Walker Talk (Glossary)

We here at the Comeback America Initiative realize that some of terms associated with fiscal issues might make you glaze over. “Walker Talk” not only defines these terms and explains why they’re important, but it goes a step further and shows how they are sometimes misused. This is the first step in educating yourself.

  • Baseline

    The term baseline, when it relates to fiscal policy, means a projected estimate of what spending, revenues and resulting deficits and debt will be over a period of time, based … Read More »

  • Debt

    Something owed. What you should know about it Most people are familiar with the concept of debt from managing their own personal finances. A debt is something owed to another, … Read More »

  • Debt to GDP (or Debt as a % of GDP)

    Debt to GDP, or Debt as a % of GDP, is a statistic that compares the amount of debt to the size of the economy as a whole. What you … Read More »

  • Deficit

    A government runs a deficit when spending exceeds revenue. What you should know about it The idea of a deficit is pretty easy to understand – you pay out more … Read More »

  • Discretionary spending (vs. Mandatory spending)

    Discretionary spending refers to the portion of federal government spending that is decided upon by Congress each fiscal year through appropriations bills. This is different from mandatory spending. What you … Read More »

  • Dysfunctionality

    Walkerism. It means being in a state of dysfunction, which is defined by Websters dictionary as “impaired or abnormal functioning”. Use it in a sentence “In 1992 Ross Perot ran … Read More »

  • Economy (Eg. The United States economy)

    In general, the economy encompasses all activity within a country or region related to, or based on the production, distribution, and consumption of goods and services. The size and growth … Read More »

  • Effective tax rate (vs. Marginal tax rate)

    The effective tax rate is the amount of tax paid divided by the tax base. In other words, it is the actual rate someone pays, based on all their taxable … Read More »

  • Entitlements

    A government program providing benefits to members of a specified group. What you should know about it Many government programs, including the largest federal programs (Social security, Medicare, Medicaid), are … Read More »

  • Fiscal

    The word fiscal means of or related to finances. What you should know about it In government, the word is often used in the context of fiscal responsibility, or fiscal … Read More »

  • Fiscal year

    A fiscal year is the time period used in calculating and accounting for an organization’s finances, which in many cases may differ from a calendar year. What you should know … Read More »

  • Gross Domestic Product (GDP)

    GDP is the numerical representation of the economy’s output. The United States GDP measures all goods and services produced by labor and property within the country over a certain period … Read More »

  • Income taxes (vs. payroll taxes)

    The federal government (and many state governments) levy taxes on individual and business income to generate revenue. What you should know about it Many people are familiar with income taxes, … Read More »

  • Laggardship

    Walkerism. It means the practice of being a laggard, meaning one who tends to act slowly and lags behind. It is the opposite of leadership. Use it in a sentence … Read More »

  • Mandatory spending (vs. discretionary spending)

    Mandatory spending refers to the government spending that is required by law and not subject to annual limits. This differs from discretionary spending. What you should know about it In … Read More »

  • Marginal tax rate (vs. Effective tax rate)

    Marginal income tax rate is the amount of tax you pay on the last dollar earned within different brackets, with the rate changing as income rises. This is different from … Read More »

  • Medicaid

    Medicaid is a government health care program that provides insurance benefits for qualifying individuals who are mostly of low income. What you should know about it Medicaid is a major … Read More »

  • Medicare

    Medicare is a federally run health care program that mostly provides insurance benefits for the elderly, however it also provides coverage for the disabled and certain others, such as those … Read More »

  • Monetary

    The word monetary means related to money. When used in relation to the federal government, it’s often in the context of monetary policy, which in the United States is controlled … Read More »

  • Payroll taxes (vs. Income taxes)

    Federal payroll taxes apply to wages and are used to fund the major social insurance programs of the federal government, Social security and Medicare (Part A). They are shown as … Read More »

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