6. Income inequality a. Please explain the factors that have contributed to incr

Question

6.   Income inequality
a.   Please explain the factors that have contributed to increased income inequality since
1969,
i.   Discuss each of the following as it contributes to increased income inequality.
1.   Greater demand for high skilled workers
2.   Demographic changes
3.   International trade, immigration, and the decline of unionism
4.   The great recession of 2007
5.   Any other factors that you can identify
b.   What are 6 results of the growing income inequality in America and what can we do to correct this growing problem?
i. For each of the items listed above, discuss what might be done to eliminate the problems that cause growing income inequality

c.   Explain how discrimination reduces domestic output and income,
i.   Look at the items under Discrimination in the notes and discuss how each contributes to the reduction of domestic output and income.
d.   Explain the difference between Social Insurance Programs and Public Assistance
Programs, and give 3 examples of each. i.   Social Insurance
1.   What is it?
2.   Explain the 3 examples relative to what they do for the beneficiaries of each program.
ii. Public Assistance
1.   What is it?
2.   Explain 3 of the examples relative to what they do for the beneficiaries of each program.
e.   Discuss the pros and cons of reducing spending on these two types of programs relative to stimulating economic growth.
i.   Some Google research should help with this.

Explanation / Answer

a.   Data suggests that conventionally measured income inequality as a percentage of total income going to the top 1 percent started increasing in the mid-1980s and peaked at the time of tech boom of 1990
i.  Factors contributing in increasing income inequality:

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