Asked by Madison Martinez on Jun 17, 2024
Verified
What have been the trends in income inequality since 1980?
Income Inequality
The uneven distribution of income within a population, often leading to social and economic disparities.
Trends
General directions in which something is developing or changing, often identified within markets, consumer behaviors, or technological advancements.
- Examine the causes behind the escalating income inequality in the United States.
Verified Answer
JA
Jonathan AbrahamJun 19, 2024
Final Answer :
Over the years, economic growth has raised incomes in absolute terms; the entire distribution of income has been moving upward. But, the distribution of income by quintiles has become more unequal since 1980. In the lowest quintile, total before-tax income was 4.3 percent in 1980 but dropped to 3.1 percent in 2015. The income share received by the highest 20 percent rose from 43.7 percent in 1980 to 51.1 percent in 2015.
Learning Objectives
- Examine the causes behind the escalating income inequality in the United States.
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