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26 Cards in this Set

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the view that the benefits of economic growth and prosperity wil "trickle down" to all
trickle-down philosophy
a graphical technique that exhibits the income distribution
lorenz curve
any government program that is targeted to aid low-income people
social (public) assistance
a federal program that provides income transfers to retired workers, the survivors of deceased workers, and disabled workers
social security
any government program funded by payroll taxes of employers, employees, or both. aperson need not have low income to qualify
social insurance
a block grant from the federal government to state governments to be used in state welfare programs in compliance with federal guidelines
temporary assistance for needy families (TANF)
a lump sum of money given by the federal government to state governments to used as they wish within broad federal guidelines to develop programs to meet a braod category of need
block grant
our nation's former welfare program providing cash assistance to eligible low income families with children
aid to families with dependent children (AFDC)
legislation that eliminated AFDC and replaced it with state programs that require work. italso tightened eligibility for and reduced the benefits offered by other social assistance programs
personal responsibility and work opportunity reconciliation act of 1996 (PRA)
a situation in which people are poor in comparison with other people
relative poverty
a situation in which people experience the hardship of poverty according to some objective criterion
absolute poverty
the division of total income in an economy among people of different income groups
income distribution
all household income from any source, including income transfers, calculated before taxes
money income
a cash trasfer from the government to an individual, for which no good or service is provided to the government in return
income transfer
a cash trasfer from the government to an individual, for which no good or service is provided to the government in return
income transfer
a transfer of goods or services (or acces to goods or services) from the government to an individual, for which no good or service is proveded to the government in return
in-kind transfer
a level of income below which a household is considered poor
poverty line
the percentage of the population that is poor
poverty rate
a government program providing medical coverage for eligible low-income people
Medicaid
a government program providing medical coverage largely to elderly people
Medicare
who the poor are, and which groups of people have a greater likelihood of being poor
incidence of poverty
a decline in a nation's gross domestic product (output) associated with a rise in unemployment
recession
spending that is designed to improve the productiveity of people
investment in human capital
payments (or programs) to which eligible citizens have a right by law
universal entitlements
a taxation system that taxes people with incomes above a certain level and pays people below that level
negative income tax
a federal tax credit for low-income individuals and families. the credit is available whether or not the worker pays federal personal income taxes
earned income tax credit (EITC)