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: 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: Since 2000, 20 percent of factory jobs have disappeared in the United States, many of which were high-paying union jobs. Deregulation and the increase of “right to work” practices have similarly impacted the number of union jobs, reducing union protections for American workers and increasing income inequality across the country. Race/gender disparities: Income inequality is most severe along race and gender lines, with women and people of color hit the hardest. On average, men earn 68 percent more than their female counterparts in the United States, with white males earning approximately twice as much as the country’s lowest earning demographic, Hispanic females.