1.4 gov .edited

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El Paso Community College *

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2305

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Economics

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Feb 20, 2024

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1. Define "economic inequality" in your own terms with your own words. Economic inequality refers to the unequal distribution of resources, wealth, and opportunities among individuals or groups within a society or economy. It contains disparities in income, assets, access to education, healthcare, and other essential services. 2. What do the charts above tell you about the distribution of income in the US? (100 words) Disparity in Income Share: The chart shows that the top 1% of income earners in the US possess a disproportionately large share of the total income compared to the bottom 90%. This indicates a significant income gap between the wealthiest and most of the population. Such a comparison underscores the extent of economic inequality in the US, highlighting how a small percentage of the population controls a substantial portion of the country's wealth and income. This inequality can have wide-ranging implications for social mobility, access to opportunities, and overall societal well-being. We can also identify the economic disparities between Southern and Northern states in the United States in the charts. 3. Was there anything that surprised you or did you know the data in the charts? I did know this information from my government classes. Nevertheless, it is surprising that we live in inequality in all aspects, starting with the economy. It is hard to see a foreseeable future with economic equality. 4. How are social classes classified in the first chart? Do you think that way is useful to understand inequality? They are distributed by income groups. Income distribution data provides a quantitative measure of income inequality within a society. Income groups help quantify the extent of inequality between the top and bottom and track changes over time. 5. What does this chart tell you about the bottom 90%? Are you surprised? It shows the significant disparity in income growth between the top 1% and the bottom 90%, reflecting the widening gap between the wealthiest individuals and the rest of the population. This growing income inequality has profound implications for social cohesion, economic opportunity, and well-being. As for whether I'm surprised by this data, while the extent of income inequality depicted in the chart is concerning, it aligns with broader trends in income distribution in the United States. Income inequality has been a persistent issue in the US for decades, and charts like this serve as a stark reminder of the challenges many of us face in achieving economic security and prosperity.

6. What does this chart tell you about "The 1%?" (Watch the movie "The One Percent" a little and find out what the "one percent means"). The chart illustrates the significant income growth experienced by the top 1% of income earners in the United States compared to the rest of the population. It indicates a substantial concentration of wealth among the wealthiest individuals in society. "The 1%", the top 1% of income earners in the United States, hold a disproportionately large share of the country's wealth and income. The documentary "The One Percent" explores the lives and influence of the wealthiest individuals in society; this term encompasses individuals and families who belong to the highest income bracket and wield significant economic and political power. The chart suggests that the income growth and wealth accumulation of "The 1%" have far outpaced the rest of the population, contributing to growing income inequality in the United States. This concentration of wealth among a small minority raises questions about the fairness of the economic system and the extent to which economic opportunities are accessible to all individuals. Overall, it highlights the extraordinary economic privilege and influence enjoyed by "The 1%" and underscores the challenges posed by rising income inequality for social cohesion and economic opportunity within society. 7. Do you believe that inequality is natural among humans? (a few lines are o.k.) Inequality among humans can be viewed from different perspectives. Some argue that inequality is natural, while others believe it results from social, economic, or political factors. Social structures, institutions, and cultural norms also shape inequality among humans. Historical and systemic factors such as discrimination, exploitation, and unequal access to resources can contribute to the perpetuation of inequality within societies. Social hierarchies and power dynamics can exacerbate wealth, income, and opportunity disparities. Therefore, while some levels of inequality may be natural, efforts to mitigate its adverse effects and promote more significant equity and opportunity are essential for fostering inclusive and sustainable societies. 8. Can/Should Government have a role in alleviating or fixing inequality or everything should be about individual effort?? (What are your beliefs) I advocate for a balanced approach that recognizes the role of both individual effort and government intervention in addressing inequality. While individual initiative and hard work are important, systemic barriers and structural inequalities can limit opportunities for specific groups. Therefore, government policies and programs should level the playing field and ensure everyone can access essential resources and opportunities to succeed. Ultimately, the debate over the role of Government in addressing inequality reflects broader philosophical and ideological differences about the appropriate balance between individual freedom and collective responsibility in society. Finding practical solutions to inequality often

requires a nuanced understanding of the complex factors contributing to it and a willingness to consider various policy options and approaches. 9. What do you imagine are the tools that the US government has for alleviating or fixing inequality? (for instance: tax reductions for poor people, welfare...) The US government has various tools to address inequality and promote economic opportunity. Some of these tools include: 1. Progressive Taxation 2. Social Welfare Programs 3. Minimum Wage Laws 4. Education and Training Programs 5. Affordable Healthcare 6. Housing Assistance 7. Labor Regulations These are just a few examples of the tools the US government can use to address inequality and promote economic opportunity. Effective policy solutions often require a comprehensive and coordinated approach that addresses the root causes of inequality and considers the diverse needs of different populations. 10. IN YOUR OWN WORDS What is social class? Social class refers to a system of categorizing individuals or groups within society based on their socioeconomic status, typically determined by factors such as income, wealth, education, occupation, and social standing. 11. Now, investigate what is social class AND tell me what is your social class? https://www.pewresearch.org/fact-tank/2020/07/23/are-you-in-the-american-middle-class/ Social class refers to a hierarchical system of categorizing individuals or groups within society based on factors such as income, wealth, education, occupation, and social standing. And I am in the LOWER income tier, along with 41% of adults in EL PASO. 12. How does your own social class affects your views about Government? (i.e. Do you need more/less government help?) As a Low-income individual, I prioritize economic issues and view the Government's performance through an economic lens. I am more critical of policies not addressing our financial struggles, such as income inequality, unemployment, and lack of affordable housing.

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13.Research what is the American Dream What is it? The American Dream is a concept that symbolizes the belief that every individual in the United States has the opportunity to achieve success, prosperity, and upward social mobility through hard work, determination, and perseverance. It is often characterized by pursuing personal and professional goals, financial security, and the ability to provide a better life for oneself and one's family. 14. Why do/don't you believe in the American Dream? I am skeptical of the American Dream. I find that the concept is overly idealistic and ignores the structural barriers and systemic inequalities that exist in society, such as discrimination, economic disparities, and limited access to opportunities. Social mobility in the United States has declined in recent decades, making it harder for people from lower socioeconomic backgrounds to achieve upward mobility. Additionally, the American Dream places too much emphasis on material success and overlooks other aspects of well-being and fulfillment, such as health, happiness, and community 15. Explain why do/don't you think that every American and every social group has an equal share in the American Dream? Not all individuals and communities have the same access to opportunities for advancement. Factors such as geographic location, socioeconomic status, and family background can significantly impact one's ability to pursue education, secure employment, and build wealth. Those born into poverty or disadvantaged circumstances may face more significant challenges in achieving the American Dream compared to those from more privileged backgrounds. 16. How can the Government help to make the American Dream a reality today? The Government can play a significant role in making the American Dream more accessible and achievable for all individuals by implementing policies and programs that promote economic opportunity, social mobility, and equity. Here are several ways in which the Government can help: 1. Investing in Education 2. Supporting Workforce Development 3. Ensuring Fair Wages and Labor Protections 4. Expanding Access to Healthcare 5. Addressing Housing Affordability 6. Promoting Financial Inclusion 7. Combatting Discrimination and Inequity

By implementing these and other targeted policies and programs, the Government can help create a more equitable and inclusive society where all individuals have the opportunity to pursue their aspirations and achieve the American Dream. 17. Now, the opposite, how can the government "kill" the American Dream for everyone? If the Government intended to "kill" the American Dream, specific policies and actions could harm individuals' ability to achieve upward mobility and economic success. Here are several ways in which government actions could potentially undermine the American Dream: 1. Economic Policies Favoring the Wealthy 2. Reducing Access to Education 3. Undermining Labor Protections 4. Exacerbating Healthcare Inequities 5. Failing to Address Structural Inequities . 6. Ignoring Climate Change and Environmental Degradation Overall, government actions that prioritize the interests of the wealthy, undermine social protections, perpetuate inequities, and ignore systemic challenges can erode the foundation of the American Dream and limit opportunities for individuals to achieve upward mobility and economic success. Policymakers need to consider the broader implications of their decisions and prioritize policies that promote equity, opportunity, and inclusion for all Americans. 18. What is the argument that the Director of THE ONE PERCENT makes about inequality? The film delves into the lives and perspectives of affluent individuals and families, shedding light on the privileges, power, and influence they wield in society. One of the key arguments made in "The One Percent" is that extreme economic inequality undermines the principles of democracy and social justice. The film suggests that the concentration of wealth and power in the hands of a small minority can lead to disproportionate political influence, exacerbate social tensions, and perpetuate cycles of privilege and disadvantage. Through interviews with billionaires, business leaders, and financial experts, the director presents a critique of the economic and political systems that allow for such vast disparities in wealth and income. The film highlights how economic inequality shapes public policy, influences political decision-making, and perpetuates social stratification. Overall, "The One Percent" presents a provocative exploration of the consequences of economic inequality and challenges viewers to consider the ethical and moral implications of a society where a small minority holds disproportionate wealth and power.

19. What is the evidence that he presents in the documentary to make his argument? "The One Percent" presents evidence of economic inequality through various means, including interviews with wealthy individuals, statistical data, and examples of the consequences of inequality. Some of the evidence presented in the documentary includes: 1. Wealth Disparities 2. Interviews with Billionaires 3. Examples of Privilege and Influence 4. Impact on Society Overall, it presents a multifaceted argument about the negative impacts of economic inequality, drawing on a range of evidence to illustrate its thesis. Through interviews, data, and examples, the documentary seeks to raise awareness about the consequences of inequality and stimulate discussion about potential solutions. 20 Who is Milton Friedman? Milton Friedman was an influential economist who advocated free-market principles and libertarian ideology. Born in 1912 and passing away in 2006, Friedman was a Nobel Prize- winning economist and a prominent figure in the Chicago School of Economics. He is a staunch advocate of free-market capitalism, emphasizing the importance of limited government intervention in the economy and individual freedom. 21. Why isn't Milton Friedman agreement with Jimmy Johnson during the documentary? In the documentary "The One Percent," Milton Friedman's views contrast with filmmaker Jamie Johnson's, who explores the negative consequences of economic inequality. Friedman's perspective, as a proponent of free-market capitalism, likely differs from Johnson's critique of wealth concentration and privilege among the elite. 22. Describe one of the solutions to inequality presented in the film. One of the solutions to inequality given in the film is the implementation of progressive taxation policies. Progressive taxation involves levying higher tax rates on individuals with higher incomes, thereby redistributing wealth from the affluent to those with lower incomes. The documentary suggests that progressive taxation can help address income inequality by reducing disparities in wealth distribution and providing resources for social welfare programs and public services.

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23. How race affects inequality (think of the social class calculator in the link on question 11 above) Race plays a significant role in shaping and perpetuating inequality in society. Like: 1. Historical Context: Throughout history, certain racial groups have faced systemic discrimination and oppression, resulting in unequal access to resources, opportunities, and power. This historical context has led to the creation and perpetuation of racial inequalities that persist today. 2. Discrimination and Bias: Racial discrimination and bias can manifest in various forms, including unequal treatment, stereotyping, and prejudice. These attitudes and actions can limit individuals' access to education, employment, housing, healthcare, and other essential resources, contributing to disparities and perpetuating inequality. 3. Structural Inequalities: The structures and institutions in society can perpetuate racial inequalities. Examples include discriminatory policies, unequal funding for schools in marginalized communities, and biased criminal justice systems. These structural inequalities disproportionately affect racial minority groups, leading to disparities in income, wealth, education, and other areas. 4. Intersectionality: Race intersects with other social categories, such as gender, class, and sexuality, further exacerbating inequalities. Factors such as socioeconomic status, geographic location, and individual experiences can also intersect with race to shape inequality. Understanding and addressing these dynamics is crucial for creating a more equitable society. 24. Look at the information presented in http://cuttingthroughthefog.blogspot.com/2014/01/failing-education-true-cause-of-income.html . How does education affect income inequality? Education has a significant impact on income inequality: 1. Skill Development: Education equips individuals with knowledge and skills essential for entering the workforce and pursuing higher-paying jobs.

2. Economic Mobility: Education can lead to upward social and economic mobility. By acquiring higher levels of education, individuals have better opportunities to secure higher-paying jobs and increase their income over time. 3. Access to Opportunities: Education gives individuals various opportunities and resources. It opens doors to better job prospects, networking connections, and professional development opportunities. Individuals with higher levels of education tend to have better access to higher- paying jobs, benefits, and career advancement opportunities. 4. Income Disparities: Income disparities often exist between individuals with different levels of education. This income gap contributes to income inequality. 5. Systemic Factors: However, it's essential to acknowledge that the relationship between education and income inequality is complex and influenced by various systemic factors. Access to quality education can be unequal, with disparities in funding, resources, and educational opportunities. By investing in equitable and accessible education systems, addressing educational disparities, and providing support for lifelong learning, societies can work towards reducing income inequality and promoting economic opportunity for all individuals. 25. How much age affects inequality? Is there something the Government can do about younger and older people's incomes? Age can indeed influence income inequality, although its impact may vary depending on factors such as educational attainment, employment status, and access to resources. Here's how age can affect inequality: 1. Younger Individuals: Younger individuals, particularly those who are just starting their careers or entering the workforce, may face challenges related to lower earning potential, limited work experience, and higher levels of student debt. They may also encounter difficulties accessing stable, well-paying employment opportunities, which can contribute to income inequality, especially if they come from disadvantaged backgrounds. 2. Older Individuals: On the other hand, older individuals, especially those nearing retirement age, may experience income inequality due to factors such as limited opportunities for career advancement, age discrimination in the workplace, and inadequate retirement savings. Older workers may also face challenges re-entering the

workforce or finding employment opportunities matching their skills and experience, leading to income and financial security disparities. The Government can take several measures to address income inequality among younger and older individuals: 1. Education and Training Programs: Investing in education and training programs targeted at younger individuals can help improve their skills, employability, and earning potential. Providing access to quality education, vocational training, and apprenticeship programs can equip young people with the skills needed to succeed in the workforce and narrow income disparities. 2. Labor Market Policies: Implementing policies that promote fair labor practices, such as minimum wage laws, anti-discrimination measures, and protections for workers' rights, can help mitigate income inequality among both younger and older individuals. These policies can ensure that all workers have access to decent wages, safe working conditions, and opportunities for career advancement, regardless of age. 3. Retirement Security: Strengthening retirement security programs, such as Social Security and pension plans, can help address income inequality among older individuals. Ensuring that older workers have access to adequate retirement benefits and financial support can help reduce disparities in income and wealth in later life and promote economic security for older adults. 4. Support for Caregivers: Providing support for caregivers, including younger individuals caring for children or older family members and older individuals providing care for spouses or parents, can help address income inequality by enabling caregivers to balance work and caregiving responsibilities more effectively. Policies such as paid family leave, affordable childcare, and eldercare assistance can help alleviate financial burdens and promote economic security for caregivers of all ages. Addressing income inequality among younger and older individuals requires a comprehensive approach that includes investments in education, labor market policies, retirement security, and support for caregivers. By implementing targeted measures to address the unique challenges individuals face at different stages of life, the Government can help reduce income inequality and promote economic opportunity and prosperity for all members of society.

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