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Transcript of Income Inequality
THE UNBELIEVABLY SWEET ALPACAS!
Wherever there is great property,
there is great inequality.
So, What Causes Income Inequality ?
Cute animation about income inequality
Wednesday, November 19, 2014
Vol F. Eng.
National Gini Coefficient
WTH is this "Income Inequality" ?
The Effects of Income Inequality
Why Does it Matter?
1) There's a wide and growing gap in how much parents invest in their kids. High-income families spend increasingly more on tutoring, art, sports, books, and so on relative to low-income families.
2) The academic achievement gap on standardized tests between students for low-income versus high-income families has increased by 40% over the last 30 years, the period of rising inequality.
3) College attainment has increased much more among kids from wealthy families. The wealthier your family, the more likely you are to go to a top-tier college.
Can We Solve This Issue?
Equality of opportunity, still?
“The extent and continuing increase in inequality in the United States greatly concern me. I think it is appropriate to ask whether this trend is compatible with values rooted in our nation’s history, among them the high value Americans have traditionally placed on equality of opportunity”
-Janet Yellen, US Federal Reserve chairman
Final Update: November 17, 2014
Beginning in the 1979, economic growth slowed and the income gap widened.
refers to the economic policies promoted by U.S. 40th President
during the 1980s. These policies are commonly associated with supply-side economics, referred to as
by political opponents and free market economics by political advocates.
Their idea was that giving more money to rich people would benefit everyone because the rich would use that money to hire the poor.
Brief History of Income Inequality
National Gini coefficient is a number between 0 and 1, where:
0 = perfect equality
(everyone has the same income);
1 = absolute inequality
(one person has all the income, and everyone else has zero income).
It's the gap between the rich and the poor.
It's the state of affairs in which assets, wealth, or income are distributed unequally among individuals, or population, or even countries.
"Imagine three types of wealthy people. One guy is putting his capital into building his business. Then there’s a woman who’s giving most of her wealth to charity. A third person is mostly consuming, spending a lot of money on things like a yacht and plane. While it’s true that the wealth of all three people is contributing to inequality, I would argue that the first two are delivering more value to society than the third. I wish Piketty had made this distinction, because it has important policy implications."
"Taxation is not only a way of requiring all citizens to contribute to the financing of public expenditures and projects and to distribute the tax burden as fairly as possible; it is also useful for establishing classifications and promoting knowledge as well as democratic transparency."
1. Make high-quality education available to all
- Increase the supply of skilled labor, and reduce the income inequality due to education differentials.
2. Minimum wage legislation
- Raise the income of the poorest worker, for the ones that don't lose their jobs due to a minimum wages.
3. Nationalization or subsidisation of products
- Providing goods and services that everyone needs cheaply or freely (such as food, healthcare, or housing).
- Government can effectively raise their purchasing power of the poorer members of the society.
4. Progressive taxation
- The rich are taxed proportionally more than the poor, reducing the amount of income inequality in society.
- Organization may reduce income inequality by negotiating standard pay rates.
They were born just too late to be World War II heroes and just too early to be New Age firebrands