http://www.ibtimes.com/articles/66809/20100929/income-gap-census-bureau-poverty.htm
This blog compiles the thoughts of UCLA undergraduates on the connections between economic history and current events. All contributors to this blog are enrolled in Ec183, The Development of Economic Institutions in the United States. The premise of this course is the history matters. The careful application of economic theory and quantitative reasoning can help us understand the past.
Wednesday, November 30, 2011
Income gap between rich and poor
The income gap between wealthiest and poorest in the US reaches a high record in 2009. The top 20 percent populations are earning around 50 percent of the total income in the US. In the recession, the rich becomes richer while the poor becomes poorer. The rich people take advantage of the poor economy, and buy more stocks and houses at a lower price. After that, they resell these assets at a higher price to earn much more money. In contrast, the poor people will become unemployed, and lose their only income. They could not support their house rent and food consumption. Therefore, the government should pass some acts to improve the unequal income distribution between rich and poor.
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