Myth of income inequality in US Although US is the largest economy in the world, some...

Myth of income inequality in US

Although US is the largest economy in the world, some says it is one of the worst income inequal countries among the industrialized countries and Income inequality in US is not improving.

Q1) Does this claim have any truth in it? If so, discuss it with specific economic data. Do you think Trump tax cut actually contributed to more income inequality? Do you agree or not?(0.5 point)

Q2) Some says “ In US, the upper class is doing better, the middle class is disappearing and more people are living under poverty.”

If so, what is the social, economic and psychological consequence from growing income inequality? (0.5 point)

Q3) Some says US government should do something to reduce the gap between the poor and the rich? Do you agree or not? (0.5 point)

Q4)If so, is it a good idea to raise more tax from the wealthy and provide more welfare safety nets to the poor, or increase of minimum wage , or free higher education with Government subsidy, or universal basic income? (0.5 point)

Q5) Is any better idea of government policy over this matter? since middle class struggles with heavier consumer debt due rising rent cost, medical cost, and education cost, and job insecurity due to automation. (0.5 point)

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Expert Solution

Rahul Sunny answered 1 year ago

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