Income Inequality in the USA and Worldwide - Video Tutorials & Practice Problems

Income Inequality in the USA and Worldwide

Alright in this video, let's quickly discuss how income inequality occurs in the U. S. And worldwide, so income inequality. Well that's when there's different levels of income earned across households, right income inequality in equal unequal levels of income. Alright, so this is a relevant economic issue, right? The rich are getting richer, the poor are getting poorer, we hear this all the time. So let's see what the levels of income inequality are here in the U. S. And around the world. So let's just look at this real quick just to show that it exists. Right? So notice the percentage of all households earning less than 25,000 here is approximately we've got approximately 25% there and we've got 20% earning over 100,000 on average. Right? This information comes from the US Census Bureau. So you can see there's unequal, unequal, excuse me, levels of income happening here. But it's not just the us. Let's scroll down here real quick and let's look around the world notice in Bolivia. So we took a ratio of the highest 20% the income received by the highest 20% of people to the lowest 20% of people in the country. And we see Bolivia um at the time of this survey was the biggest culprit here where they had 21 1.9% difference but not every country is as bad. Right, notice down here on the other side we've got Japan Sweden, they've got low levels comparatively of income inequality. Right? Cool. So now that we see how this occurs, let's now dive into how this relates to economics. Alright, let's check it out.