EconTalk Bruce Meyer on Poverty
May 31, 2021
Bruce Meyer, McCormick Foundation Professor at the University of Chicago and expert on poverty, dives deep into the nuances of extreme poverty in the U.S. He challenges recent studies by highlighting flaws in survey data and assumptions. The discussion critiques traditional poverty metrics, critiques government welfare roles, and examines the hardships of minimum wage workers. Meyer also explores the complexities of economic mobility, emphasizing the need for targeted support systems over broad solutions like universal basic income.
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Misleading Poverty Studies
- Studies claiming extreme poverty in the US, comparable to the poorest nations, are flawed.
- These studies, based on surveys, often misinterpret data and don't reflect reality.
Beyond Cash Income
- Cash income isn't the only factor; government programs augment consumption levels.
- Surveys often underreport income, and in-kind benefits significantly reduce extreme poverty.
Evolving Poverty Standards
- American poverty differs significantly from past US poverty and developing world poverty.
- Housing characteristics demonstrate improvements in living standards, like access to air conditioning and increased living space.
