AFE Safety Net

17 flashcards · Economics · by Logan Pollack

1. poverty threshold

   an income level below which income is insufficient to support families or households

2. Who determines the poverty threshold?

   The federal government

3. OSHA

   regulates workplace safety conducts workplace inspections

4. Entitlement Programs

   social welfare programs that are given to people if they meet certain requirements (certain income, age, etc...

5. What does it mean when expenditures are open-ended?

   Congress cannot change how many people can become eligible for each kind of benefit.

6. Contributory Programs

   Must be earned

7. Non-Contributory Programs

   Free handouts

8. cash transfers

   direct payments of money to poor, disabled, and retired people

9. in-kind benefits

   goods and services provided for free or at a much lower price

10. Temporary Assistance for Needy Families

    Discontinues direct federal welfare payments places more responsibilities on state governments

11. Social Security

    provides direct cash transfers of retirement income to the elderly also covers living expenses for the disabled

12. Social Security & Medicare taxes are sometimes called FICA taxes or payroll taxes

13. What are retirement benefits based on?

    How much you earned while you were working, the more you earned, the higher the benefits

14. Unemployment Insurance

    Funded by state and federal government provides money to eligible workers who have lost their jobs

15. Workers Compensation

    provides a cash transfer of state funds to workers injured on the job

16. Medicare

    health insurance for Americans over 65 and the disabled

17. Medicaid

    Health insurance for the poor, or unemployed, or people not covered by their employers health insurance