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Income Distribution And Economic Policy - Essay Example

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Generally, the annual household income in the United States of America declined during the periods 1979 to 1983, 1990 to 1993, 2000 to 2004, and finally, 2008 to 2012, with an upward trend in the intervening years. Per capita, as well as household income in the United States, is proportional to the educational attainment. The higher the educational achievement of an individual, the more the expected salaries. Most of the employment opportunities are generally determined by one’s gender, for instance, more men were ready to accept jobs that required a lot of muscular that women in the states during the year 2008. The number of dependants, marital status and general family commitment and set up play the role of motivating the income earners to strive for better income. Some Americans have strived with a little success, if any, to alleviate poverty. Their efforts have been thwarted majorly by the existing racism and negative ethnicity. In the United States, the income of a household increases as the age of the householder advances until retirement. At this age, the household income starts to decline. About 42% of American household has at least two income earners. This improves the overall per capita income of the nation. b) Attempt to come up with a theory that explains the structures that enforce the current distribution using the reality of U.S. policy including but not limited to tax policy (TWER page 39), union policy, trade policy, unemployment policy, minimum wage policy, (all

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in SOWA) and economic stability (pick at least 3 to explain). (See the chapter “Inequality, Power and Ideology,” pg 22 in TWER.) Tax policy Tax policy in the united state has affected the income distribution among the American population. One’s taxable income increases as he climbs up the ladder in basic salary and allowances. The higher the tax imposed on individual salary, the more his income is affected, hence the varied distribution of income. Workers’ and trade unions influence the individuals’ income since the unions have the bargaining power for salary increment and other wages. Trade policies like payment of trade tickets and other product-related policies affect the income of traders and property owners. Unemployment is one of the major crises of every government. Every governing body has to stipulate well, the policies pertaining to unemployment to accommodate the unemployed within the same society. Every government must outline the least remuneration expected by every employee in each category depending on one’s qualification. The economic stability of any given state determines how better it can pay wages to its state workers and employees. c) Which groups are represented amongst those influencing and making policy in the US? (See the chapter “Inequality, Power and Ideology,” pg 22 in TWER.) Political leaders influence decision making on matters affecting economic stand of any given state or country. Businessmen and traders may make a collective decision that either directly or indirectly affects the entire economic status of the country. This group majorly determines the terms and conditions of employment, especially in the private sectors. The government on the other handsets up remuneration committee, which is charged with the duty of setting the standard salary for all employees of given categories. Political activists may also advocate for workers without unions, lowering of commodity prices and better living conditions for the oppressed, hence causing varied income distribution.

Summary

The median household income in the United States has increased since 1967. The paper "Income Distribution And Economic Policy" explains the actual distribution over time of income in the U.S. as is laid out in TSOWA. The author also explains how the neoclassical view justifies income distribution…
Income Distribution And Economic Policy
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