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AP Gov 4_9 | Ideology & Economic Policy | NEW!
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hey everybody welcome back I actually have a M's in economics so this lesson is kind of my jam smash that like button let's [Music] go okay so we're going to start with our three ideologies from the last video and talk about their preferences when it comes to Economic Policy let's start with liberals liberals usually favor more economic regulation arguing that corporations are too powerful and therefore need to be restricted they typically favor higher taxes on people who earn higher incomes probably because they tend to focus more on economic equality than economic freedom they want that increased tax revenue so that the government can spend more money on entitlement programs and often advocate for even more expansive federal spending on things like Health Care College subsidies and the like conservatives typically favor less economic regulation allowing people to trade as they wish again that's the traditional conservative Trump style conservative nationalists are more mixed on their support for free trade and opposition to regulations though when it comes to tax and spending conservatives are unified supporting tax cuts and favor cutting spending on things like entitlement programs especially entitlement programs that provide assistance based on income and you know that Libertarians are all about Freedom so when it comes to the marketplace they want little to no regulations Beyond protecting property rights and voluntary trade it's not that the market is perfect but it leads to better results than anything politicians can do similarly they argue that there should be minimal Taxation and this makes sense given their desire to dramatically reduce government spending and the size of government they favor dramatically cutting spending on entitlement programs as they believe that assisting the needy is better left to private charity than to governments okay but now let's get even more specific back in unit 2 we Define fiscal policy as tax and spending policies Congress and the president are in charge of fiscal polic policy one of the many fiscal policy debates is over what if anything governments should do when the economy is in a recession two of The prominent economic schools of thought in this area are Keynesian and supply side economics Keynesian economics is named for famed economist John Maynard kees he argued that when the economy is in a recession that government spending should be dramatically increased to jumpstart the economy increasing spending and getting people back to work remember when part of the federal respon to co was to dramatically increase unemployment benefits and to send basically everybody in the country a few checks that's pure Keynesian economics the idea is that people will spend that money and it'll trigger a multiplier effect of even more spending supply side economics disagrees and is based on the idea that the production of goods is more important than the consumption so supporters argue that during recessions the government should cut taxes to encourage businesses to grow and hire workers and that it leaves more money in people's pockets and that this will help get the nation out of a recession most commonly Keynesian economics is associated with liberals and supply side with conservatives but this is a bit of an oversimplification meanwhile libertarian free market types argue against any government response to recessions focusing on the inflation and crowding out that these policies can cause while keynine and suppli siders disagree about the appropriate policy action they agree that government should do something all right and one last thing we need to discuss is monetary policy now this isn't an economics class so I think you mostly want to be able to identify whether something is fiscal or monetary policy monetary policy refers to actions taken to influence interest rates affecting the broader economy interest rates represent the cost of borrowing money so lower interest rates encourage people to borrow money and this increases economic activity while higher interest rates do the opposite encouraging people to borrow less money and this slows down the economy monetary policy is conducted by the Federal Reserve and Independent Regulatory Commission and the idea is to remove these very important monetary policy decisions from politics so whereas fiscal policy is very political monetary policy is not supposed to be political at all the Federal Reserve has a dual mandate from Congress meaning that they have two policy goals for the economy to achieve maximum employment and price stability that's the fancy way of saying that they want to keep unemployment and inflation low I don't think you'll need more detail than this so I'm going to keep this part as simple as possible if inflation is high like it's been since 2021 the FED should raise interest rates as they've done dramatically between 2022 and 2023 this should eventually bring inflation down when unemployment is high the thinking goes the FED should lower interest rates to stimulate the economy all right that's it for this one until next time this has been a money production thanks again for watching and if you haven't already what are you waiting for smash that like button subscribe to my channel and you're almost at the end of this unit so be sure to check out the ultimate review packet to help you get ready for that test and eventually the AP exam and I will see you in the next video
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