The two figures below show trends in poverty rates and inequality for the U.S. (a) What are the trends in poverty and inequality from 2010 to 2019? (b) Is it possible to reconcile these two trends? Explain. (c) Do the figures below give us any information regarding mobility? Explain.
The two figures below show trends in poverty rates and inequality for the U.S. (a) What are the trends in poverty and inequality from 2010 to 2019? (b) Is it possible to reconcile these two trends? Explain. (c) Do the figures below give us any information regarding mobility? Explain.
Chapter1: Making Economics Decisions
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The two figures below show trends in poverty rates and inequality for the U.S.
(a) What are the trends in poverty and inequality from 2010 to 2019?
(b) Is it possible to reconcile these two trends? Explain.
(c) Do the figures below give us any information regarding mobility? Explain.
Transcribed Image Text:Figure 2. Mean Quintile Household Income, 1967-2019
Mean Quintile Income (in 2019 dollars)
1975
2000
2010
$250,000
$725,200
S20,000
Top Quilntile
5175,000
$150,00
$125,000
$100,000
Fourth Quintlle
Third Quintila
$50,000
Second Quintilla
Bottom Quintile
$2,100
1967 1971 1975 1979 1983 1967 1941 1995 1999 2003 2007 201 2015 2019
Source: Figure created by the Congresional Rescarch Sevice (CRS) based on data from US. Census Burcau,
Current Population Survey (CPS), Annuzal Socal and Econom Supplements (ASEC), avakbk at
Transcribed Image Text:Poverty in America, 1959-2019
Number of people living in poverty In millions
Recession
50
45
40
35
30
25
20
"65
'70
'75
08.
*85
*50
*95
"00
'05
'10
'15
Poverty rate falls to lowest level on record
25%
20
15
10
5
"65
'70
'75
'80
'85
"90
*95
"00
'05
'10
'15
Source: US. CenSus
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