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Chapter 15: Q. 20 (page 377)

What is the safety net?

Short Answer

Expert verified

Safety-net refers to the welfare and anti-poverty programs implemented by the US government for the poor and the near-poor of the country.

Step by step solution

01

Step 1. Introduction

The government of a country is entitled to the responsibility of safeguarding its people in the country, especially the poor or the low-wage earners. The government takes steps for increasing the welfare of the poor in the country.

02

Step 2. Safety net

For the purpose of increasing the welfare of the poor (who lie below the poverty line) and the near-poor (who earns just above the poverty line), the US government launches many welfare and anti-poverty programs in the country. These programs are considered as safety-net provided by the government.

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Most popular questions from this chapter

What are the main reasons economists give for the increase in inequality of incomes?

If a family of three earned $20,000, would they

be able to make ends meet given the official poverty threshold?

Susan is a single mother with three children. She can earn \(8 per hour and works up to 2,000 hours per year. However, if she does not earn any income at all, she will receive government benefits totaling \)16,000 per year. For every \(1 of income she earns, her level of government support will be reduced by \)1. Create a table, patterned after Table 15.8. The first column should show Susan’s choices of how many hours to work per year, up to 2,000 hours. The second column should show her earnings from work. The third column should show her level of government support, given her earnings. The final column should show her total income, combining earnings and government support.

Which set of policies is more likely to cause a tradeoff between economic output and equality: policies of redistribution or policies aimed at the ladder of opportunity? Explain how the production possibility frontier tradeoff between economic equality and output might look in each case.

Describe how each of these changes is likely to affect poverty and inequality:

a. Incomes rise for low-income and high-income workers, but rise more for the high-income earners.

b. Incomes fall for low-income and high-income workers, but fall more for high-income earners.
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