Income Inequality: Difference between revisions
From WikiDemocracy
Jump to navigationJump to search
No edit summary |
No edit summary |
||
| Line 203: | Line 203: | ||
[https://belonging.berkeley.edu/six-policies-reduce-economic-inequality by john a. powell 10/9/14 Othering & Belonging Institute] | [https://belonging.berkeley.edu/six-policies-reduce-economic-inequality by john a. powell 10/9/14 Othering & Belonging Institute] | ||
Results from the Fed's 2013 Survey of Consumer Finances show that the top 3 percent own 54.4 percent of America's wealth, an increase of almost 45 percent since 1989 and the bottom 90 percent own only 24.7 percent of wealth, a drop of 33.2 percent over the same time period. Similarly, the share of total income for the top 3 percent of families rose when compared to 2010 but the bottom 90 percent of families saw their share of total income declinePerhaps not surprisingly, the survey found significant disparities by race, class, homeownership status and education; with income and wealth increasing for non-Hispanic whites, the rich, homeowners and those with more education while it decreased for blacks, lower income households, renters and those with less than a college education. | Results from the Fed's 2013 Survey of Consumer Finances show that the top 3 percent own 54.4 percent of America's wealth, an increase of almost 45 percent since 1989 and the bottom 90 percent own only 24.7 percent of wealth, a drop of 33.2 percent over the same time period. Similarly, the share of total income for the top 3 percent of families rose when compared to 2010 but the bottom 90 percent of families saw their share of total income declinePerhaps not surprisingly, the survey found significant disparities by race, class, homeownership status and education; with income and wealth increasing for non-Hispanic whites, the rich, homeowners and those with more education while it decreased for blacks, lower income households, renters and those with less than a college education. | ||
=====Government Policies to Reduce Income Inequality===== | |||
[https://courses.lumenlearning.com/suny-oldwestbury-publicfinanceandpublicpolicy/chapter/government-policies-to-reduce-income-inequality/ by lumen] | |||
No society should expect or desire complete equality of income at a given point in time, for a number of reasons. First, most workers receive relatively low earnings in their first few jobs, higher earnings as they reach middle age, and then lower earnings after retirement. Thus, a society with people of varying ages will have a certain amount of income inequality. Second, people’s preferences and desires differ. Some are willing to work long hours to have income for large houses, fast cars and computers, luxury vacations, and the ability to support children and grandchildren. | |||
