Title: Income Inequality Definition, Facts, and History of Income Inequality in the US - 2021 - MasterClass
Headings: Income Inequality Definition, Facts, and History of Income Inequality in the US
Income Inequality Definition, Facts, and History of Income Inequality in the US
What Is Income Inequality?
What Is the Difference Between Income Inequality and Wealth Inequality?
7 Factors That Lead to Income Inequality
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Content: Unemployment: Unemployment is a major variable which greatly increases the likelihood of income inequality, as does lower overall participation of the labor force. Some economists also argue that inequality actually stems from the rise in housing prices and the inability of workers to afford to move to cities with high job growth. Globalization: In recent decades, corporations in the United States have steadily increased their outsourcing of jobs overseas as a means of reducing bottom-line costs, in turn eliminating jobs for working- and middle-class Americans. International trade undoubtedly also plays a role, as it tends to favor highly educated workers at the expense of workers with less education. Increased automation: In wealthier countries, automation has started to replace many once high-paying blue collar jobs, leading to layoffs. Recent technological advances have tended to favor educated workers over less educated workers, driving up the wages of the former, while holding stagnant or even driving down the wages of the latter. The decline of unions: