Question

Briefly explain the significance of "Power to abolish all forms of human poverty and all forms of human life" in JFK's inaugural speech...? does not have to be from an economic standpoint, more from a sociological but some economic insight would be good too

Answer 1

John F. Kennedy in his inaugural address on January 20, 1961, said: "For man holds in his mortal hands the power to abolish all forms of human poverty and all forms of human life". This statement has both sociological and economic implications as poverty reduction is good for the economic growth of a country. Reduction in poverty will ensure healthy, educated citizens which in turn is human capital for a country. This adds to the productive capacity of the country. Existing poverty can lead to market failures. Poverty costs a huge amount to the government as it increases healthcare expenses, productivity loss and other expenses related to maintaining law and order in the society as increased poverty can give rise to petty thefts, civil wars, and other criminal activities.

From a sociological standpoint, It reduces inequality in the country and ensures the well being of people. There is social stability as everyone is better off and enjoys a decent quality of life. Abolishing poverty improves the quality of governance due to reduction in income, wealth disparity. All individuals have equal opportunities to grow. There is negligible or low criminal activity. The countries with no poverty are some of the happiest countries in the world and their citizens enjoy good quality of life.