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Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
Income inequality has fluctuated considerably since measurements began around 1915, declining between peaks in the 1920s and 2007 (CBO data [2]) or 2012 (Piketty, Saez, Zucman data [15]). Inequality steadily increased from around 1979 to 2007, with a small reduction through 2016, [2] [16] [17] followed by an increase from 2016 to 2018. [18]
As for gender inequalities, excluding China, economic inequalities between men and women have been steadily narrowing worldwide since 1990, although equal parity is far from being achieved: on average, men earned 2.22 times more than women in 1990, compared with 1.86 times more today. [10]
According to the Federal Reserve, this represents one of the largest three-year rises in inequality in recent US history. If your annual salary is around the median, or about $70,000, the cards ...
Income inequality has "become more and more problematic with the financial crisis, and then the pandemic just put it on steroids,” Abby Joseph Cohen, chief U.S. investment strategist at Goldman ...
Income inequality is a discussion that’s been surfacing off and on for years now, but thanks to presidential politics, it’s once again in the headlines.
Social inequality usually implies the lack of equality of outcome, but may alternatively be conceptualized as a lack of equality in access to opportunity. [1] Social inequality is linked to economic inequality, usually described as the basis of the unequal distribution of income or wealth.
The top 20% of Americans owned 86% of the country's wealth and the bottom 80% of the population owned 14%. In 2011, financial inequality was greater than inequality in total wealth, with the top 1% of the population owning 43%, the next 19% of Americans owning 50%, and the bottom 80% owning 7%. [15]