Diversity Matters: Economic Inequality and Policymaking During a Pandemic

Abstract

The concept of economic inequality considers issues of both income inequality and gaps in wealth. The economic prosperity of recent years is said to have benefited most groups, with those earning lower wages benefiting the most. A few key research findings characterize the level of disparity in income and wealth between the poor and low wage workers and others. Reportedly, "only 0.1% of US minimum Wage Workers Can Afford a 1-Bedroom Apartment" 'in any US state without being what the government calls "burdened". The research also indicates that those earning the lowest wages are also in the most tenuous situations economically. These are individuals who are among the "Millions of Americans [Who] Are One Missed Paycheck Away from Poverty". In addition, the wealth gap in the US is substantial and growing. A special Report published in The Economist, entitled "The Rich, the Poor and the Growing Gap Between Them," noted that "The gap between rich and poor is bigger than in any other advanced country". And while wealth inequality is evidenced around the world, as a growing problem, a substantial portion of the research indicates that the US is a rare example in which upward mobility is declining.