"There's no question this is a hard-power budget," Mulvaney also said Wednesday. "It is not a soft-power budget. This is a hard-power budget. And that was done intentionally."

Alongside Defense, the agencies for which the White House proposes spending increases are almost entirely military- and national security-related. The Department of Homeland Security would see a hike in funding of 6.8 percent, as would the Department of Veterans Affairs (5.9 percent) and the National Nuclear Security Administration (11.3 percent).

The budget says that slash in funding is necessary "to ease the burden of unnecessary Federal regulations that impose significant costs for workers and consumers without justifiable environmental benefits."

"merit based"

"in a manner that puts the hardworking citizens of our country first."

if they passed a background check.

The Dreamers are students, soldiers, employees and some are now the parents of American citizens. They made no choice to violate immigration law, and they have not, in the vast majority of cases, imposed burdens on the only home they've known.

Asset bubbles: This is when the prices of internet companies, stocks or houses become inflated beyond their sustainable value. The bubble itself sets the stage for a recession to occur when it bursts.

Credit crunch. This occurred when Bear Stearns announced losses thanks to the collapse of two hedge funds it owned. The funds were heavily invested in collateralized debt obligations.  When Moody's downgraded its debt, it, banks who were in a similar over-invested condition panicked. They stopped lending to each other, creating a massive credit crunch. 

gh-interest rates. When rates rise, they limit liquidity, or the amount of money available to invest. The biggest culprit was the Federal Reserve, which often raised interest rates to protect the value of the dollar. The Fed raised rates to battle stagflation, causing the 1980 recession. It did the same thing to protect the dollar/gold relationship, worsening the Great Depression.

Within 100 days, he signed the New Deal into law. It created 42 new agencies. They were designed to create jobs, allow unionization and provide unemployment insurance. Many of these programs still exist. They include Social Security, the Securities and Exchange Commission, and the Federal Deposit Insurance Corporation.

It used tight monetary policies when it should have done the opposite. Bernanke highlighted its five critical mistakes.The Fed began raising the fed funds rate in the spring of 1928. It kept increasing it through a recession that began August 1929. That's what caused the stock market crash in October 1929.When the stock market crashed, investors turned to the currency markets. At that time, the gold standard supported the value of the dollars held by the U.S. government. Speculators began trading in their dollars for gold September 1931. That created a run on the dollar. The Fed raised interest rates again to preserve the dollar's value. That further restricted the availability of money for businesses. More bankruptcies followed.The Fed did not increase the supply of money to combat deflation.Investors withdrew all their deposits from banks. The failure of the banks created more panic. The Fed ignored the banks' plight. This situation destroyed any of consumers’ remaining confidence in financial institutions. Most people withdrew their cash and put it under their mattresses. That further decreased the money supply.

The Panic of 1837 was influenced by the economic policies of President Jackson. During his term, Jackson created the Specie Circular by executive order and refused to renew the charter of Second Bank of the United States, leading government funds to be withdrawn from the bank. Jackson was motivated by the concern that the government was selling land for state bank notes of questionable value and that the bank was issuing excessive paper money unbacked by specie reserves. 

The tremendous growth in the agricultural sector in the late eighteenth and early nineteenth centuries encouraged land speculation, or the purchasing of land with the expectation that its value would continue to increase. Cotton, at first a small-scale crop in the South, boomed following Eli Whitney's invention of the cotton gin in 1793. Raw cotton from southern plantations was shipped to textile mills in Britain, France, and, by the 1820s, New England. Millions also migrated to fertile farmlands of the Midwest, and new roads and waterways opened up new markets for western farm products.