Political Science Study Guide 3 - Public Assistance...

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EIIC AFDC to TANF Food Stamps Medicaid Edison schools: private for profit government institution. 3000 Charter school in the US. Types of Schools: home, vouchers, magnet, charter, and public. Vouchers: families are given money to spend on education. Vouchers are called in-kind vouchers. Welfare state: government tries to look after the people and their welfare. Recessions in the US have been shorter in general and shallower. We have moved to a service-based economy, rather than market based. During the recession, people will still spend money. Globalization: we are suffering because our jobs are sent to China. Bigger government also helps recession. In-kind Benefits: Employers have to pay 2.2% of wages/salaries to the state government. Employees have to pay 0.8% of wages/salaries to the Federal government. In MO, the largest an unemployment check can be is $300. Individual Unemployment Account: proposed, not real. Contract between employee and employer to save money in case of unemployment. Lost jobs, find a new job (Trade adjusted assistance) Will pay half of difference between new job and old job. Must be over 50, will pay up to 10K a year for up to two years. OASDI aka Social Security; Old Age, Survivors, Disabled Insurance In 2017 the SS surpluses will stop, in 2040 SS will be bankrupt. OASDI taxes are funded this way, employers pay 6.2% of wages/salaries up to $102,000. Employees pay 6.2%. This is often shown on paycheck stub as FICA. SS Proposal: workers could pay 2.2% and then have the option to invest 4% into their own accounts for retirements proposed by Bush. Medicare:
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Political Science Study Guide 3 - Public Assistance...

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