Name Professor Module Date Final Assignment ON THE ECONOMY AND FAMILY CRISES Explain the U.S. system of public assistance and entitlements, Taking note of Robin William's definition of the Economy, particularly this one: "Because of specialization of production, a highly developed monetary and credit system, and other factors, the various segments of the economy are closely interdependent; and changes in any one major portion of the system have complex repercussions elsewhere"…
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Focus on the concrete social life proves that actual social institutions are characterized by a crisscross of numerous normative systems. For instance, the Federal Reserve’s response to economic inflation has a wide spread impact on other institutions such as the social institutions i.e. it can affect the process of acquiring mortgages for various households. Political decisions emanating from political institutions affect the salary level of the American workers. The relationships between the stakeholders can be exemplified through focus on central governments and corporations. The decentralized government reduces control of the organizations’ actions that in turn impacts on the welfare of workers. The corporations’ main goal is the generation of profit while the government purposes to improve the welfare of workers. This makes the constitutional requirements and corporate goals to conflict. The regulatory measures on business activities will be bent to the corporation favor in case they win the conflict. This will have complex negative repercussions on the societal welfare. However, if the government wins the conflict, the society will benefit because the corporations will be forced to adopt measures that favor the public welfare even if they do not promote business. Maintenance of a sustainable system of public assistance and entitlements requires cooperation and participation of all stakeholders to ensure that the individual needs of all stakeholders are satisfactorily addressed. According to the short articles by William P. O'Hare and Paula Mergenhagen for American Demographics, Who are the poor in America and what do they do with their money? Document any departures you make from their assertions. Poverty is a product of the imbalance between income levels and expenditure; with expenditure always superseding the income Spending is compulsory to all people because they have to satisfy their needs. The main characteristic of poor people in America is that they work in low paying jobs. Most poor people in America inhabit rented homes located in insecure and underdeveloped neighborhoods. Most of them are underinsured; making them wait until the health conditions allow them to be liable for insurance consideration for the costly access to medical facilities. Poor people in America belong to three categories; working poor, retired people and students. The working poor spend their income on used cars and clothing. Retired people draw on their savings to meet their living expenses. They spend most of this money in personal care and health care. College students spend their meager income, mostly derived from their parents, on entertainment and clothing. Generally, most poor people spend most of their income on rent and food. Most of the working poor adults in the society have not graduated from school, with the majority of them possessing only a high school degree. Those who receive social assistance in the form of food or financial resources are categorized as poor. Most poor people spend more than they earn because necessity, rather than impulse determines the expenditure level. The minimum wage level households spend less compared to well-off households although they spend higher that the average shares on most products. Devoting large chunks of budget on basic
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