Unemployment
Voluntarily leaving the workforce, but intending to return
Frictional Unemployment
Means-tested program only available to applicants below the poverty line, intended to help the poor
Medicaid
Basic cause of recessions
Supply exceeds demand
Highest rate of poverty
Unmarried women
Seasonal conditions prevent working
Seasonal Unemployment
You qualify for this and are entitled to it regardless of need
Entitlement programs
Qualifies a recession
Two consecutive quarters of declining GDP
What a family must spend for an “austere” standard of living
Poverty line
Cyclical Unemployment
Largest public program in the U.S., with the government spending $1.35 trillion on it in 2023
Social Security
Worst economic downturn since the Great Depression (in America)
The Great Recession (2007-2009)
Recipients get a benefit without receiving actual money
In-kind benefit
Job has been eliminated due to long term changes in the economy
Replaced Aid to Families with Dependent Children
Temporary Aid to Needy Families
The R's of FDR's New Deal
Relief, Recovery, and Reform (relief for the needy, economic recovery, and financial reform)
The "shares" of the national income carried by various groups
Income distribution