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January 22, 2018 

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OFFICE OF MANAGEMENT AND BUDGET: An office within the Executive branch (specifically within the Office of the White House), that assists the President in various fiscal matters. Established in 1970, the Office of Management and Budget (OMB) is responsible for developing the President's annual budget request to Congress, managing the Executive Branch, and evaluating Federal government regulations. The OMB staff are appointed by the President, but unlike other appointments, they do not need Senate confirmation. The duty of preparing the fiscal budget, and what this means for fiscal policy, has made the director of the OMB one of the more influential economic positions in country, ranking just a notch below the Chairman of the Federal Reserve System's Board of Governors and the Chairman of the Council of Economic Advisors. The Congressional counterpart of the OMB is the Congressional Budget Office (CBO).

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FEATHERBEDDING: A labor union practice of artificially increasing the number of workers employed even though the specific job or task can be completed with fewer workers. This can be done mandating that specific jobs be performed only by workers with specific skill levels or be mandating that a certain number of workers are needed to perform a job or task. By increasing the demand for workers, featherbedding also keeps wages higher.

     See also | labor union | collective bargaining | unfair labor practice | right to work | monopoly |


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AUTOMATIC STABILIZERS

Taxes and transfer payments that depend on the level of aggregate production and income such that they automatically dampen business-cycle instability without the need for discretionary policy action. Automatic stabilizers are a form of nondiscretionary fiscal policy that do not require explicit action by the government sector to address the ups and downs of the business cycle and the problems of unemployment and inflation.

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