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ppt_ch06_2 - Poverty Amid Affluence Chapter 6 The Haves and...

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Poverty Amid Affluence Chapter 6
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The Haves and the Have-Nots Equality of opportunity is a central value in American society, but equality of outcome is not Most Americans believe that everyone should have the same opportunity to achieve success, but they do not object to inequality in situations between groups Middle-class standard is the norm
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The Rich One measure of wealth is the value of savings and checking accounts, real estate, automobiles, stocks and bonds and other assets minus debts Federal Reserve Board indicates that one percent of all households hold over one-third of all personal wealth The wealthiest 20 percent of households received 50 percent of all income The poorest 20 percent received less than 5 percent of income
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The Rich Redistribution policies through taxation have been based on three reasons 1.The wealthy get more out of the economic system and can afford to pay more 2. Rich have a greater investment in the system and should pay more to maintain it 3. Redistributing income from the rich to the poor is fair and just
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The Rich United States as a welfare state-a growing share of GDP is taken by the state to provide for social welfare for the poor » Reduce the impact of poverty and equalize access to basic commodities United States as a wealthfare state-subsidies to the rich » Economic protections and benefits to the rich
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The Rich Are the Rich a Social Problem? The 400 richest Americans are worth a total of more than $1 trillion » Ethics of individual success has often been an impediment to efforts to develop new policies to address the problem of poverty
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The Poor The condition of the poor today has become worse for a number of reasons » 1. Technology and its impact on work » 2. Opposition from the upper and middle classes to share their wealth » 3. Public attitudes toward helping the poor A large segment of society blame the poor for their situation
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The Poor In 2002, 34.6 million Americans were classified as living below the official poverty line 12.1 million of the poor were children under the age of 18 3.6 million of the poor were were over 65 years of age Millions more were female heads of households with children who were ill or disabled
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The Poor Minorities have a higher poverty rate than non minorities A large number of the poor are the working poor The current recession and terrorism has lead to a decline in the income of the poor and a rise in the poverty population in the United States
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