Modern America (1980-Present) Glossary

A 2010 law that expanded health insurance coverage through Medicaid expansion, insurance exchanges, subsidies, and coverage mandates, representing the largest healthcare expansion since Medicare and Medicaid in 1965.

The reduction or elimination of government rules and oversight in industries such as airlines, telecommunications, and finance, based on the belief that markets function more efficiently with less government interference.

A policy of political openness and transparency introduced by Soviet leader Mikhail Gorbachev in the 1980s, allowing greater freedom of speech and press within the Soviet Union.

The North American Free Trade Agreement (1994), which eliminated most trade barriers between the United States, Canada, and Mexico, creating one of the world's largest free-trade zones.

Economic restructuring reforms introduced by Gorbachev to modernize the Soviet economy by incorporating limited market-based elements into the centrally planned system.

The increasing ideological distance between the two major political parties and their supporters, resulting in less willingness to compromise and greater hostility toward the opposing party.

A home loan issued to borrowers with poor credit histories or insufficient income to qualify for conventional loans, typically carrying higher interest rates and greater risk of default.

An economic theory holding that reducing taxes on producers and investors stimulates economic growth by increasing the supply of goods, services, and jobs. Also called Reaganomics or trickle-down economics.

Legislation passed in 2001 after the September 11 attacks that expanded federal surveillance and intelligence-gathering powers, sparking debate over the balance between national security and civil liberties.

The broad U.S. military and policy campaign launched after the September 11, 2001 attacks, including the wars in Afghanistan and Iraq, expanded surveillance, and new homeland security measures.