Describe three major downsizing efforts in American government during the late twentieth century.
What will be an ideal response?
In 1992, Colorado passed a constitutional amendment called the Taxpayer Bill of Rights (TABOR) to limit tax increases. In 1984, the President’s Private Sector Survey on Cost Control (Grace Commission) produced 2,500 recommendations that its report said would save $425 billion over three years. In 1985, the Balanced Budget and Emergency Deficit Control Act (Gramm-Rudman) forced both Congress and the president to begin bringing the federal deficit under control.
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Country A’s leader has to decide whether to sign a free-trade agreement with country B or with country C. Due to the domestic political situation, she can sign only one free-trade agreement. Suppose A’s annual revenue from a free-trade agreement with B is $800M and A’s annual revenue from a free-trade agreement with C is $400M. The probability that B will agree to sign the agreement is 0.3 and the probability that C will agree to sign the agreement is 0.75. Assume also that the leader prefers an agreement to no agreement and so does not want to sign an agreement that will be rejected by the other side. Assuming that A’s leader is risk-neutral, what choice should she make?
a. A should sign a free-trade agreement with C because the probability that C will agree is higher than the probability that B will agree. b. A should sign a free-trade agreement with B because the revenue is higher than a revenue from a free-trade agreement with C. c. A should sign a free-trade agreement with C because the expected utility of an agreement with C is higher than the expected utility of an agreement with B. d. A should sign a free-trade agreement with B because the expected utility of an agreement with C is higher than the expected utility of an agreement with C.
The Bill of Rights was added to the Constitution
What will be an ideal response?