20. Female-Headed African-Americans Hispanics Not US Citizens Children Under 18 Women Total Population Men Whites Asian Persons 65 or Older Married-Couple Families Full-Time Workers 0 10 20 30 24.7 21.9 21.4 17.8 13.9 12.7 11.5 10.8 9.8 9.8 5.5 2.8 28.4 Poverty Rates Among Selected Population Groups,2005
25. D for labor by firms S of labor by workers Legal min wage W* SURPLUS Q* Q s Q d # workers Minimum Wages Market for low-skill labor Criticism of min wages: Creates excess supply of labor = unemployment Wage
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28. U.S. Income-Maintenance System Program Eligibility Source of funds Aid People, million Social Security http://www.ssa.gov Old-Age,Survivors, and Disability Insurance (OASDI, Social Security) Age 62-67, death of parent or spouse, no reduction in benefits for earnings up to $32,000, reduction in benefits $1 for each $3 of earnings above $32,000 Tax on employed and employee 6.2% + 6.2% on first $97,500 earned, 2007 Cash, avg $1000/mo for retired, $2000 widow with 2 kids 48 Unemployment compensation for several weeks Unemployed Payroll tax on employers, varies by state, firm size Cash avg $262/week 8 Medicare Age 65, disability Tax on employed and employee 1.45% + 1.45% Health insurance 42 Public assistance (welfare) Supplemental Security income (SSI) Age, disability, income Tax revenues Cash, avg $580/month 7 Temporary Assistance for Needy Families (TANF) for max 5 years in lifetime Poor with children, requires to work after 2 years, none to immigrants for 5 years Tax revenues Cash, services, avg $400/month 5 Food stamps Poor with children, working poor Tax revenues Vouchers 24 Medicaid Poor Tax revenues Med services 50 Earned Income Tax Credit (EITC) Low wage workers Tax revenues Tax refund 26 Head start, Pell grants, Low income home energy assistance, veteran’s assistance
