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Economic mobility has fallen between 1850 and 2019, where a fathers' economic rank more weakly predicts a child's rank after World War II than during the 19th and early 20th Centuries. [33] Intergenerational mobility was low in part due to limited upward mobility for poorer individuals who lived in the South or were Black. [34]
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.
Thus, a child born in a low-income family is probable to make less than the one born in high-income household. [21] It is vital to understand income segregation in order to tackle income inequality. Additionally, income segregation can result in increasing the difference in outcomes depending on whether they come from a rich or poor household.
The US Gini rating (after taxes and transfers [206]) puts it among those of less developed countries. The US is more unequal or on par with countries such as Mozambique, Peru, Cameroon, Guyana and Thailand. [204] Across Europe the ratio of post-tax income of the top 10% to that of the bottom 50% changed only slightly between the mid-1990s and 2019.
Income levels vary along racial/ethnic lines: 21% of all children in the United States live in poverty, about 46% of black children and 40% of Latino children. [142] The poverty rate is 9.9% for black married couples, and only 30% of black children are born to married couples (see Marriage below).
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]
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
In 2002, a "maximum-fee" system was introduced in Sweden that states that costs for childcare may be no greater than 3% of one's income for the first child, 2% for the second child, 1% for the third child, and free of charge for the fourth child in pre-school. 97.5% of children age 1–5 attend these public daycare centers.