As it was explained in Seashell Seahorse Party she is used as a target for the family's aggression so they don't turn on each other.
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She is the rejected daughter
Season Four & Season Eight
There is no "Meg Simpson", but there is Maggie Simpson, (The Baby) Marge Simpson, (The Mother) and Meg Griffin from Family Guy. Meg is a teenager about 16 and goes to high school.
meg
looks like a beanie but is called a condom hat