It gives 0.7% of the US GNP for Global Poverty Relief per year. I work that out as roughly $1225/family/year, assuming $43,743 per capita share of the GNP. . .
Another way of looking at it: In 2006, the median annual household income was $48,201.00 according to the Census Bureau. 0.7% of that works out to be $337.41.
In any event, not to worry. This is just more U.N. posturing, what my government prof used to call “an international kiss.” Nothing will come of it. The U.N. voted to do exactly the same thing in 1970. No effect. Now they feel like it’s time to make the same empty promise. Big deal:
“Rich Nations Agreed at UN to 0.7% of GNP To Aid
Recently, there was an EU pledge to spend 0.56% of GNI on poverty reduction by 2010, and 0.7% by 2015.
However,
The donor governments promised to spend 0.7% of GNI on ODA (Official Development Assistance) at the UN General Assembly in 1970—some 35 years ago as of writing
The deadline for reaching that target was the mid-1970s.
By 2015 (the year by when the Millenium Development Goals are hoped to be achieved) the target will be 45 years old.”