There are two important reasons for having a strong social safety net, one based in sound economic policy and the other in our common humanity. So it’s no surprise that the countries that have strong social safety nets tend to have resilient economies and a higher quality of life.
Ultimately, social safety nets are about managing risk and unforeseen contingencies. On the one hand, there are the risks that we want people to take, such as starting a new business. On the other hand, there are unforeseen events that are so severe - like becoming paralyzed in an accident - that no one person (unless incredibly wealthy) could handle the expenses associated with them. In both cases, by setting up a social safety net that distributes the costs of responding to them across the wide spectrum of society, we minimize both the societal cost and the individual suffering.
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