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Running head: INCOME INEQUALITY1Income InequalityMelissa Ann PhillipsUniversity of Maryland Global Campus
INCOME INEQUALITY2AbstractThis Microeconomics term papers concept will be on Income Inequality.There will be aliterature review on articles found on this concept.Within the literature review there will beinformation shared from each of the articles used for this term paper.In the discussion section ofthis paper the issues presented in these articles will be further discussed.Lastly, this term paperwill end in a conclusion about the concept of it.Keywords:Income Inequality, microeconomics, wealth distribution, poverty,
INCOME INEQUALITY3Income InequalityIncome inequality comes with an uneven distribution of income among groups within acountry.This is a comparison of the income levels.When comparing the income levels within ageographical area there are two issues that come up.The first issue being income inequality.When there is a comparison made between higher level incomes, middle range incomes, and thelowest incomes, income inequality comes to light between the various income ranges.Thesecond issue that comes out is poverty.Poverty can be said to be a lacking in” income neededfor a basic standard of living”. ( OpenStax. pg. 280). Within the various income range levelsincome inequality in not based solely on if that income is below what is called the poverty line orbelow it.The poverty line in the United States is drawn by figuring out what income is neededto maintain the bare minimum monetary supported needed to sustain life.Income inequality cancome from a wide range of other issues. Some of these issues include but are not limited toeducation,health or changes in health, personal ability levels that shift or vary at different pointsin life, and discrimination.Literature Review of ArticlesIn this literature review three different articles will be review for their information oncurrent issues surrounding income inequality in America. These articles will be analyzed in thediscussion section of this term paper.Extreme Inequality was the preexisting condition’: How COVID-19 widened America’swealth gapThis article states that the income inequality in America was already a large enough issueprior to the COVID-19 pandemic.When the COVID-19 pandemic struck and swept through
INCOME INEQUALITY4America, income inequality was “preexisting”.This article likens the income inequality in themanner you would a preexisting medical condition.With COVID-19 there has been a massiveinflux in unemployment as the rates rose to levels that rivaled the Great Depression.This rise ofunemployment broadened the gap for income inequality even further apart.During this time,income for many billionaires rose.This rise in income for the billionaires was released in ananalysis.Located in Washington D.C, the Institute for Policy Studies is a progressive think tankthat made these calculations of the gains in wealth for the billionaires off of data from Forbes in

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Household income in the United States

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