C. I SPEND $200 A MONTH ON FOOD WHICH IS $2400 A YEAR. POVERTY LINE WOULD BE 3x 2400 WHICH IS $7200 IF YOU GO BELOW THAT YOU'RE CONSIDERED POOR 7. Based on class materials (including videos), what is the myth of economic mobility in the U.S.? 8. What is globalization? What is its impact on U.S. cities? How did it impact employment in the city? 9. According to Douglass Massey, why did some people switch to a more conservative political stance in the 1960s? What were the consequences of the end of the New Deal era for low income and working people? 10. Why, according to Douglass Massey, is America exceptional compared to other industrialized countries? 11. Explain how changes to the U.S. tax system affect income inequality and the wealth gap. Why does Warren Buffet pay less in taxes than his secretary? I.e., how do tax policies favor the wealthy? a. The US tax system affect income inequality and the wealth gap because t 12. Define the "fiscal crisis" of the mid-1970s. Describe some of its economic, demographic, and budgetary causes and consequences. How did political leaders try to bring the city out of it? 13. What were the demands that bankers made of New York City during the fiscal crisis? What were the effects of their policy demands