In: Economics
1.) How should we define poverty? Please explain your conception of "poverty" and tell us how you would recognize poverty when you observe it. Please be specific here - simply saying "people who don't have enough" or "people who don't have adequate shelter" doesn't define the issue. Who decides what is "enough" or what "adequate shelter" is?
2.) What is meant by "Systemic Poverty" and "Generational Poverty"? Are the two terms interchangeable?
3.) Is there a 'cure' for poverty? Do you believe we can eliminate poverty in our society? In the world? If so, how? If not, why not?
Answer-1)
Poverty refers to the state of deprivation, wherein people lacks the socially or usual acceptable amount of material or money possessions. The government of United States defines poverty as being equal to or less than three times an average family in United States with minimum food expenditures as it is calculated by the USDA. The percentage of families in United States with incomes below the poverty line is known as the poverty rate. The Government statisticians categorizes who is officially in poverty by making a comparison of incomes of family to a threshold based on size of the family. The threshold is intended to show the minimum income required by the family in order to satisfy basic requirements for food, shelter, clothing, and transportation.
In my opinion the poverty line as defined by the U.S. government is inadequate because it does not take into consideration other living costs (such as shelter, utilities, and transportation) besides food, and the federal poverty line will remain same whether an individual stays in McAlester, Okla or New York City. Furthermore it does not take into consideration the costs of other goods and services such as health care and education
As per policy we have to answer first question