Question
Generate a Lorenz Curve graph that shows the income inequality on the article below. Provide explanation about the graph. Note: Graphs should include a Figure
Generate a Lorenz Curve graph that shows the income inequality on the article below. Provide explanation about the graph. Note: Graphs should include a Figure # and Title at the top.
The article "Sharing the Wealth" by the Washington Post editorial board examines the growing wealth gap in America. According to the editorial board, the wealth disparity in America is a serious problem that has a negative impact on both the economy and society. The growing gap between the rich and the poor can limit economic opportunity, cause social discontent, and impede overall prosperity. For the benefit of all citizens, solving this issue is crucial to fostering a more just and sustainable society. The article emphasizes the growing wealth disparity in comparison to other industrialized countries using statistics from the OECD and the Federal Reserve. It provides evidence of an expanding wealth gap and increasing economic inequalities across the entire country. There is a growing body of research on the wealth gap in America. Data from the Federal Reserve System shows that the top 1% of Americans owned 23.4% of the nation's wealth in 1989, and by 2021, that share had grown to 32.1%. The author also cites data from the Organization for Economic Cooperation and Development (OECD) which shows that in the United States, the top 10% owns 79.5% of the wealth, while the bottom 60% owns only 2.4%.
Link to full article: https://www.washingtonpost.com/opinions/2021/07/16/us-is-growing-more-unequal-thats-harmful-fixable/
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