacles of the previous two decades. Operation Urgent Fury, the U. This photograph shows the deployment of U. Army Rangers into Grenada. Photograph, October 25, Grenada was the only time Reagan deployed the American military in Latin America, but the United States also influenced the region by supporting right-wing, anticommunist movements there.
The Reagan administration took a more cautious approach in the Middle East, where its policy was determined by a mix of anticommunism and hostility toward the Islamic government of Iran. When Iraq invaded Iran inthe United States supplied Iraqi dictator Saddam Hussein with military intelligence and business credits—even after it became clear that Iraqi forces were using chemical weapons. On October 23,a suicide bomber killed Marines stationed in Beirut.
Congressional pressure and anger from the American public forced Reagan to recall the Marines from Lebanon in March He was unwilling to risk another Vietnam by committing American troops to Lebanon.
Initially Reagan followed the examples of presidents Nixon, Ford, and Carter by pursuing arms limitation talks with the Soviet Union. Reagan went a step further in Marchwhen he announced plans for a Strategic Defense Initiative SDIa space-based system that could shoot down incoming Soviet missiles. Protests in the streets were echoed by resistance in Congress. Inthe House voted —0 to approve the Boland Amendment, which barred the United States from supplying funds to the contras, a right-wing insurgency fighting the leftist Sandinista government in Nicaragua.
When their scheme was revealed init was hugely embarrassing for Reagan. He instituted a program of perestroika, which referred to the restructuring of the Soviet system, and of glasnost, which meant greater transparency in government.
Gorbachev also reached out to Reagan in hopes of negotiating an end to the arms race, which was bankrupting the Soviet Union.
The summits failed to produce any concrete agreements, but the two leaders developed a relationship unprecedented in the history of U.
This trust made possible the Intermediate Nuclear Forces Treaty ofwhich committed both sides to a sharp reduction in their nuclear arsenal.
By the late s the Soviet empire was crumbling.
Some of these countries, such as Poland, were also pressured from within by the Roman Catholic Church, which had turned toward active anticommunism under Pope John Paul II. When Gorbachev made it clear that he would not send the Soviet military to prop up these regimes, they collapsed one by one in —in Poland, Hungary, Czechoslovakia, Romania, Bulgaria, and East Germany. Conclusion Reagan left office in with the Cold War waning and the economy booming.
Unemployment had dipped to 5 percent by The top fifth of households enjoyed rising incomes while the rest stagnated or declined. The economic divide was most acute for African Americans and Latinos, one third of whom qualified as poor.