Assignment: 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.
Does the new Trump Tax cut make income inequality worse?
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?
Q3) Some says US government should do more to reduce the gap between the poor and the rich? Do you agree or not?
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?
Q4) As trade war escalates between US and China by imposing more tariff over each other, what happens to the condition of income inequality within US?
Q5) Is any better idea of government policy over improving income inequality? since middle class struggles with heavier consumer debt due to rising rent cost, medical cost, and education cost, and job insecurity due to automation.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.