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22 Cards in this Set

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social (public) assistance
any gov't program that is targeted to aid low-income people
Temporary Assistance for Needy Families (TANF)
a block grant from the fedral government to state governments to be used in state welfare programs in compliance with federal guidelines
block grant
a lump sum of money given by the federal government to state governments to use as they wish within broad federal guidelines to develop programs to meet a broad category of need
Aid to Families with Dependent Children (AFDC)
our nation's former welfare program providing cash assistance to eligivle low income families with children
personal responsibility and work opportunity reconciliation Act of 1996 (PRA)
legislation that eliminated AFDC and replaced it with state programs that require work. It also tightened eligibility for and reduced the benefits offered by other social assistance programs
trickle-down philosophy
the view that the benefits of economic growth and prosperity will "trickle-down" to all
relative poverty
a situation in which people are poor in comparison with other people
absolute poverty
a situation in which people experience the hardship of poverty according to some objective criterion
income distribution
the division of total income in an economy among people of different income groups
money income
all household income from any source, including income transfers, calculated before taxes
income transfer
a cash transfer from the government to an individual for which no good or service is provided to the government in return
in-kind transfer
a transfer of goods or services (or access to good or services)from the government to an individual, for which no good or service is provided to the gov't in return
poverty line
a level of income below which a household is considered poor
poverty rate
the percentage of the population that is poor
medicaid
a government program providing medical coverage for eliible low-income people
medicare
a gov't program providing medical coverage largely to elderly people
incidence of poverty
who the poor are, and which groups of people have a greater likelihood of being poor
recession
a decline in a nation's gross domestic product associated with a rise in unemployment
investment in human captial
spending that is designed to improve the productivity of people
universal entitlements
payments (or programs) to which elivivle citizens have a right by law
negative income tax
a taxation system that taxes people with incomes above a certain level and pays people with incomes below that level
earned income tax credit (EITC)
a federal tax credit for low-income individuals and families. The credit is available whether or not hte worker pays federal personal income tax