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5.4 Inequality by Design

5.4 Inequality by Design - May 4 2011 Inequality by Design...

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May 4, 2011 Inequality by Design: Inequality and Public Policy Word of the Day mitigate: to alleviate or give relief from; to lessen the trouble caused by Is the extent of economic inequality in American society a natural outcome of economic processes? To what extent is its shaped by public policy? How public policy mitigates inequality: -social security -medicare/Medicaid -food stamps -unemployment insurance Social Security : established in 1935 by congress; provides financial benefits to elderly Americans in order to reduce the economic insecurity that comes with old age. Eligibility is determined by a formula. More than $600 billion was paid out to 51 million beneficiaries last year. Funded through payroll tax. The program is called a “contributory” but it is actually a transfer program. It has significantly reduced elderly poverty. Temporary Assistance for Needy Families (TANF) : Originally established in 1935 under a different name. It was reworked in 1996. It is administered by the department of health and human services. It provides block grants to the states which uses the money to provide cash
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