At the federal level, there are two categories of budgetary expenditures: entitlement and discretionary spending.
Two government budget practices that can have significant implications for lower levels of government are block grants and unfunded mandates.
Under the U.S. Constitution, people are entitled to compensation when a government takes their property. This is known as a taking.
Poverty is defined by comparing household income with the minimum income required for basic needs. People whose income is below the threshold are considered poor.
Policymakers can take action to stimulate the economy.
Grandparents and other relatives play an important caregiving role in family well-being. Support from extended family is especially vital in families with low incomes.
One indicator of smart fiscal practices is maintaining balance between spending and revenues. Occasionally deficits may be necessary.
Federal and state governments have tried to change budget rules to control government spending. Budget rules have also been used to impose fiscal discipline.
These principles provide a flexible framework that applies to all consumer products and services:
Federal, state, and local consumer protection agencies all have a role in safeguarding consumers against fraud, deception, and unfair practices.