Fiscal redistribution lecture transcript

Economic inequality

Resolved: The United States federal government should substantially increase fiscal redistribution in the United States by adopting a federal jobs guarantee, expanding Social Security, and/or providing a basic income.

GINI coefficients

• Lower is better; 1 means that one person owns all of the wealth in the country, while 0 means everyone has a truly equal amount.
• 🔻 The US has a Gini coefficient of .434; in the other G7 countries (the 7 most advanced countries), the range was 0.326 to 0.392

Health and social problems are worse in more unequal countries

Based on an index of life expectancy literacy, infant mortality, crime, teenage births, mental illness, and social mobility, life is of lower quality, and problems are experienced at higher rates.

• Who you are in the world is heavily tied to your economic identity and social cohesion.
• Trust in others and the more stability you and the others around you experience determines how you live your life. 🤝
• Even among the wealthy, quality of life and reliance on work to sustain a high lifestyle can vary greatly between someone with a million dollars and a billion dollars.
• The inability to utilize resources and integrate into the social economy blocks cohesion, stranding the poor and preventing a community from forming. ⛔

<aside> 💡 People have radically different life experiences based on their income level.

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Racial wealth inequality is rampant in the U.S.

• Most Americans do not have wealth, instead, they only have income. This requirement demands that people work, resulting in less overall stability should there be an issue such as covid.

The 2008 financial collapse hurt black Americans the most, as most of their wealth was stored in the property.

Overall, those identifying as Black or Latino in the US tend to have less money, resulting in the aforementioned struggle to utilize resources, find community, and attain a higher quality of life.