L9 Sept 29

L9 Sept 29 - Government Assistance 1 Changing economy and...

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Unformatted text preview: Government Assistance 1 Changing economy and needs starting in the 1880s Move from agrarian to industrial economy Move from rural to urban society Less reliance on extended families Increase in average life span 2 Social Security Act Marked the beginning of large-scale public assistance Great Depression leads to calls for radical change F. Roosevelts proposal social insurance (not welfare assistance) for the elderly, unemployed, and widows Speech 3 Roosevelts speech signing SSA Aug 14, 1935 50 millions of our citizens (pop = 127 million) unemployment compensation, old-age pensions, increased services for the protection of children and the prevention of ill health some measure of protection to the average citizen and to his family against the loss of a job and against poverty- stricken old age 4 Roosevelts speech signing SSA Aug 14, 1935 Cornerstone of protection, but not complete act as a protection to future administrations against the necessity of going deeply into debt to furnish relief to the needy take care of human needs and at the same time provide the United States an economic structure of vastly greater soundness 5 Roosevelts speech signing SSA Aug 14, 1935 Highlights safety net as a tool to increase economic security, help economic growth Reduce future public expenditures But notes that it is only the beginning of what is needed 6 Social Insurance Programs Structure Near universal coverage and uniform in rules and benefits Overcomes adverse selection problem in private insurance through mandatory pooling Dedicated funding mechanisms market Tend to be more politically popular Receipt depends on past work experience Not at odds with social norms of personal responsibility Triggered by events that are salient to most Americans (retirement, unemployment, disability) Decrease caregiving responsibilities of adult children 7 Overview of social insurance programs Elderly Social Security Medicare Working-age adults Unemployment insurance Workers compensation Disability insurance 8 Social Insurance: Elderly Social Security (Old Age, Survivors, & Disability Insurance) Benefit: Monthly cash stipend Target Pop.: Elderly (62 and over) and survivors Medicare Benefit: In-kind health insurance & prescription drug coverage Target Pop.: Elderly and disabled 9 Social Insurance: Prime-Age Workers...
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L9 Sept 29 - Government Assistance 1 Changing economy and...

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