Economic Security: A Brief Overview and How to Ensure It
Economic Security – What does it Mean?
Economic or financial security implies that people do not fall into dearth when they’re not able to work or occupation is unstable, not available, or pays very small that they could not meet their needs. It implies that once employees lose their occupation, they have the time to seek a better occupation or improve their skills and education without risking foreclosure or eviction. Also, it signifies that people having disabilities are supported and encouraged in their endeavors to join the labor force to the utmost level possible, without having the fear that these endeavors would be at risk leaving no resource of support. Lastly, economic security implies that no children are homeless or hungry, and individuals have savings which they could depend on in times of economic difficulties.
Policies for Making Sure of Economic Security
Adequate nutrition – In 2008, almost one child in four kids in the US lived within a household that struggles against hunger and 50 million US citizens are considered as food insecure, which means that they’re sometimes unsure of containing or even unable to get adequate foods for all the members of the household due to they don’t have enough money as well as other supplies of food. Now, there are nutritional assistance programs that support the nutrition of children, infants and even women.
Unemployment insurance – It is very important to ensuring the economic security by assisting families to survive while they’re in search for new occupation. However, recent data demonstrate that only around 41% of unemployed employees obtain unemployment benefits. Another is that low-wage employees are more probably to be not employed, but less capable to gather any benefit in any way.
Affordable housing or shelter – The federal command is offering housing checks to assist families with low-income equalize their rental costs. But unluckily, only around 25% of qualified families receive housing check because of regular underfunding of program. A report in the year 2007 states that there’s a proposal that on the next ten years, the government will sponsor two million new vouchers that are designed to assist people with low income to live in areas that are rich in opportunities.
Promoting asset-building – Working families with low salary have fewer earnings to be able for them to save, then almost certainly to have less education assistance or retirement plans sponsored by the employer, therefore, they’re frequently not benefited in their endeavors to build up and save wealth. Federal and state programs must work to improve the assets of low-salary families via matched-saving plans such as personal development accounts and Saver’s Credit.
Read more details about Economic Security and Think Security.
Processing your request, Please wait....
