Assignment#2_IncomePovertyandWealthinUS_Fall2023

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Apr 3, 2024

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Desiree Falkenhagen SOC 302 Assignment #2: Income, Poverty, and Wealth in the U.S. INCOME AND WAGES IN THE U.S. 1. a. Imagine that you were talking to a sixth grader who understands percentages but has no idea what a median is. Tell this 12-year-old what the median household income was in the United States in 2022 using language that the sixth grader would understand. Make sure you include the actual dollar amount of the median in your explanation. The median is what is seen in the middle of your group of things. In this case, we want to look at how much money a house full of people makes. We are given two numbers $120,000, which is the largest amount, and $30,000, which is the smallest amount of money that was made by a house in the year 2022. When our government brought together all of these details, they found that the middle amount for the info was $74,580. b. Compare the income of women to men who work full time, year-round. In 2022, how many more dollars do men earn compared to women? (Answer in terms of the difference in dollars.) i. Men who work full time, year-round have $9,990 dollars more income than women who work full time, year-round. c. Compare the median income of “black” households” to “white, non- Hispanic” households. i. Median income of black households is $52,860 . ii. Median income of white non-Hispanic households is $81,060 . iii. This will tell you that black households have 153 CENTS for every $1.00 of income for white, non-Hispanic households. (You need to calculate a ratio to answer this part of the question.)

INCOME INEQUALITY IN THE U.S., 2. a. If there were total income equality, then the top 5% of all people would have 5 % of all aggregate income . b. But, in the United States in 2022, the share of aggregate income in the top 20 percent was 52.1 percent, while in 2021 it was 52.7 percent. Note: Use the Money Income data – not the data on Equivalence-Adjusted Income . c. If there were perfect (total) EQUALITY, the Gini index for income inequality would be Zero . d. In 2022 the Gini Index of income inequality (looking at Money Income) for the United States was 0.474 , while in 2021 it was 0.467 . e. Given your responses to Questions 4a-4d, this means that income inequality in the United States has increased slightly in the last two years. (Put increased or decreased on the line.). f. How does this two-year trend compare to the longer trend from 1980 discussed in Chapter 2 of your textbook? (Is it a continuation of a trend or something new? Discuss.) This looks like a continuation of the chart seen in Chapter 2. To start, we see a gradual increase in the median income, which is clearly seen, other than in 2010 when it dipped. Now looking at the percentages, we see a heavier weight towards the middle, which is also seen here, but the main difference here is we see higher numbers towards the higher portion of the quintiles, while compared to that of 2020, 23 see the higher numbers in the middle. So, other than the shift in the highest quintile, everything else seems similar as we see the decrease in the lowest quintile, which is similar to the decrease seen in the book.

POVERTY IN THE U.S. 3. a. How many people are poor in the United States given the official poverty measure? What percentage of people are poor? i. Number = 37,900,000 ii. Percent = 11.5% b. Now, discuss how poverty rates vary by each of the following independent variables: i. Education level 1. No High School Diploma: 25.2. 2. High school, No College: 13.3 3. Some College: 9.3 4. bachelor's Degree or Higher: 4.3 ii. Work experience 1. All Workers: 4.8 a. Worked Full-Time, Year-Round: 1.9 b. Less than Full-Time, Year-Round: 12.8 2. Did Not work: 30.7 iii. Race 1. White: 10.5 a. White, Not Hispanic: 8.6 2. Black: 17.1 3. Asian: 8.6 4. American Indian and Alaska Native: 25.0 5. Two or More Races: 12.2 iv. Hispanic status 1. Hispanic (Any Race): 16.9 2. White: 10.5 a. White, Not Hispanic: 8.6 v. Gender 1. Male: 10.5 2. Female: 12.5 c. This data is based on the official poverty measure. Provide one criticism of this way of measuring poverty. i. One of the main things is the official poverty measure does not include items like food assistance, or other family expenses that are not seen as cash income.

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