The market mechanism might leave some people with too little income and others with too much. The
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Question:
The market mechanism might leave some people with too little income and others with too much. The government uses taxes and transfers to redistribute income more fairly.
Income Transfers are payments to individuals for which no current goods or services are exchanged (e.g., Social Security, welfare, unemployment benefits).
Program | Recipient Group | Number of Recipients | Value of Transfers |
---|---|---|---|
Social Security | Retired and disabled workers | 70 million | $ 1,156 billion |
Medicare | Individuals over age 65 | 61 million | $ 820 billion |
Medicaid | Medically needy individuals | 77 million | $ 650 billion |
Unemployment compensation | Unemployed workers | 18 million | $ 150 billion |
Food stamps | Low-income households | 43 million | $ 105 billion |
Earned Income Tax Credit | Low-wage workers | 25 million | $ 62 billion |
Temporary Aid to Needy Families | Low-income families | 3 million | $ 30 billion |
Calculate the average benefit a Medicaid recipient receives.
Instructions: Round your response to the nearest dollar.
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
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