THE CYCLE OF POVERTY: WHAT IS IT, AND WHOM DOES IT AFFECT?
The ratio of capital per person declines from generation to generation, which causes the poor to start with a very low amount of capital per person and subsequently become impoverished. When the population is expanding more quickly than capital is being accumulated, the amount of capital per person decreases.
Let's first examine poverty, the poverty cycle, and the people it most negatively affects.
A person or group of people who are living in poverty lack the financial means to maintain a level of living that is higher than what is deemed socially acceptable. People frequently experience poverty through no fault of their own or are born into it.
Without knowing the meaning of the poverty cycle, poverty cannot be understood.
What is the poverty cycle?
When people live in poverty cyclically, it is passed down from one generation to the next.
Numerous variables, including a lack of money, inadequate education, unmet basic requirements, etc., increase the likelihood that poor children will remain impoverished after birth.
Whom does it affect?
The U.S. Census Bureau reported that the country's official poverty rate in 2020 was 11.4%. According to this ratio, there are 37.2 million people. There are differences in poverty according to race, age, education, and gender measurements.
For instance, compared to non-Hispanic Whites (8.2%) and Asians (8.1%), Blacks (19.5%) and Hispanics (17%) are more likely to live in poverty. Poverty affects people under the age of 18 significantly more than it does people between the ages of 18 and 64 (9.4%) and people 65 and older (9%).
Additionally, single moms (23.4%) experience poverty at a higher proportion than single dads (11.4%) and married couples’ homes (4.7%). In terms of education, persons without a high school diploma are more likely to experience poverty (24,7%) than those with a diploma (13,2%), some college education (8.4%), and a bachelor's degree or higher (4%).
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