Microcredit Part 2
Application of Microcredit in the United States
Introduction:
In my last segment, I introduced the concept of microcredit and explained it’s basic foundations. As I explained before, micro-credit is one such way in which stimulating development from below in the societal totem pole also serves to advance democracy and human rights.[1] Now I will put the system into perspective and confront the issues and problems of applying such a system to the United States. The United States in any given year has 10% to 17% living below the poverty threshold as determined by the US Census. [2] This number translates to about 30-40 million individuals. Furthermore, most Americans (58.5%) will spend at least one year below the poverty line at some point between ages 25 and 75.[3] These statistics seem to suggest that a microcredit system established in the United States would be very successful. … Read the rest