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Income inequality generally reduces government net lending/borrowing for all the countries. Economic growth, they find, leads to an increase of income inequality in the case of the UK and to the decline of inequality in the cases of the US and Canada. At the same time, economic growth improves government net lending/borrowing in all the countries.
An 1880 painting by Jean-Eugène Buland showing a stark contrast in socioeconomic status. Socioeconomic status (SES) is an economic and sociological combined total measure of a person's work experience and of an individual's or family's access to economic resources and social position in relation to others.
Occupational inequality greatly affects the socioeconomic status of an individual which is linked with their access to resources like finding a job, buying a house, etc. [4] If an individual experiences occupational inequality, it may be more difficult for them to find a job, advance in their job, get a loan or buy a house.
This causes White children to achieve a higher level of education than Black or Hispanic children. White children are more likely to enter into higher level ECE programs than Black or Hispanic children, with the latter being in cheaper and less effective education programs.
Buildings in Rio de Janeiro, demonstrating economic inequality. Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, [1] a lower population-wide satisfaction and happiness [2] [3] and even a lower level of economic growth when human capital is neglected for high-end consumption. [4]
Spatial inequality refers to the unequal distribution of income and resources across geographical regions. [1] Attributable to local differences in infrastructure, [2] geographical features (presence of mountains, coastlines, particular climates, etc.) and economies of agglomeration, [3] such inequality remains central to public policy discussions regarding economic inequality more broadly.
Social deprivation is the reduction or prevention of culturally normal interaction between an individual and the rest of society. This social deprivation is included in a broad network of correlated factors that contribute to social exclusion; these factors include mental illness, poverty, poor education, and low socioeconomic status, norms and values.
Major economic events that affected incomes included the return to lower inflation and higher growth, tax cuts and increases in the early 1980s, cuts following the 1986 tax reforms, tax increases in 1990 and 1993, expansion of the Children's Health Insurance Program in 1997, [29] welfare reform, a 2000 recession, followed by tax cuts in 2001 ...