INCOME REDISTRIBUTION PROBABLY MOST CONTROVERSIAL OF GOVERNMENT FUNCTIONS TRANSFERRING INCOME AND RESOURCES FROM SOME HOUSEHOLDS TO OTHER HOUSEHOLDS INVOLVES.

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Presentation transcript:

INCOME REDISTRIBUTION PROBABLY MOST CONTROVERSIAL OF GOVERNMENT FUNCTIONS TRANSFERRING INCOME AND RESOURCES FROM SOME HOUSEHOLDS TO OTHER HOUSEHOLDS INVOLVES MANY PROGRAMS – TOTALLING OVER $1.5 TRILLION ANNUALLY

THE DEBATE SUPPORTERS: SAY POVERTY IS STILL SIGNIFICANT, AT BETWEEN 15% AND 20% ALSO SAY INCOME INEQUALITY HAS INCREASED DETRACTORS SAY PROGRAMS REDUCE “SELF SUFFICIENCY” AND FINANCIAL INDEPENDENCE

MEAN INCOME TRENDS OF U.S. HOUSEHOLDS DIVIDED INTO “FIFTHS” BY INCOME (2009 $)

FAMILY NET WORTH BY PERCENTILE OF INCOME 2007 $000’S

Percentage of Households in Income Ranges, 2009 $

RATIO OF MEDIAN BACHELOR’S DEGREE ANNUAL SALARY TO MEDIAN HIGH SCHOOL DEGREE ANNUAL SALARY

HOW MEASURE POVERTY? ABSOLUTE POVERTY RELATIVE POVERTY INCOME VERSUS CONSUMPTION

HOW INCOME IS REDISTRIBUTED CASH TANF: TEMPORARY AID TO NEEDY FAMILIES EITC: EARNED INCOME TAX CREDIT NON-CASH (“IN-KIND”) FOOD STAMPS, NUTRITION PROGRAMS, MEDICAID IS ISSUE LACK OF MONEY, OR SOMETHING ELSE?

ISSUES WITH INCOME REDISTRIBUTION 1. PHASING OUT HELP AS INCOME RISES – EFFECTIVE “MARGINAL TAX RATES” CAN BE HIGH 2.TAXES ON THOSE PROVIDING HELP: DISINCENTIVES TO WORK? 3.DOES GOVERNMENT ASSISTANCE “CROWD OUT” PRIVATE CHARITIES?