Fighting Income Inequality in the United States

Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class. Include at least one graph developed in our course. Possible concepts include:

taxes and consumer or producer surplus

demand, supply, and equilibrium price of a particular product

elasticity on a particular product

perfect competition and imperfect competition, such as monopolies

labor market, wages, and income inequality

poverty and public policy

another topic selected by the professor

The gap between the wealthy and the poor continues to increase leading to unequal distribution of wealth and income among people and countries. Income inequality is associated with the concept of equity which is influenced by income and opportunity equality. Moreover, it also caused by many factors such as globalization, policies, taxes, technological changes, gender, racism, education, culture, and salaries. However, the problem is solvable through emphasizing investing in human capital, financial literacy, and better policies which will allow better allocation of resources among countries and its citizens. The paper analyzes the news article Fighting Inequality is on us by Raymond Offenheiser who talks about how income inequality has left almost half of the world’s population in poverty.

In the article, Offenheiser highlights various reasons such as political system and global economic that cause inequality in the US. He adds that the system only favors the super-wealthy individuals who are fueling the crisis by supporting economic rules and political system that help them continue to enrich themselves (Offenheiser, 2017). Furthermore, the article also discusses that the inequality problem has resulted in the world where only eight men have wealth equal to what is owned by of the half of poorest individuals in the world. The population of the poor is over 3.6 billion and bigger compared to the rich who are one percent. Consequently, the poor hardly take part during the formulation of economic policies as seen in figure one. Therefore, they continue to suffer in the hands of the rich individuals while the gap between them continues to widen (Oxfam International, 2015). Figure 1: the global wealth share of the top one percent and the bottom 99 percent in 2010 to 2014 trend and prediction to 2020 (source: Oxfam Report)…

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