Chapter
14
THE
GOVERNMENT AND PUBLIC WORKS
FUNCTIONS OF GOVERNMENT (what the
government does with your tax dollars)
1. Providing Public Goods
a.
Government will use your tax money and
will spend it on things that will benefit society. Etc. Parks, Museums, Ballet
Companies,
2. Redistributing Income (FICA, OASDI)
a.
SOCIAL
INSURANCE PROGRAMS
ONLY FOR THE PEOPLE WHO PAID INTO THE SYSTEM
MONEY TAKEN OUT OF YOUR CHECK
FICA: Federal
Insurance Contributions Act
OASDI Old Age,
Survivors & Disability Insurance
1)
Social Security:
Retired or Disabled (People who are unable to work)
1.
OASDI
Old Age, Survivors & Disability Insurance
a.
7.65% comes out of your check
·
Survivors:
Peoples, who parents died, will pay as long as the child stays in school till
the age of 18.
·
Disability:
People with a disability and cannot work (Workers Compensation)
·
Old
Age: Old people who have paid into the system
2)
Workers Compensation
1.
For people who are injured on job or
unemployment (State Money)
3)
Medicare
1.
Medical insurance for older people and
disabled
b.
PUBLIC
ASSISTANCE:
EVERYONE CAN GET THIS MONEY
1)
Supplemental Security Income
1.
Food Stamps
2.
Veterans and Disabled
2)
AFDC: Aid For Families with Dependent
Children
1.
State program run for single parents with
children
2.
If the child is 5 or younger, then the mom
doesn’t have to go to work
3)
Medicaid:
1.
Insurance for LOW INCOME people
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